Instruction COSOB No. 23-02 of November 7, 2023, Establishing Due Diligence Requirements for Participatory Investment Advisors During Project Selection

REPUBLIC OF ALGERIA DEMOCRATIC AND POPULAR
Market Supervisory Authority
Commission for the Organization and
Supervision of Stock Exchange Operations

Instruction COSOB No. 23-02 of November 7, 2023, Establishing the Due Diligence That the Participatory Investment Advisor Must Perform When Selecting Participatory Investment Projects

Article 1st – The purpose of this instruction is to establish the framework regarding the due diligence that the Participatory Investment Advisor must implement to proceed with the selection of participatory investment projects to be proposed to investors via its participatory investment advisory platform, in application of Article 21 of COSOB Regulation No. 23-01 of 21 Ramadan 1444 corresponding to April 12, 2023, fixing the conditions for approval, exercise, and control of participatory investment advisors.

Art. 2 – The participatory investment advisor must take all necessary measures to verify and ensure, in particular:

• the viability of the participatory investment project;
• the competence and integrity of the promoters of the participatory investment project;
• the coherence of the information relating to the participatory investment project, provided by the project promoters.

Art. 3 – This instruction enters into force as of the date of its signature.

Done in Algiers, on November 7, 2023
Youcef BOUZENADA