Instruction No. 72/AMF-UMOA on the Approval of Deposit and Consignment Funds as Account Keepers and the Management of Deposited Assets on the UMOA Regional Financial Market

AMF-UMOA
AUTHORITY OF THE WEST AFRICAN MONETARY UNION FINANCIAL MARKETS

INSTRUCTION No. 72/AMF-UMOA/2023

RELATIVE TO THE APPROVAL OF DEPOSIT AND CONSIGNMENT FUNDS AS ACCOUNT KEEPERS AND TO THE MANAGEMENT OF DEPOSITED ASSETS ON THE UMOA REGIONAL FINANCIAL MARKET

The Authority of the West African Monetary Union Financial Markets,

Having regard to the Revised Treaty of the West African Monetary Union (UMOA) of July 12, 2019, which entered into force on October 1, 2022, modifying the name of the Regional Council of Public Savings and Financial Markets (CREPMF) to the Authority of the UMOA Financial Markets (AMF-UMOA);

Having regard to the Convention of July 3, 1996 establishing the Regional Council of Public Savings and Financial Markets, particularly its Annex on the composition, organization, functioning and powers of the Regional Council of Public Savings and Financial Markets;

Having regard to General Regulation No. 001/97 of November 28, 1997 relating to the organization, functioning and control of the UMOA Regional Financial Market, as amended in its Articles 37 and 136 by the UMOA Council of Ministers in its sessions of March 27, 1998 and September 5, 2005;

Having regard to Decision No. CM/16/09/2022 of September 30, 2022 relating to inactive accounts and ownerless assets in the books of securities account keepers on the UMOA Regional Financial Market;

Having regard to Decision No. CM/DAC/04/04/2017 of April 14, 2017 of the UMOA Council of Ministers appointing the President of the Council;

Having regard to Directive No. 01/2023/CM/UEMOA of March 31, 2023 relating to the fight against money laundering, terrorist financing and the proliferation of weapons of mass destruction in the member states of the West African Economic and Monetary Union (UEMOA);

Having regard to Decision No. 04/31/03/2023/CM/UMOA of March 31, 2023 adopting the draft Uniform Law relating to the fight against money laundering, terrorist financing and the proliferation of weapons of mass destruction in the member states of the West African Economic and Monetary Union (UMOA);

Having regard to Instruction No. 1/AMF-UMOA/2023 relating to the treatment of inactive accounts and ownerless assets in the books of securities account keepers on the UMOA regional financial market;

Having regard to the deliberations of the AMF-UMOA at its 97th ordinary session on December 22, 2023, held in Cotonou in the Republic of Benin;

DECIDES:

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TITLE I: GENERAL PROVISIONS

Article 1: Definitions
For the purposes of this Instruction, the following terms shall mean:

