Banking Regulation - AccueilGLI - Banking Regulation Second Edition 216 Published and reproduced...

Contributing Editors: Peter Hsu & Rashid BaharPublished by Global Legal Group

Banking Regulation

Second Edition

CONTENTS

Preface Peter Hsu & Rashid Bahar, Bär & Karrer Ltd

Albania Ada Braho, Frost & Fire Consulting 1

Angola Hugo Moredo Santos & Nádia da Costa Ribeiro,

Vieira de Almeida & Associados 11

Argentina Javier L. Magnasco & Daniel Levi, Estudio Beccar Varela 18

Canada Blair W. Keefe & Eli Monas, Torys LLP 24

Chile Max Spiess, Juan Pablo Baraona & Ricardo Vásquez, Baraona Abogados 33

China Dongyue Chen & Xingyu Wu, Zhong Lun Law Firm 45

Colombia Luis Humberto Ustáriz González, Estudio Jurídico Ustáriz & Abogados 58

Congo D.R. Angeline Mangana & Gaby Kabue, MBM-Conseil 65

Cyprus Elias Neocleous & George Chrysaphinis, Andreas Neocleous & Co LLC 71

Ecuador Dr Boanerges Rodríguez Freire & Pedro José Izquierdo LL.M.,

Coronel & Pérez 81

Finland Andrei Aganimov & Niina Nuottimäki, Borenius Attorneys Ltd 87

France Jean L’Homme & Gaël Rousseau, Fidal 96

Germany Dr. Maximilian von Rom & Sebastian Tusch, Gleiss Lutz 105

Greece George Bersis & Smaragda Rigakou, PotamitisVekris 113

Japan Koichi Miyamoto, Anderson Mōri & Tomotsune 122

Mozambique Orlando Vogler Guiné, João Mayer Moreira & Filipe Ravara,

Vieira de Almeida & Associados 132

Netherlands Joris van Horzen & Joost Achterberg, Kennedy Van der Laan N.V. 140

Portugal Hugo Moredo Santos & Benedita Aires, Vieira de Almeida & Associados 149

Russia Alexander Linnikov, Sergei Sadovoy & Leonid Karpov,

LEAD Consulting Law Firm 158

Rwanda Julien Kavaruganda & Emmanuel Muragijimana, K-Solutions & Partners 174

Singapore Elaine Chan, WongPartnership LLP 183

Spain Fernando Mínguez Hernández, Íñigo de Luisa Maíz & Rafael Mínguez Prieto,

Cuatrecasas, Gonçalves Pereira 192

Switzerland Peter Hsu & Rashid Bahar, Bär & Karrer Ltd 205

Togo Martial Akakpo & Sandrine Badjili, MARTIAL AKAKPO & PARTNERS, LLP 215

United Kingdom Ben Hammond, Nicola Higgs & Lorraine Johnston, Ashurst LLP 224

USA Reena Agrawal Sahni & Timothy J. Byrne, Shearman & Sterling LLP 235

Uzbekistan Mels Akhmedov & Irina Tsoy, Business Attorney Service 245

Venezuela Gustavo J. Reyna & Carlos Omaña, D’Empaire Reyna Abogados 256

GLI - Banking Regulation Second Edition 215 www.globallegalinsights.com

© Published and reproduced with kind permission by Global Legal Group Ltd, London

