Regulatory Alerts1998-08-05
Order of August 5, 1998 implementing Article 52 of Ordinance No. 96-08 regarding Collective Investment Undertakings in Securities
The Algerian Minister of Finance issued this order to establish the annual commission rate and payment procedures for Collective Investment Undertakings in Securities (OPCVM). The regulation mandates that the commission, calculated at 0.05% of the OPCVM's net assets as of December 31, must be paid by March 31 each year. The collection of these funds is executed by the Commission for the Organization and Supervision of Stock Exchange Operations.
Order of 12 Rabie Ethani 1419 corresponding to August 5, 1998 implementing Article 52 of Ordinance No. 96-08 of 19 Chaâbane 1416 corresponding to January 10, 1996 regarding collective investment undertakings in securities (OPCVM) (SICAV) and (FCP).
The Minister of Finance,
Having regard to Ordinance No. 96-08 of 19 Chaâbane 1416 corresponding to January 10, 1996 regarding collective investment undertakings in securities (OPCVM) (SICAV) and (FCP), particularly Article 52 thereof;
Having regard to Presidential Decree No. 97-231 of 20 Safar 1418 corresponding to June 25, 1997 appointing members of the Government;
Having regard to Executive Decree No. 95-54 of 15 Ramadhan 1415 corresponding to February 15, 1995, fixing the duties of the Minister of Finance;
Orders:
Article 1. — In application of Article 52 of Ordinance No. 96-08 of 19 Chaâbane 1416 corresponding to January 10, 1996 cited above, this order aims to fix the amount and the calculation methods of the annual commission collected by the Commission for the Organization and Supervision of Stock Exchange Operations on collective investment undertakings in securities (OPCVM).
Art. 2. — The amount of the annual commission collected by the Commission for the Organization and Supervision of Stock Exchange Operations on collective investment undertakings in securities (OPCVM) is fixed at 0.05% of the net assets of the OPCVM, as recorded on December 31 of each year.
Art. 3. — The annual commission shall be paid no later than March 31 of each year by the variable capital investment company or the manager of the Common Investment Fund.
Art. 4. — The collection of the commission collected under the conditions set out above is carried out by the services of the Commission for the Organization and Supervision of Stock Exchange Operations.
Art. 5. — This order shall be published in the Official Journal of the Algerian Democratic and Popular Republic.
Done in Algiers, on 12 Rabie Ethani 1419 corresponding to August 5, 1998.
Abdelkrim HARCHAOUI.
COSOB Regulation Order of 05-08-1998