Ordinance No. 96-10 of January 10, 1996, amending and supplementing Legislative Decree No. 93-10 on the securities exchange

Ordinance No. 96-10 of 19 Chaâbane 1416 corresponding to January 10, 1996, amending and supplementing Legislative Decree No. 93-10 of May 23, 1993, relating to the securities exchange.

The President of the Republic,

Having regard to the Constitution and in particular its Articles 115 and 117;

Having regard to the platform establishing national consensus on the transitional period, and in particular its Articles 5, 25, and 26 (paragraph 5);

Having regard to Ordinance No. 66-154 of June 8, 1966, as amended and supplemented, establishing the Code of Civil Procedure;

Having regard to Ordinance No. 66-156 of June 8, 1966, as amended and supplemented, establishing the Penal Code;

Having regard to Ordinance No. 75-58 of September 26, 1975, as amended and supplemented, establishing the Civil Code;

Having regard to Ordinance No. 75-59 of September 26, 1975, as amended and supplemented, establishing the Commercial Code;

Having regard to Law No. 88-01 of January 12, 1988, establishing the framework law on public economic enterprises;

Having regard to Law No. 90-10 of April 14, 1990, relating to currency and credit;

Having regard to Legislative Decree No. 93-10 of May 23, 1993, relating to the securities exchange;

Having regard to Ordinance No. 95-22 of 29 Rabie El Aouel 1416 corresponding to September 25, 1995, relating to the privatization of public enterprises;

Having regard to Ordinance No. 95-25 of 30 Rabie Ethani 1416 corresponding to September 25, 1995, relating to the management of the State's commercial capital.

After adoption by the National Transition Council;

Promulgates the Ordinance whose text follows:

Article 1. - Article 5 of Legislative Decree No. 93-10 of May 23, 1993, relating to the securities exchange, is supplemented as follows:

However, trading in bond securities listed on the exchange, issued by the State, other public law entities, as well as by joint-stock companies, may take place off-exchange, according to the negotiated procedure between market participants.

A regulation of the Commission determines the conditions for carrying out these negotiations as well as the status of these participants.

The provisions of the first paragraph of this Article are applicable for a duration of eighteen months, renewable by the Organization and Surveillance Commission for Stock Exchange Operations (C.O.S.O.B.).

Art. 2. - Article 6 of Legislative Decree No. 93-10 of May 23, 1993, cited above, is amended and supplemented as follows:

The activity of intermediary in stock exchange transactions may be exercised, with the approval of the Commission, by natural persons or by joint-stock companies constituted primarily for this purpose.

These intermediaries may also exercise the activity of intermediation in markets for transactions in securities and other financial products not admitted to the exchange, under the conditions fixed by the legislative and regulatory provisions governing these markets.

Art. 3. - Paragraphs 2 and 3 of Article 7 of Legislative Decree No. 93-10 of May 23, 1993, cited above, are repealed and replaced by the following provisions:

Furthermore, funds entrusted to intermediaries in stock exchange transactions by their clients for investment in securities must be transferred by way of bank wire.

Art. 4. - This Ordinance shall be published in the Official Journal of the People's Democratic Republic of Algeria.

Done in Algiers, on 19 Chaâbane 1416 corresponding to January 10, 1996.

Liamine ZEROUAL.

COSOB Regulation Ordinance No. 96-10