TogoMartial Akakpo & Sandrine Badjili

MARTIAL AKAKPO & PARTNERS, LLP

Introduction

The banking sector of Togo was regulated by the Community law of the West Africa Economic and Monetary Union (WAEMU). The banking environment of Togo is based on a difficult economic context, as is the Community environment.Togo was not particularly touched by the recent global financial crisis due to the fact that its banking system was not really incorporated into the international financial system until recently. This means that, in 2008, when the world was experiencing the financial crisis, Togo was already in the process of reforming its banking system. For the sake of clarity, we have to first outline the story of the sector in the poor macro-economic context. In the 1980s, Togo passed through a banking crisis which involved the bankruptcy of its banks. This crisis lasted until 2004. The country had only a few bank account holders. The main banks were also presented with a portfolio loans disaster due to the fact that the loans provided by the banks were greater than the deposits. The loans were very unproductive. The problems of these loans were accentuated by the inflexibility of the high credit interest rates. The consequence of this situation was that the ratio of stockholder equity of the banks became negative. It should be noted that banking regulation at that time was not effective in allowing banks to fight against their insolvency. There was also the problem of the intervention of politics in banking governance, which prevented the Togolese banks from successfully funding businesses. For example, the banks made important investment in public loss-making firms. Also, the banking rules provided by the Community law and international law were not respected by the Togolese banks. This can be seen, for example, in the case of required ratios. The lack of a regulatory organ at that time can also be stressed. In addition it is necessary to point out that the Togolese socio-political crisis of the 1990s worsened the financial situation. Today, the Togolese financial sector is going through reform with the banks’ role in the Togolese economy growing. Many significant reforms which have reorganised the banking system, firstly at a Community level and secondly at a national level, have been implemented. For example, before the crisis of the 1980s, there was no banking supervisor. Today, many supervisors and regulators exist for all banks of the WAEMU such as: • The cabinet of the West African Economic and Monetary Union, which fixes the legal terms of

credit activities.• The Central Bank of West African States, which is in charge of issuing money and making

prudential rules as well as regulations in the WAEMU.• The banking commission of the WAEMU, which is in charge of the organisation and control of

banks.The list can be completed by consulting the Togolese ministry in charge of the economy and finance.Besides the regulators and supervisors, Togo implemented important reforms aimed at redressing the situation of the financial sector, in order to develop the private sector and to promote economic development.



MARTIAL AKAKPO & PARTNERS, LLP Togo

There was an attempt made at banking recapitalisation in 2004 which was, unfortunately, insufficient. There was an effective, efficient recapitalisation in 2009 of three public banks for XOF 88.6bn. A second important reform, consisting of planning the privatisation of four public banks, is under way. For the moment, only two (2) of these four (4) banks have been sold. As a positive result of this reorganisation, more banks are seeking to establish themselves in Togo. There are currently thirteen (13) banks in Togo, two (2) of which are starting their activities this year; namely: “Bank Of Africa Togo”; “Banque Atlantique Togo”; “Banque Internationale pour l’Afrique Togo”; “Banque Populaire pour l’Epargne et le Crédit”; “Banque Sahélo-Saharienne pour l’Investissement et le Commerce Togo”; “Orabank”; “Banque Togolaise pour le Commerce et l’Industrie”; “Diamond Bank Togo”; “Ecobank Togo”; “Union Togolaise des Banques”; “Société Interafricaine de Banque”; “Société Générale Bénin”; and “Coris Bank International”. Two important banks also have their head offices based in Togo, namely Ecobank Transnational Incorporated (ETI) and Oragroup. The competition has not yet reached its highest level. However, the current environment has been made favourable for the establishment of the banks.As a result of the reorganisation of the sector, a claim recovery firm was created by a decree in 8 September 2011 to secure bad debt. To consolidate the financial sector, the Togolese government is establishing a strategy to develop the sector. Five areas are considered: the banking sector; the microfinance sector; insurance; public debt; and improvement of governance and the business environment.Concerning the banking sector, the government is trying to increase the low number of bank account holders and improve risk management in credit operations.In any case, Community regulation, in order to consolidate the system and protect the depositors, imposes standards on Togolese banks.