Regional financial market actor: any legal or natural person who has received the status of market structure or participant, by approval or authorization from the Authority of the UMOA Financial Markets;
Financial asset: any security or contract issued or admitted on the regional financial market, which is likely to generate income or capital gains for its holder, in exchange for a certain degree of risk;
AMF-UMOA: Authority of the West African Monetary Union Financial Markets;
Assets: financial assets and monetary assets credited to an account with an Account Keeper for the benefit of clients;
Prescribed assets: securities and cash assets held in inactive accounts for thirty (30) years;
Ownerless assets: assets credited to waiting accounts or pending in securities and cash reconciliations with Account Keepers, for which no holder has been formally identified for ten (10) years;
Beneficiary: any natural or legal person who, by virtue of a legally established link with the holder, has the power to dispose of inactive securities and cash assets on behalf of the holder;
BCEAO: Central Bank of West African States;
BOC: Official Gazette of the Cote;
BRVM: Regional Securities Exchange;
Deposit and Consignment Fund or CDC: any public financial institution, responsible for the collection, conservation and secure management of public and private funds. It falls under the category of long-term institutional investors, invested with missions of general interest;
Account: any securities account or cash account attached to the securities account, opened with an Account Keeper approved by the AMF-UMOA;
Securities Account: any account opened in the books of an approved Account Keeper or depository (Conservatory Account Bank or Management and Intermediation Company) approved by the AMF-UMOA on the UMOA regional financial market, on which securities, negotiable debt instruments, shares or units of Collective Investment Undertakings (OPC), and any financial instrument traded on a regulated market authorized by the AMF-UMOA are deposited;
Inactive account: an account (securities and cash) is considered inactive when, for at least ten (10) years, no transaction has been recorded on said account, other than the payment of income generated by the securities in the portfolio and the redemption of debt securities, and at the same time no contact has been established between the holder, or their agent or a beneficiary, and the Account Keeper establishment;
DC/BR: Central Depository / Bank of Settlement;
Inactivity of an account: the inactivity of an account lies in the fact that the holder or beneficiary has not carried out any transaction (purchase, sale, subscription, pledge and transfer of securities, deposit, withdrawal) on the account and that there has been no manifestation, in any form whatsoever, on their part with the Account Keeper for at least ten (10) years. In the event of death, the absence of manifestation is reported to the heirs, beneficiaries or the notary.
For the purposes of this Instruction, the starting point of inactivity is considered to be the day following the last intervention of the holder, their agent or a beneficiary on the account or on any other account held by them with the same Account Keeper, with the absence of any manifestation, in any form whatsoever, on their part, on the part of their agent or a beneficiary;
Agent: any natural or legal person who acts in the name and on behalf of the account holder or beneficiaries;
Client profile: categorization of the client according to their personal financial or patrimonial situation, their competence and experience in investing in financial products, their objectives in terms of risk, profitability and investment horizon;
Account Keeper: any participant in the regional financial market authorized to credit financial assets to accounts on behalf of third parties;
Holder: any natural or legal person registered or identified as the holder of one or more accounts by the Account Keeper;
UEMOA: West African Economic and Monetary Union;
UMOA: West African Monetary Union;
Union: West African Economic and Monetary Union or West African Monetary Union.

Article 2: Purpose
This Instruction sets out, on the one hand, the conditions for approval by the AMF-UMOA of Deposit and Consignment Funds as Account Keepers for assets from inactive accounts and ownerless assets on the UMOA regional financial market, and defines, on the other hand, the procedures for the management of assets from inactive accounts and ownerless assets on the financial market by Deposit and Consignment Funds.

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TITLE II: CONDITIONS FOR APPROVAL OF DEPOSIT AND CONSIGNMENT FUNDS BY THE AMF-UMOA AS ACCOUNT KEEPERS FOR ASSETS FROM INACTIVE ACCOUNTS AND OWNERLESS ASSETS

Article 3: Approval Criteria
Deposit and Consignment Funds or the bodies acting in their stead in the member states of the Union are authorized, after approval by the AMF-UMOA, to carry out the activity of Account Keeper in the context of managing assets from inactive accounts and ownerless assets on the UMOA financial market. However, the approval by the AMF-UMOA of the Account Keeper activity is subject to compliance, by the Deposit and Consignment Funds, with the specifications annexed to this Instruction (hereinafter "the Specifications").

Article 4: Approval File
Deposit and Consignment Funds seeking approval from the AMF-UMOA to carry out the activity of Account Keeper on the UMOA financial market must provide it with the following documents:
a) constitutive deeds; b) the composition of the governing bodies, the list and curriculum vitae of the managers; c) for pre-existing Deposit and Consignment Funds, the financial statements for the last three financial years, accompanied by the reports of verification and control by external control bodies; d) documents describing:

the situation of own funds;
the general organization of the Deposit and Consignment Fund;
the organization and resources of the management or department responsible for the account keeping and conservation activity of assets from inactive accounts and ownerless assets on the UMOA financial market;
the organization and resources put in place to ensure effective internal control;
the identity of each person designated to perform an internal controller function, as well as the qualifications and aptitudes justifying their appointment to the post;
the identity and qualification of each person designated to perform the function of Account Keeper, as well as the qualifications and aptitudes justifying their appointment to the post;
the professional card application files for persons designated to perform the functions of head of the management or department responsible for the account keeping activity, internal controller and account keeper;

