Article 53 — CEDEAO Traite-revise-1993

MOVEMENT OF CAPITAL AND CAPITAL ISSUES COMMITTEE For the purpose of ensuring the free movement of capital between Member States in accordance with the objectives of this Treaty, there is hereby established a Capital Issues Committee which shall comprise one representative of each of the Member States and which shall, subject to the provisions of this Treaty, prepare its own rules of procedure. Member States shall, in appointing their representatives referred to in paragraph 1 of this Article, designate persons with financial, commercial or banking experience and qualifications. The Capital Issues Committee, in the performance of the duties assigned to it under paragraph 1 of this Article, shall: a) ensure the unimpeded flow of capital within the Community through: 33 i) ii) iii) b) c) d) ECOWAS REVISED TREATY the removal of controls on the transfer of capital among the Member States in accordance with a time-table determined by Council; the encouragement of the establishment of national and regional stock exchanges; and the interlocking of capital markets and stock exchanges. ensure that nationals of a Member State are given the opportunity of acquiring stocks, shares and other securities or otherwise of investing in enterprises in the territories of other Member States; establish a machinery for the wide dissemination in the Member States of stock exchange quotations of each Member State; establish appropriate machinery for the regulation of the capital issues market to ensure its proper functioning and the protection of the investors therein. CHAPTER IX ESTABLISHMENT AND COMPLETION OF AN ECONOMIC AND MONETARY UNION 1. 2. 1.