Regulatory architecture: overview of banking regulators and key regulations

The Togolese banks are firstly regulated through a supra-national plan, the main regulators for which are outlined below. The cabinet, which established a prudential system with three (3) themes: the conditions of the exercise of the profession; regulation of specific operations; and management standards. Concerning this last point, the cabinet established five (5) management standards:• Covering of risks: in order to assure solvability, the stockholders’ equity is fixed at a minimum

of 8%.• The coefficient for covering the medium and long-term uses is fixed at a minimum of 75%.• The amount of risks on the same signature cannot exceed 75% of efficient stockholders’ equity. • The liquidity, the ratio between available assets and current liabilities must exceed 75%.• Management of the portfolio structure.The banking commission of WAEMU controls banking activity in West Africa. The commission is in charge of the supervision of sub-regional banks. It was created in 1990 and is presided over by the governor of the Central Bank of West Africa. The commission meets once a quarter. It particularly controls the entry of banks into the profession. It is competent to take disciplinary action against banks. It also publishes a guide for bankers which enables managers of banks to clearly perceive the contours of the procedures that they are responsible for.The Central Bank of West African States was created in 1955. It was considered the institution in charge of money distribution in French West Africa and Togo. It was transformed in 1959, and conducts monetary policy in the West African countries. It is first and foremost in charge of insuring monetary stability and providing a refinancing policy via the monetary market. Togo also shares a monetary market and regional stock exchange “BRVM” with the other WAEMU countries. The Central Bank is vested with the prerogative of the means of payment. Namely, it created the payment cards “GIM-UEMOA” and others. Therefore it is the main participant in the management of payment means and attempts to find a way to centralise payment risks. At the national level, the regulator is the Togolese ministry in charge of finance. The ministry is




the organ which can give a banking licence by ministerial order. Accordingly, the minister is in collaboration with the banking commission of the WAEMU and the Central Bank. The minister also has the power to authorise some operations made by the banks such as the modification of their legal form, denomination, etc. He is also competent for the nomination of the temporary director and liquidator. All his decisions must first be accepted by the Commission.Also, Togolese banks have to adhere to a professional association for the defence of their interests. This association also plays the role of a regulator.Concerning the key legislation in Togo, we have the national banking law, which, in 2009, transposed the banking law of the WAEMU. This was completed later by the WAEMU’s circulars such as for governance and internal control in banks. The OHADA code also contains some provisions about banks, which are: the Uniform Act on Commercial Companies and Economic Interest Groups concerning the common law of commercial companies; the Uniform Act for the seizure of bank accounts; the Uniform Act for securities concerning bank guarantees; and for banks’ insolvency. Furthermore, it provides the international standards regarding illicit traffic and the founding of terrorism.

Regulatory themes and key regulatory developments in Togo

Firstly, there is a need to enforce the financial solidity and solvability of Togolese banks. Therefore, the new WAEMU standards were transposed in 2011 to the Togolese jurisdiction. The union increased the minimum capital of banks to XOF 5bn and then to XOF 10bn. The aim is to allow the emergence of the banking sector in order to satisfy the needs of the Togolese economy.Since 2008, as already mentioned, many reforms have taken place to resolve the issues of higher credit ratios with low yield through the security of bad debts, as well as the restructuring of the banking system.In 2009, the authorities set up the Financial Sector and Governance Project funded by the World Bank. It has three main components:• The restructuring and privatisation of banks.• The restructuring of the microfinance sector.• The restructuring of social welfare organisations.With the support of this project, three banks were recapitalised by the government for XOF 88.6bn and the privatisation process for the four banks was launched. Another bank received assistance for an organisational audit and drafting procedures manuals. In addition, a decree creating a collection company was signed on 8 September 2011. The establishment of this company, which is also mandated to facilitate a secondary market for securities issued in connection with bank restructuring, was expected in 2012.Nowadays, we expect the result of the development project of the financial sector, implemented since 2010, to be the five (5) following key strategies: • Credit institutions (banking).• Decentralised financial systems (microfinance).• Social welfare and insurance.• Management of public debt and treasury of the State.• Improving governance and the business environment.Thus, the expected results are: (i) the improvement of banking services to the population; (ii) the strengthening of the microfinance sector; (iii) the improved efficiency of the national guarantee system; (iv) the improvement of information and risk management in credit operations; (v) the development of equity business risk for enterprises; (vi) the financing of housing; (vii) the strengthening of supervision and control of the capital market and its dynamism; (viii) the strengthening of supervision and boosting the insurance sector; and finally (ix) the diversification of financial instruments.The financial capabilities of Togo are limited, and so this strategy focuses on capacity building and the spread of actions over time (2012-2017).




