Regulatory Alerts2024-03-27
Instruction COSOB No. 24-01 of March 27, 2024 on Qualification Conditions for the CEO of a Stock Exchange Intermediary Company and the Head of the Stock Exchange Intermediary Structure in Banks and Financial Institutions
The Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB) issued Instruction No. 24-01 to establish the specific qualification requirements for the general manager of a Stock Exchange Intermediary (IOB) company and the head of the IOB structure within banks and financial institutions. These individuals must hold a higher education degree and pass a COSOB-certified exam on financial market professionals or possess a Commission-recognized diploma in securities trading. The instruction applies immediately upon signature, repeals the previous 2016 instruction, and grants a temporary exemption from the examination requirement for incumbents already in office.
Instruction COSOB No. 24-01 of March 27, 2024 on the Qualification Conditions to be Met by the Executive Assuming the General Management of the Stock Exchange Intermediary – Commercial Company and the Head of the "Stock Exchange Intermediary" Structure within Banks and Financial Institutions
Article 1. – Pursuant to Articles 5 and 6 of COSOB Regulation No. 15-01 of April 15, 2015, relating to the approval conditions, obligations, and supervision of Stock Exchange Intermediaries (IOB), this instruction aims to set the qualification conditions that the executive assuming the general management of the IOB – commercial company and the head of the "IOB" structure within banks and financial institutions must meet.
Article 2. – The executive assuming the general management of the IOB – commercial company and the head of the IOB structure within banks and financial institutions must meet the following qualification conditions:
- Hold a higher education degree,
- Pass the exam certified by COSOB, relating to the training of financial market professionals, or present a diploma or certificate in the field of securities trading, recognized by the Commission.
Article 3. – The executive assuming the general management of the IOB – commercial company and the head of the IOB structure within banks and financial institutions, who are in office on the effective date of this instruction, are exempt from the provisions of the last bullet point of Article 2 above.
Article 4. – This instruction takes effect from the date of its signature, repeals Instruction COSOB No. 16-01 of February 24, 2016, relating to the qualification conditions to be met by the executive assuming the general management of the Stock Exchange Intermediary – commercial company and the head of the "Stock Exchange Intermediary" structure within banks and financial institutions.
Done in Algiers on March 27, 2024 Youcef BOUZENADA