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provisions aimed at preventing money laundering, terrorist financing and the proliferation of weapons of mass destruction (AML/CFT/Proliferation);
e) a declaration of conformity (i) by the legal representative of the Deposit and Consignment Fund certifying the conformity of the Deposit and Consignment Fund or the bodies acting in its stead with the Specifications annexed to this Instruction and (ii) containing its commitment to comply with said specifications and any other evolution of the regulatory framework relating thereto; f) and any other supplementary document requested by the AMF-UMOA.

Article 5: Time limit for processing the file
The AMF-UMOA has a maximum period of three (03) months from the date of receipt of the application to make its decision on the application for approval as Account Keeper submitted by a Deposit and Consignment Fund. The General Secretariat of the AMF-UMOA may request the applicant to transmit additional information and/or documents. In this case, the three (03) month period provided for processing the file is suspended until the receipt of all the requested documents and/or information.

Article 6: Decision approving the Account Keeper
The approval of the AMF-UMOA is given based on the conformity of the Deposit and Consignment Fund with the Specifications, on the one hand, and on its capacity to manage the assets from inactive accounts and ownerless assets transferred to it, on the other hand. The approval decision, which is notified to the Deposit and Consignment Fund, is published. Any modification relating to the following characteristic elements of the approval file must be reported to the AMF-UMOA within thirty (30) days of its occurrence:

the constitutive deeds, particularly modifications relating to the legal status, powers and missions of the Deposit and Consignment Fund;
the organization of the management or department responsible for the account keeping and conservation activity of assets from inactive accounts and ownerless assets on the UMOA financial market;
the risk management framework for the account keeping and conservation activity of assets from inactive accounts and ownerless assets on the UMOA financial market;
the technical software dedicated to the account keeping and conservation activity of assets from inactive accounts and ownerless assets on the UMOA financial market.

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Article 7: AMF-UMOA's supervisory powers
The AMF-UMOA is vested with all inspection powers to ensure that the Deposit and Consignment Fund complies with the clauses and conditions of the Specifications. In this context, it may require the communication of any document or information deemed useful for the accomplishment of its mission. The AMF-UMOA may, as necessary, carry out any investigation into alleged breaches by Deposit and Consignment Funds holding an approval to carry out the activity of Account Keeper on the UMOA financial market. The AMF-UMOA may take the following measures against the Deposit and Consignment Funds mentioned in paragraph 2 of this article in the event of breaches:
a) withdraw its approval; b) adopt appropriate measures to ensure that the CDC concerned continues to comply with its legal obligations; c) publish breaches of the obligations provided for by this Instruction; d) refer the matter to the supervisory authority of the State where the CDC concerned is headquartered or to the UMOA Council of Ministers, if applicable.

TITLE III: TREATMENT OF ASSETS FROM INACTIVE ACCOUNTS AND OWNERLESS ASSETS

CHAPTER I. DEPOSIT AND MANAGEMENT OF ASSETS FROM INACTIVE ACCOUNTS

Article 8: Procedures for depositing assets
Approved Account Keepers of the regional financial market are required to transfer assets from inactive accounts to the Deposit and Consignment Funds of the State where the account was opened. This transfer takes place within a maximum period of two (02) months from the day the account became inactive. Deposit and Consignment Funds are required to issue, within a period not exceeding one (01) month, a receipt or discharge confirming the nature and, where applicable, the amount of the assets transferred by the approved Account Keeper of the regional financial market. The deposit is only effective from the issuance of the aforementioned receipt by the Deposit and Consignment Fund.

Article 9: Keeping and conservation of deposited securities and cash accounts
Deposit and Consignment Funds are authorized to keep and conserve deposited securities and cash accounts in their books, as specified in Articles 3 to 5 of this Instruction.

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In this regard, Deposit and Consignment Funds benefit from a conservatory account at the Central Depository / Bank of Settlement to receive the transfer of any value registered in the books of the latter in the context of depositing assets from inactive accounts.