Concerning the banking sector, some actions have priority, either because they are very urgent, or because they are prerequisites for other actions. The stabilisation measures have priority over measures which improve the financial system. The strengthening and the privatisation of banks, the development of electronic payments, the use of transfers and the use of direct debits and mobile banking are also considered priorities. The strategy first implemented the new approaches and conventional measures, and later introduced innovative measures. Conventional measures include strengthening supervision and governance. These measures are essential to ensure the stability and soundness of the financial sector, especially in the current international context.Finally, the strategy takes into account the membership of Togo to the WAEMU and the free zone. Indeed, some desired measures depend on the regional authorities. The considered supervision of the commercial banks at a regional level are as follows: (a) the development of a monitoring system based on risk; (b) the implementation of international standards in terms of regulation and supervision; (c) the establishment of a supervisory framework on a consolidated basis in order to have an overview of the solvency of banking groups; and (d) the creation of a formal framework for communication between regulators. In addition, this strategy integrates the measures contained in the Central Bank of West African States’ regulations.

Bank governance and internal controls

Concerning the governance of Togolese banks, the banking regulation refers first to the Uniform Act on Commercial Companies and Economic Interest Groups, which is the common law of Commercial Companies, as indicated above. In fact, this act regulates the administration and the direction of all commercial companies. In this regard, the banking regulation confers on the banks a public limited company form. As a result, the Uniform Act proposes two forms of governance: a public limited company with a board of directors; or a public limited company with general administration. In the WAEMU area, the banking regulations allow only single management, meaning a limited company with a board of directors. The Uniform Act sets the number of boards required: “the public limited company can be administered by a board of directors composed of at minimum three (3) members and twelve (12) members at maximum, shareholders or not” (section 416). The remuneration of the board of directors is also supervised by common law. The law especially requires that the remuneration of the chief executive be determined by the board of directors.In order to specify these general regulations, Circular No. 005-2011/CB/C of 4 January 2011, on the governance of credit institutions of the WAEMU, emphasises the requirement for independent board members. They are also responsible for the good governance of the banks, the definition of the general risk policy and management of the risks. The board members also have the responsibility to create an audit committee and to be careful to ensure the integrity of this committee in order to limit the number of employees in the committee, which must be essentially composed of non-employees. The good governance of banks forces the regulation to recommend dissociation of the position of the president of the board of directors from that of chief executive. Otherwise, the president of the board of directors who also occupies the position of chief executive must guarantee the transparency of the management.As already indicated, the creation of an audit committee is an obligation of the bank. This committee must be in charge of the control of the organisation and the running of the internal control and risk management. To evaluate and prevent risks, the banks must establish a mechanism aimed at managing the risks. This mechanism must be supervised by the administrators and the executives. Various kinds of risks are considered and organised by management procedures:• Credit risk.• Market risk.• Liquidity and payment risk.• Operational risk.• Non-compliance risk.




Besides this, the board and executives are in charge of all these procedures as they have to ensure that there is well-functioning internal control. The board has to establish the right system and supervise the result. The executives have to control the internal audit and apply the internal control policy.It must be noted that the permanent control of the banks is under the responsibility of each employee. The circular requires that all employees must ensure the permanent control of the risks.

