Regulatory Alerts1998-01-01
Executive Decree No. 98-170 of May 20, 1998, on Fees Collected by the Stock Market Organization and Supervision Commission
The Algerian Government issued Executive Decree No. 98-170 to establish the fee structure for the Stock Market Organization and Supervision Commission (COSOB). The decree mandates specific charges for securities issuance visas, broker and fund management company approvals, intermediary investigations, technical dispute resolutions, and management company services. The exact rates and collection procedures for these fees are delegated to the Minister of Finance via a separate ministerial order.
Executive Decree No. 98-170 of 23 Moharram 1419 corresponding to May 20, 1998, regarding the fees collected by the Organization and Supervision Commission for Stock Market Operations.
The Head of Government,
On the report of the Minister of Finance,
Having seen the Constitution, particularly its articles 85-4° and 125 (second paragraph);
Having seen Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, regarding the securities market, particularly its Article 27;
Having seen Ordinance No. 96-08 of 19 Chaâbane 1416 corresponding to January 10, 1996, regarding collective investment schemes in securities (OPCVM), (S.I.C.A.V) and (F.C.P);
Having seen Presidential Decree No. 97-230 of 19 Safar 1418 corresponding to June 24, 1997, appointing the Head of Government;
Having seen Presidential Decree No. 97-231 of 20 Safar 1418 corresponding to June 25, 1997, appointing the members of the Government;
Decrees:
Article 1. — In application of Article 27 of Legislative Decree No. 93-10 of May 23, 1993, cited above, the purpose of this decree is to determine the fees collected on acts and services rendered by the Organization and Supervision Commission for Stock Market Operations, hereinafter referred to as "the Commission".
Art. 2. — The fees collected on acts and services rendered by the Commission are fixed as follows:
— a fee on visas issued during the issuance of securities through a public offering, a public offer for sale, purchase, or exchange of securities;
— a fee upon the application for approval of a stock market intermediary as well as upon the registration of an agent authorized to conduct stock market negotiations;
— a fee upon the application for approval of a collective investment scheme in securities (OPCVM);
— a fee upon the investigation conducted by the Commission at the level of stock market intermediaries;
— a fee upon the processing of technical disputes resulting from the interpretation of legislative and regulatory texts governing the functioning of the stock market;
— a fee collected from the management company of the securities market.
Art. 3. — The rates and methods of collection of the fees collected by the Commission are fixed by order of the Minister in charge of Finance.
Art. 4. — This decree will be published in the Official Journal of the People's Democratic Republic of Algeria.
Done in Algiers, on 23 Moharram 1419 corresponding to May 20, 1998.
Ahmed OUYAHIA.
COSOB Regulation Executive Decree No. 98-170