Article 10: Obligations of Deposit and Consignment Funds
Upon receipt of assets from inactive accounts and ownerless assets, Deposit and Consignment Funds are subject to the following obligations:

to conserve the securities and assets transferred by approved Account Keepers;
to continue searching for holders by all means. Deposit and Consignment Funds carry out searches for holders or beneficiaries of assets from inactive accounts under their management at least once a year;
to ensure sound and transparent management of deposited assets;
to set up a register of inactive accounts and ensure access to persons demonstrating a legitimate interest;
to publish, each year, the list of holders of deposited assets in the official journals of the member states of the Union and on public information sites, notably in the Official Gazette of the Cote of the Regional Securities Exchange;
to respond diligently to any claim;
to return to identified holders or their beneficiaries the assets due to them;
to liquidate assets subject to prescription and proceed to their restitution to the Investor Protection and Financial Education Fund, in the proportions fixed in Article 16.

Article 11: Management of deposited inactive assets
Deposit and Consignment Funds ensure transparent management of cash assets and the income from deposited securities accounts in their books. These assets are individualized in securities and cash accounts, registered in their books.

Article 12: Management of income and liquidity of deposited assets
Deposit and Consignment Funds collect all income related to held securities as well as repayments of debt securities. They proceed with the investment of available liquidity according to internal management rules. A minimum remuneration at the annual rate of remuneration of regulated savings products, reduced by two hundred (200) basis points, must be ensured by Deposit and Consignment Funds on the cash assets of inactive accounts in their books.

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Article 13: Restriction on the management of deposited assets
Deposited securities assets cannot be subject to any sale, exchange, pledge operation, nor be presented as collateral for any commitment of the Deposit and Consignment Funds.
Deposit and Consignment Funds are not responsible for the effects of financial market price fluctuations on the value of assets under deposit.
Any operation other than the restitution of assets to holders or beneficiaries or the liquidation of assets upon the expiration of the thirty-year prescription, for the remittance of funds to the CDC of the State of the nationality of the account holder and to the Investor Protection and Financial Education Fund of the UMOA regional financial market, is prohibited on the conservatory account opened in the books of the DC/BR.

CHAPTER II. RESTITUTION OF DEPOSITED ASSETS AND PRESCRIPTION OF ASSETS FROM INACTIVE ACCOUNTS AND OWNERLESS ASSETS

Article 14: Request for restitution of deposited assets
Any person demonstrating a right to the deposited assets may submit to the Deposit and Consignment Fund of the country where the account was managed, by electronic or postal means, a request for restitution, accompanied by a file comprising the following elements:

identity documents of the applicant;
the notarial deed justifying the status of beneficiary(ies), in the case where the request is made on behalf of a beneficiary(ies);
a confirmation from the Account Keeper of the last balance held in its books before the transfer to the CDC.
For natural persons, the justification of the identity of the person making the request is made by presenting a national identity card, a passport or any original official document serving as such, currently valid, and bearing a photograph. In the case of an estate or joint ownership, the interested party must produce, in addition to the required documents, any document allowing them to justify, in legal form, their status as beneficiary or joint owner. Furthermore, they must attach to their request a document authorizing them to receive the assets on behalf of the co-owners, notably a mandate issued by them. When the claim comes from a lawyer, a notary or an authorized third party, the mandate given to them must be attached to the request. For legal persons, the representative must present documents attesting to the powers conferred upon them. Furthermore, they must provide proof of their identity by presenting a national identity card, a passport or any original official document serving as such, currently valid, and bearing a photograph. Proof of the professional or residential address of the representative is provided by presenting any document capable of establishing it. They must also provide, on the one hand, the original, a copy or a certified copy of the statutes, the extract from the Trade and Movable Credit Register or, failing that, the certificate of declaration of existence or any

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other act attesting notably to the legal form of the legal person concerned and its registered office as well as the document justifying their right to the assets.
The CDC is authorized to require the applicant to provide any additional information and supporting documents necessary to establish their rights to the assets for which restitution is requested.
The CDC is authorized to request information and documents from Account Keepers useful for the examination of requests and restitution procedures. It may submit to the person making the request, a restitution request form to be filled out to support their file.