Bank capital requirements

The Togolese banks’ capital requirements are resolved by the banking law at supranational level. This regulation charges the cabinet of the WAEMU with the role of fixing the minimum capital required. The regulation provides in its session 34 that “the share capital of banks with offices in (...) cannot be less than the minimum amount set by the Council of Ministers of the WAEMU”. To do so, the cabinet issued opinion No. 01/2007/RB on November 2nd 2007 to banks and financial institutions for the raising of capital for credit institutions of the WAEMU. The Council of Ministers decided in its regular meeting on 17 September 2007 to raise the minimum capital for banks and financial institutions of the WAEMU to $10bn and $3bn respectively.This measure was established to promote a healthy and sound banking and financial system able to effectively contribute to the funding for economic development of the member states of the WAEMU. It is also justified by the need to review the 15-year-old capital requirement as the economic and financial environment and the operating conditions have changed significantly.This was established in two main phases:First, the minimum share capital was increased to XOF 5bn for banks and XOF 1bn for financial institutions, as of 1 January 2008. The banks and financial institutions in operation had to comply with these new thresholds at the latest by 31 December 2010. The new thresholds must be complied with in applications for approval of bank or financial institutions introduced after the effective date of the measure. Then, the date of application of the thresholds of XOF 10bn for banks and XOF 3bn for financial institutions is still expected at the end of the first phase. In practice, the minimum capital of XOF 5bn in force in the WAEMU since 1 January 2011 is so far respected by only one (1) of the four (4) banks. According to the latest annual report of the Banking Commission of the WAEMU, there were still twenty-four (24) banks that had not met the requirements at the end of December 2012, and 23% of the entire banking sector does not meet the prudential standard.However, in Togo this reform impacts positively on the banking sector. Following the revision of the standard minimum capital, a large movement of mergers, takeovers and withdrawal of approval is engaged in the banking industry of the Union. There is a process of privatisation of state-owned banks as indicated above; the institutions concerned are: the Togolese Union Bank (UTB); the Togolese Bank for Trade and Industry (BTCI); the Togolese Development Bank (BTD); and the International Bank for Africa in Togo (BIA Togo). In the same vein, the Orabank group has absorbed the Regional Solidarity Bank Group (BRS) after the acquisition of Financial Bank Togo and the Togolese Development Bank (BTD). This mutation of the Togolese banking landscape is accompanied by a high concentration of banking between a small number of large banks on one hand and a strengthening of the oligopolistic nature of the banking market on the other hand.

Rules governing banks’ relationships with their customers and other third parties

The exercise of banking is subject to the approval of the Ministry of Finance after instruction from the Central Bank. In this regard, the Togolese banking law defined the banking operations that banks can offer to their customers. Those operations are the usual ones that each bank must confine itself to provide to their customers (article 2). These operations include: • Public funds receipt, which are the funds that a person accepts from a third party, such as

deposits with the right to dispose of on its behalf, but on the order to return them. The money




from a cash voucher is considered as received from public. However, the following are not considered funds received from the public:

1) funds constituting the capital of a firm;2) funds received from leaders of a company as well as shareholders, associates or partners

holding ten per cent (10%) of the share capital;3) funds of credit institutions received in connection with credit operations; and4) funds received from the staff of a company, provided that their total amount remains less

than ten per cent (10%) of the company’s equity.• Credit operations are any act by which a person, with remuneration:

1) avails or promises to avail funds to any other person;2) takes on behalf of clients a commitment by signature such as an endorsement, a security

or a guarantee; or3) is assimilated to credit operations, leasing (rental of equipment, or property equipment or

materials and tools to a leaseholder who can decide at the end of the rental to become the owner in exchange of payment in consideration of the rents) and also rental operations accompanied by a purchase option.

• Making available for the customers the means of payment and their management: means of payment are all instruments that are used to enable any person to transfer funds. These comprise bank cheques, traveller’s cheques, payment cards and debit cards, bank transfers or direct debits, credit cards and electronic fund transfers.

