Regulatory Alerts2003-01-01
Law No. 03-04 of 17 February 2003 Amending and Complementing Legislative Decree No. 93-10 Relating to the Securities Exchange
The President of the Republic issued Law No. 03-04 to amend Legislative Decree No. 93-10, establishing an independent regulatory authority (COSOB) and defining the roles of the securities management company and the central securities depository. The legislation mandates public disclosure notices for securities issuers, introduces strict thresholds for shareholding declarations, and imposes criminal penalties for insider trading and market manipulation. It further regulates the authorization of stock exchange intermediaries, their permitted activities, and the disciplinary procedures applicable to market participants.
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