Article 15: Processing of requests for restitution of deposited assets
The CDC takes a reasoned decision and notifies it to the applicant within two (02) months from the date of receipt of the request.
The request for additional information by the CDC extinguishes the two (02) month period referred to in paragraph 1 of this article. Upon receipt of the information and documents necessary for the decision, the CDC has a new period of two (02) months to take a reasoned decision and notify it to the applicant. In any case, a request currently being processed cannot be subject to prescription within a period of twelve (12) months. The applicant may appeal to the AMF-UMOA in the absence of a decision within two (02) months following the transmission of a restitution request or the transmission of all elements necessary for the CDC's decision. The CDC carries out any restitution by transfer or transfer to an account opened, in the name of the applicant, with an Account Keeper or a credit institution approved in the Union.

Article 16: Prescription of assets from inactive accounts

Assets held in securities and cash in inactive accounts prescribe after thirty (30) years of inactivity, i.e., after ten (10) years in the books of a Custodian of Accounts and twenty (20) years in the books of the Deposit and Consignment Fund of a Member State.

Upon expiration of the thirty-year prescription, the aforementioned assets fall into public ownership and are distributed as follows: 70% to the Deposit and Consignment Fund of the State of the Account Holder's nationality for nationals of the WAEMU zone and of the State of the Custodian of Accounts' seat for non-WAEMU nationals, and 30% to the Savings Protection and Financial Education Fund of the Regional UMOA Financial Market.

The Deposit and Consignment Funds are required to liquidate the assets concerned in their books and proceed with their distribution as indicated above within a maximum period of three (03) months.

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Article 17: Prescription of ownerless assets

Ownerless assets that have accumulated ten (10) years in the books of a Custodian of Accounts fall into public ownership. They must be remitted at 70% to the Deposit and Consignment Fund of the State where the account is opened and 30% to the Savings Protection and Financial Education Fund of the Regional UMOA Financial Market, in the same proportions and according to the same criteria as provided for in Articles 16 and 17 of this Instruction.

Custodians of Accounts have a maximum period of three (03) months to make these remittances after the liquidation of securities.

Article 18: Remittance of assets in the absence of a Deposit and Consignment Fund of a State

In the absence of a Deposit and Consignment Fund within a State, prescribed assets as well as ownerless assets that have accumulated ten (10) years in the books of a Custodian of Accounts are remitted to the Public Treasury and to the Savings Protection and Financial Education Fund of the Regional UMOA Financial Market, in the same proportions and according to the same criteria as provided for in Articles 16 and 17 of this Instruction.

TITLE IV: INFORMATION OBLIGATIONS

Article 19: Transmission of periodic information

The Deposit and Consignment Funds must publish in the BRVM Official Bulletin (BOC), no later than April 30 of each year, a report on the assets of the financial market under consignment in application of this Instruction. This report as well as the list of holders of consigned assets must be previously transmitted to the AMF-UMOA, no later than three (03) months after the end of each fiscal year.

The Deposit and Consignment Funds may also publish this information on their websites.

Article 20: Content of the report on the situation of financial market assets under consignment

The attached annex, which forms an integral part of this Instruction, specifies the presentation format of the report on financial market assets under consignment that the Deposit and Consignment Funds must transmit to the AMF-UMOA.

Article 21: Internal control information

The Deposit and Consignment Funds must also transmit, no later than three (03) months after the end of each fiscal year, an annual internal control report on consignment, the management of consigned assets, and the processing of requests for the return of said assets.

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This report must present in particular:

the activities carried out, namely consignment, the management of consigned assets, and the processing of requests for the return of said assets;
the main risks generated by the activities carried out;
significant changes made to the internal control system both for permanent controls and for periodic controls ensured by internal audit;
shortcomings identified and recommendations formulated by internal audit.