Subject to authorisation, the following are also considered to be activities that banks should provide to their customers:• operations on gold and precious metals;• manual or cashless exchange;• investment operations: equity participation in existing companies or training companies and all

acquisitions of shares issued by public or private society;• consulting operations and assistance in matters of financial management, asset management,

management and investment of shares and financial products, operations of financial engineering and, in general, all operations aimed at facilitating the establishment and development of businesses, including research into financing and partners;

• lease of movable or real property by financial institutions such as banks, empowered to conduct credit-lease operations; and

• intermediation for commission agents, brokers or others.By extension, this regulation is also applicable to financial institutions and venture capital investment in equity financial institutions subject to their specific regulations. The method of protecting clients against the failure of the banks should also be discussed. In order to give protection to the customers, a Deposit Guarantee Fund, named FGD-WAMU, was created by Decision No. 088-03-2014 on the establishment of fund deposit guarantees in the WAEMU. The FGD-WAMU is a Community institution, which has an economic and financial nature, with a legal personality and financial autonomy. Its mission is to make sure that customers recover their deposits from banks and decentralised financial systems (“DFS”) approved by the WAEMU system. As such, it is responsible:• for compensating depositors, limited by the ceiling defined by the Council of Ministers of the

WAEMU, in case of unavailability of their assets;• for collecting the contributions from members and mobilising other resources necessary for the

performance of its duties;• for managing the resources collected;• for issuing circulars to credit institutions and DFSs on the implementation of rules or on

interpretations of the provisions of the statutes of FGD-WAMU;• for conducting actions, particularly in partnership with other stakeholders;




• for negotiating and signing the agreements to exchange information with the institutions and organs of the Union;

• for joining any regional, continental or international organisation with the same objective; and• for concluding agreements with any other institution as needed. The aim is to protect small depositors against the loss of their savings in case of insolvency of a credit institution or DFS members, to participate in the preservation of stability of the banking sector and microfinance in the Union and to contribute to the promotion of financial culture in the Member States of the WAEMU.Also, as part of the relationship with their customers, the banks have to fight against the risks of money laundering. In this regard, Togo has ratified international legal instruments related to the fight against money laundering, such as:• The 1988 Basel Declaration.• The United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic

Substances (1988).• The UN Political Declaration and Action Plan against money laundering of 1998.• The United Nations Convention against Transnational Organized Crime of December 2000.Furthermore, the Togolese banks are regulated by many norms required by the WAEMU, which are: 1) Directive No. 07/2002/CM/WAEMU on the fight against money laundering in the Member States

of the WAEMU.2) The Uniform Law on the fight against money laundering in Member States of the WAEMU.3) The framework Decree establishing the organisation and functioning of a national unit of

financial information processing.4) Regulation No. 14/2002/CM/WAEMU relating to the freezing of funds and other financial

resources in the fight against terrorist financing in the Member States of the WAEMU.5) Decision No. 06/2003/CM/WAEMU on the list of persons, entities or bodies covered by the

freezing of funds and other financial resources in the context of the fight against terrorist financing in the Member States of the WAEMU.

6) Decision No. 04/2004/CM/WAEMU amending Decision No. 06/2003/CM/WAEMU of 26 June 2003 on the list of persons, entities or bodies affected by the freezing of funds and other financial resources in the context of the fight against terrorist financing in the Member States of the WAEMU, signed on 5 July 2004.

For the sake of an efficient application of these norms, a regional mechanism has been created to organise the fight against money laundering. This is the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), which is a specialised agency of ECOWAS. There is a GIABA National Correspondent in Togo in charge of the diagnosis of the situation of money laundering in the country, the awareness of policymakers, economic actors and more generally of the citizens, training, the updating of legislation and the creation of a Financial Intelligence Unit.At the national level, Decree No. 2004-053/PR of 28 January 2004 was created on the establishment and functions of the central office for combating illicit drug trafficking and money laundering, as well as Law No. 2007-016 of 6 July 2007 on the fight against money laundering. This law created a National Unit of Financial Information Processing, which is the operational organ in the fight against money laundering and terrorist financing in Togo. As can be seen through these institutions, there is a real commitment to the fight against money laundering, even if there is still a major constraint of a lack of means.

Conclusion

Through this regional legal framework, in particular because it constitutes the bulk of the Togolese banking regulation, a real development effort of the banking sector in Africa generally, and more specifically in Togo, can be seen. In this regard, economic data provided by the International Monetary Fund (IMF) can prove that the country is experiencing a fast development in banking, made possible by these regulatory efforts, even though the country is far from meeting the international standards.




