Regulatory Alerts1996-01-01
Executive Decree No. 96-474 of December 28, 1996, Fixing Minimum Capital for SICAVs and Initial Assets for FCPs
Issued by the Algerian Government under Prime Minister Ahmed Ouyahia, this decree implements Articles 8 and 23 of Ordinance No. 96-08 by establishing mandatory financial thresholds for collective investment schemes. It sets the minimum initial capital for Variable Capital Investment Companies (SICAVs) at five million Algerian dinars and the minimum initial assets for Common Investment Funds (FCPs) at one million dinars. The regulation explicitly exempts FCPs created for the benefit of employees of enterprises undergoing privatization under Ordinance No. 95-22 from these minimum requirements.
Executive Decree No. 96-474 of 17 Chaabane 1417 corresponding to December 28, 1996 regarding the application of Articles 8 and 23 of Ordinance No. 96-08 of 19 Chaabane 1416 corresponding to January 10 1996 regarding collective investment undertakings in securities (CIUS), (SICAV) and (FCP). The Head of Government, Having regard to the Constitution, particularly its Articles 85-4° and 125 (second paragraph); Having regard to Ordinance No. 75-58 of September 26, 1975, modified and supplemented, establishing the Civil Code; Having regard to Ordinance No. 75-59 of September 26, 1975, modified and supplemented, establishing the Commercial Code; Having regard to Legislative Decree No. 93-10 of May 23, 1993, modified and supplemented, regarding the securities exchange; Having regard to Ordinance No. 95-22 of 29 Rabie El Aouel 1416 corresponding to August 26, 1995, regarding the privatization of public enterprises; Having regard to Ordinance No. 95-25 of 30 Rabie Ethani 1416 corresponding to September 25, 1995, regarding the management of state commercial capital; Having regard to Ordinance No. 96-08 of 19 Chaabane 1416 corresponding to January 10, 1996, regarding collective investment undertakings in securities (CIUS), (SICAV) and (FCP); Having regard to Presidential Decree No. 95-450 of 9 Chaabane 1416 corresponding to December 31, 1995, appointing the Head of Government; Having regard to Presidential Decree No. 96-01 of 14 Chaabane 1416 corresponding to January 5, 1996, modified, appointing the members of the Government; Decrees: Article 1. — In application of Articles 8 and 23 of Ordinance No. 96-08 of 19 Chaabane 1416 corresponding to January 10, 1996, cited above, this decree aims to set the minimum amount of initial capital of a variable capital investment company (SICAV) as well as the minimum amount of initial assets of a common investment fund (FCP). Art. 2. — The initial capital of a SICAV created under the conditions and forms provided for by Ordinance No. 96-08 of 19 Chaabane 1416 corresponding to January 10, 1996, cited above, is fixed at five million dinars (5,000,000 DA). Art. 3. — The initial assets of a common investment fund created under the conditions and forms provided for by Ordinance No. 96-08 of 19 Chaabane 1416 corresponding to January 10, 1996, cited above, are fixed at one million dinars (1,000,000 DA). These provisions do not apply to common investment funds created for the benefit of employees of enterprises within the framework of Ordinance No. 95-22 of 29 Rabie El Aouel 1416 corresponding to August 26, 1995, regarding the privatization of public enterprises. Art. 4. — This decree shall be published in the Official Journal of the People's Democratic Republic of Algeria. Done in Algiers, on 17 Chaabane 1417 corresponding to December 28, 1996. Ahmed OUYAHIA. COSOB Regulation Executive Decree No. 96-474