TITLE V: FINAL PROVISIONS

Article 22: Entry into force

This Instruction enters into force from the date of its signature.
It will be published wherever necessary.

Done in Abidjan, on 29 DEC. 2023

For the UMOA Financial Markets Authority,
The President

Badanam PATOKI

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ANNEX 1: PRESENTATION FORMAT AND PERIODICITY OF THE REPORT ON THE SITUATION OF FINANCIAL MARKET ASSETS UNDER CONSIGNATION

No later than March 31 of each year, the Deposit and Consignment Fund transmits to the AMF-UMOA a detailed report on the financial market assets under consignment for the previous fiscal year. This report must include the following elements:

the presentation of the consignment and management system and procedures for inactive assets;
the presentation of the control and surveillance system for inactive assets;
the detailed situation as of December 31 of the last fiscal year of consigned assets showing the list of asset holders as well as the original Custodian of Accounts (following the format of Table 1 of this annex);
the developments, on a quarterly basis for the last fiscal year, of consigned assets;
the developments, on a quarterly basis for the last fiscal year, of ownerless assets received;
the details of search actions carried out and ongoing as well as the results of these searches;
the detailed situation of requests for the return of consigned assets processed during the fiscal year and pending;
the detailed situation of requests for the return of consigned assets processed pending;
the detail of ownerless assets received during the fiscal year (following the format of Table 2 of this annex);
a control and surveillance report on consignment, the management of inactive assets, and on.

The detailed situation as of December 31 of the last fiscal year of consigned assets showing the list of asset holders is also transmitted to the AMF-UMOA in an exploitable electronic format.

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Table 1 - Annex 1: Detailed situation of consigned assets as of December 31, Year N-1

	Detailed situation of consigned assets as of December 31, Year N
Account number of holder	Name of holder	Date of receipt of assets	Name of original Custodian of Accounts	Value of securities received originally	Valuation of securities portfolio as of 12/31/N (A)	Value of cash portfolio originally	Income received during the fiscal year	Value of ongoing cash placements	Value of cash portfolio as of 12/31/N (B)	Total value of assets (A)+(B)

Table 2 - Annex 1: Detail of ownerless assets received during the fiscal year

	Detail of ownerless assets received during the fiscal year
Account number	Name of holder	Date of account opening	Date of last client manifestation	Date of receipt of assets	Total value received	Name of Custodian of Accounts

1 31 December N: date of closing of the last fiscal year

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SPECIFICATIONS FOR DEPOSIT AND CONSIGNMENT FUNDS SEEKING APPROVAL FROM THE AMF-UMOA FOR THE EXERCISE OF THE ACTIVITY OF ACCOUNT CUSTODIAN ON THE UMOA FINANCIAL MARKET

CONTEXT
In the context of compliance with the provisions of Decision CM/16/09/2022 regarding inactive accounts and ownerless assets in the books of securities account custodians, the Council of Ministers of the Member States of WAEMU has provided for granting to the Deposit and Consignment Funds of the Member States of the Union, a derogation for the exercise of the activity of Account Custodian on the regional financial market. The implementation of this measure falls within the framework of strengthening the mission of the CDC in the management of assets from inactive accounts and ownerless assets of the financial market consigned in their books.
OBJECT
This Specification Document aims to clarify the requirements to which the Deposit and Consignment Funds must respond in order to ensure the keeping of inactive accounts under consignment.
REQUIREMENTS
3.1. Legal form and regulation
(a) The Deposit and Consignment Funds or the bodies acting in their place must be legal entities:
i. private or public companies; or
ii. public bodies created by law, decree, or treaty.
(b) The management rules of the Deposit and Consignment Funds must pay particular attention to good governance and the prevention of money laundering, terrorist financing, and proliferation of weapons of mass destruction (AML/CFT/Proliferation Financing). (c) The Deposit and Consignment Funds must be in compliance with the provisions of their statutes, the policies promulgated by their bodies, and the rules governing their activities. (d) In the event of contradiction between the provisions of this Specification Document and those put in place by the bodies of the Deposit and Consignment Fund or the regulatory authorities, the provisions of the Specification Document prevail regarding the eligibility of the Deposit and Consignment Fund to ensure the activity of Account Custodian on the UMOA financial market.

