# Instruction N° 09/GR/2019
# On the status of sub-delegated institution in the context of manual foreign exchange activity
# THE GOVENOR,
Mindful ofthe Stautes oftheBank fCentral Afican States ino;
Mindful of Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018on exchange rate regulation in CEMAC;
Pursuant to Article 191 of the said Regulations,
# HEREBY GIVES THE FOLLOWING INSTRUCTIONS
Article 1 - This Instruction defines the status of a sub-delegated institution and the functioning of the entities benefiting from it in the context of manual foreign exchange activity.
Article 2 - Entities in the tourism sector and those likely to receive regular payments in foreign currency from travellers are eligible for sub-delegated status These include, in particular:
hotels; travel or car rental agencies; airport shops; casinos duly authorised by the competent authorities.
Article 3 - The acquisition of the status of sub-delegated institution is subject to the conclusion of a contract between the eligible entity and a duly authorised credit institution.
Article 4 - The sub-delegation contract shall include in particular:
the terms and conditions of foreign currency purchases by the sub-delegated agent from customers:
the terms and conditions for the sub-delegate to return the currencies collected to the delegating credit institution:
the reporting obligation by the sub-delegated institution to the delegating credit institution:
the obligation to comply with the regulations in force to combat money laundering, terrorist financing and proliferation:
the sub-delegate's obligation to inform the delegating credit institution without delay of any change that may affect their obligations in connection with foreign exchange purchases from customers.
The sub-delegated contract may only be concluded with one credit institution.
Article 5 - The loss of the status of sub-delegated institution shall be decided by the delegating credit institution in the following cases:
non-compliance with contractual obligations: non-compliance with exchange regulations, in particular the sale of foreign currency and the non-rewarding of foreign currency to the delegating credit institution: - the termination of the sub-delegation contract.
Loss of sub-delegated institution status shall entail the immediate transfer of the currencies held to the delegating credit institution.
Article 6 - Credit institutions shall inform the Central Bank within eight days of any sub-delegations granted or withdrawn from sub-delegated institutions. They also send it a semi-annual list of their sub-delegated institutions.
Article 7 - Sub-delegated institutions are authorized to receive foreign currency from foreign travellers in payment for a service or when purchasing goods. They may also, in the alternative, purchase foreign currencies against the CFA Franc.
The sale of foreign currencies to customers by sub-delegate's is prohibited, under penalty of termination of the sub-delegation contract, without prejudice to the application of the other penalties provided for by foreign exchange regulations.
Article 8 - Sub-delegated institutions shall display to the public and update daily the exchange rates applied.
Article 9 - Credit institutions shall provide their sub delegated institutions with threeleaf, self-copying and numbered, continuous series of currency purchase notebooks for the purchase of foreign currency from customers.