Instruction No. 66/2021

determine the exchange parity at a date it sets. These operations are carried out under the supervision of the Statutory Auditor, in accordance with the current provisions of the OHADA Uniform Act on Commercial Companies and Economic Interest Groups.
4. In the event of a capital increase, shareholders do not have a preferential subscription right for new shares.
5. The articles of association of the SICAV contain the valuation of in-kind contributions. This valuation is prepared in a report drawn up under the responsibility of the Statutory Auditor and attached to said articles. The articles may not provide for particular benefits.
Article 25 - Approval Conditions for Investment Companies

1. The Regional Council grants approval to an Investment Company that has not designated a Management Company for Collective Investment Funds only if the Investment Company holds sufficient initial capital of at least two hundred and fifty (250) million FCFA.
   The provisions of Article 5.1(b) to 5.8 of this Instruction apply to Investment Companies that have not designated a Management Company for Collective Investment Funds.
   Furthermore, when an Investment Company has not designated an approved Management Company for Collective Investment Funds in accordance with this Instruction, the following conditions apply:
   a) approval may be granted only if the application for approval is accompanied by an activity program indicating, at a minimum, the organizational structure of the Investment Company and the category of Investment Company referred to in Article 4.2 of this Instruction. The management of the Investment Company must possess sufficient integrity and experience for the type of activities conducted by said company, and to this end, the identity of the management, as well as any person succeeding them in their functions, must be immediately notified to the Regional Council. The conduct of the Investment Company's activities must be determined by at least two persons who, under the law or constitutive documents, represent the Investment Company or who effectively determine the direction of the company's activities; and b) When close links exist between the Investment Company and other natural or legal persons, the Investment Company must provide sufficient guarantees that these close links do not hinder the proper exercise of their supervisory mission. To ensure compliance with the conditions provided in this article, Investment Companies communicate all information required by the Regional Council for this purpose. For the purposes of this article, the term Management Company for Collective Investment Funds appearing in Articles 4.2 and 5.1 to 5.9 means Investment Company. Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Site web: http://www.crepmf.org 31 TEL.: (225) 27 20 21 57 42 / 20 31 56 20 Fax: (225) 27 20 33 23 04 presidence@crepmf.org