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3.2. Organizational means
(a) The Deposit and Consignment Funds must have a detailed organizational chart showing the persons responsible for activities as well as the hierarchical organization of the institution.
(b) The Deposit and Consignment Funds must have a management department or department in charge of the activity competent to ensure the management of consigned assets and the keeping of related accounts.
(c) The Deposit and Consignment Funds must possess an internal control system allowing in particular to (i) verify compliance with policies, provisions, and regulations applicable to their activities, and (ii) guarantee the quality of financial and accounting information. (d) The organization of the management or department in charge of the activity must allow, in respect of best practices:

to carry out tasks with diligence and impartiality, in the exclusive interest of the holders;
to prevent conflicts of interest;
to ensure the maintenance of searches for holders or beneficiaries and the return of their assets before prescription;
to ensure transparency on investment and placement activities as well as on the remuneration of cash assets of inactive accounts in their books.
(e) The Deposit and Consignment Funds must have a procedure manual dedicated to asset management and account keeping activities.

3.3. Human resources
(a) The Account Custodian activity must be directed by persons possessing the necessary honorability and competence, as well as experience adapted to their functions.
(b) At least one of these persons must be authorized to represent the Account Custodian in their relations with third parties.
(c) The management or department in charge of the management of assets from inactive accounts and ownerless assets within the Deposit and Consignment Funds must have collaborators whose skills are adapted to these activities and are regularly updated. (d) The staff of the management or department in charge of the management of assets from inactive accounts and ownerless assets must be compatible with its level of activity.

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(e) To this end, the staff in charge, among other things, of the activity must be composed of at least the following persons:

two (02) agents in charge of account keeping and conservation, one of whom is designated as manager; these latter must possess the capacities, skills, and aptitudes required for the exercise of this function;
one agent in charge of relations with third parties, among other things for the reception and administrative processing of return requests.
The agents and managers mentioned above cannot combine their functions with other incompatible functions.
(f) Administrative, IT, and accounting management can be ensured by external bodies. To this end, the Account Custodian must formalize its relationship with these bodies through service contracts with a presentation of the providers, a description of the tasks executed by them, and the means to be implemented. (g) The organization must be put in place in a manner to ensure service continuity even in the absence of the person in charge of the function. (h) The Account Custodian ensures the permanent adaptation of its human resources.

3.4. Professional premises
The Deposit and Consignment Funds must have professional premises and technical means adapted to the activity.

3.5. Technical means
The Deposit and Consignment Funds must:
(a) be equipped with professional software or reliable applications allowing the management and monitoring of the Account Custodian activity. The software or applications intended for the management and monitoring of the Account Custodian activity must respect the specifications defined by an AMF-UMOA Circular; (b) carry out regular maintenance and renewal of hardware and IT applications to ensure their reliability and compatibility with regulatory requirements and market best practices; (c) have a backup system conforming to the specifications defined by an AMF-UMOA Circular; (d) possess an IT security policy adapted to the Account Custodian activity and their own IT infrastructures, comprising at least the sections defined by an AMF-UMOA Circular; (e) ensure that their organizations, systems, and procedures are designed to maintain their critical functions or restore them as quickly as possible in order to fulfill their obligations to preserve the interests and rights of holders. To this end, they must have a business continuity plan approved by their

17/17 Instruction n° 7 2 /2023/AMF-UMOA decision-making bodies. This plan must respect at least the aspects defined by an AMF-UMOA Circular.

3.6. Accounting provisions
The Deposit and Consignment Funds are required to either:

record in their accounting systems all Account Custodian activity on the financial market. In this regard, they must transmit their dedicated accounting plans for the activity to the AMF-UMOA for opinion.
keep specific accounting in software or an application conforming to specific accounting rules applicable to Account Custodians on the financial market.

Lineage: In force