On May 31, 2014 (date of the last detailed report by the IMF), the following situation can be reported: • It should be noted that the deposit/GDP ratio of Togo is 25%, which is 38% higher than the

average ratio of the WAEMU. • Individual and corporate deposits amounted to XOF 931.4bn with 43.6% being deposits and

56.4% time deposits.• The credit to the economy represented XOF 752.7bn, divided into 51.8% for short-term loans,

43% for medium and long-term loans, and 5.2% for outstanding net loans.• Claims on countries represented XOF 200.5bn in April 2014, or 12% of total assets.• Demand deposits of individuals and enterprises (XOF 406.1bn) were higher than short-term

credit to the economy (XOF 389.4bn). The deposits of the State (XOF 117.8bn) account for more than half of the loans to the states (XOF 200.6bn), which are essentially refinanced at the Central Bank of West African States.

The global banking system liquidity appears satisfactory.

* * *

References

1. WAEMU framework Law on banking regulations.2. Law N° 2009 – 019 07/09/09 on Togolese banking regulations.3. Circular No. 005-2011/CB/C of 4 January 2011 on the governance of credit institutions of the

WAEMU.4. Circular No. 002-2011/CB/C specifying the conditions for the exercise of the functions of

directors and leaders in WAEMU banks.5. Circular No. 003-2011/CB/C on the organisation of the internal control system of banks in

WAEMU.6. The guide for the WAEMU’s bankers.7. Financial Sector Development Strategy.8. Vigninou Gammadigbe FASEG, University of Lomé 27. February 2013 “Analysis of new capital

requirements of WAEMU banks, banking concentration and cost of credit in Togo”.9. Terms of fund deposit guarantee in the WAEMU.10. Decision No. 088-03-2014 on the establishment of fund deposit guarantees in the WAEMU.11. Law No. 2007-016 of 6 July 2007 on the fight against money laundering.12. www.tresor.economie.gouv.fr/10205_point-sur-le-secteur-bancaire-au-togo.13. www.mfw4a.org/fr/togo/le-secteur-financier.html.14. www.bceao.int/.



MARTIAL AKAKPO & PARTNERS, LLP27, rue Khra, quartier des étoiles, BP 62210 Lomé, Togo

Tel: +228 22 21 57 20/22 20 73 56 / Fax: +228 22 22 08 32 / URL: http://www.scpmakakpo.com

Martial AkakpoTel: +228 90 04 10 17 / Email: [email protected] Akakpo has been a lawyer at the Bar of Lomé since 1988. He holds a University Post-Graduate Degree in International Business Litigation from the Université de Paris – Est Créteil Val de Marne (Paris 12) with honours. He intervenes as counsel of parties in international arbitrations or as arbitrator appointed by the Common Court of Justice and Arbitration of OHADA (CCJA) in Abidjan, and other arbitration centres.He is a lecturer at the Ecole Régionale Supérieure de Magistrature de l’OHADA (Judicial Training School) (ERSUMA) in Porto Novo.He is the founder of “Mercuriales Info”, Togolese Business Law and Arbitration newsletter, and was awarded the distinction of Officer of the National Order of Merit in 2009.

Adjoa Essowè Sandrine BadjiliTel: +228 91 77 11 39 / Email: [email protected] Badjili holds a Master’s degree in Business Law and Banking Law from the University of Auvergne, Clermont-Ferrand (France).She specialises in legal consultations in banking, securities, labour, society laws and business law in general. She has also competence in investment law and wealth management. She is particularly interested in legal advice in contract law and distribution law.Sandrine Badjili contributed to the team working with taxpayers regarding their 2013 income tax statement filing with the tax administration of Rouen (France). She also contributed to the Benchmarking Public Procurement 2016 project, an annual publication of the World Bank which aims at evaluating the costs associated with regulation of public procurement procedures in the world.She joined MARTIAL AKAKPO & PARTNERS, LLP in 2014.


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