Regulatory Alerts1994-01-01
Executive Decree No. 94-175 of June 13, 1994, implementing Articles 21, 22, and 29 of Legislative Decree No. 93-10 of May 23, 1993, relating to the securities exchange
The Algerian Government issued Executive Decree No. 94-175 to establish the statutory framework and appointment conditions for the President and members of the Organization and Surveillance Commission for Stock Exchange Operations (COSOB). The decree mandates that the COSOB President serves a four-year term, holds a senior state function, and receives remuneration determined by COSOB regulations in accordance with Legislative Decree No. 93-10. It further specifies that commission members are appointed by the Minister of Finance and outlines the limited grounds for early termination of their mandates.
Executive Decree No. 94-175 of 3 Moharram 1415 Corresponding to June 13, 1994, Implementing Articles 21, 22, and 29 of Legislative Decree No. 93-10 of May 23, 1993 Relating to the Securities Exchange.
The Head of Government;
Having seen the Constitution, particularly its Articles 81-4 and 116 (second paragraph);
Having seen the platform establishing national consensus on the transitional period;
Having seen Legislative Decree No. 93-10 of May 23, 1993, relating to the Securities Exchange;
Having seen Presidential Decree No. 8944 of April 10, 1989, relating to the appointment to civil and military positions of the State;
Having seen Presidential Decree No. 94-92 of 30 Chaoual 1414 corresponding to April 11, 1994, appointing the Head of Government;
Having seen Presidential Decree No. 94-93 of 4 Dhou El Kaada 1414 corresponding to April 15, 1994, appointing members of the Government;
Having seen Executive Decree No. 90-127 of May 15, 1990, as amended, fixing the procedures for appointment to certain civil positions of the State classified as senior functions;
Having seen Executive Decree No. 90-226 of July 25, 1990, as amended, fixing the rights and obligations of workers exercising senior functions of the State;
Having seen Executive Decree No. 90-227 of July 25, 1990, as amended, fixing the list of senior functions of the State in terms of administration, institutions, and public organizations;
Having seen Executive Decree No. 90-228 of July 25, 1990, fixing the method of remuneration applicable to workers exercising senior functions of the State and particularly its Article 2, second paragraph;
Decrees:
Article 1st— The purpose of this decree is to fix the status of the President of the Organization and Surveillance Commission for Stock Exchange Operations as well as the conditions for the appointment of members of this commission.
Art. 2. — The President of the Organization and Surveillance Commission for Stock Exchange Operations (COSOB) is appointed for a term of four (04) years by executive decree taken in the Council of Government, upon proposal of the Minister in charge of finance.
Art. 3. — Their functions end in the same forms.
However, the end of function during the term may only take place in the case of serious professional misconduct or exceptional circumstances duly presented to the Council of Government.
Art. 4. — The function of President of the COSOB is classified as a senior function of the State.
Art. 5. — The remuneration of the President of the COSOB is determined by a regulation of the COSOB in accordance with Article 29 of Legislative Decree No. 93-10 of May 23, 1993, relating to the Securities Exchange.
Art. 6. — The members of the COSOB are appointed by order of the Minister in charge of finance according to the distribution fixed by Article 22 of Legislative Decree No. 93-10 of May 23, 1993, relating to the Securities Exchange.
Their functions end in the same forms.
A regulation of the commission will specify the allowance regime relating to the members of the commission.
Art. 7. — This decree will be published in the Official Journal of the Algerian Democratic and Popular Republic.
Made in Algiers, on 3 Moharram 1415 corresponding to June 13, 1994.
Mokdad SIFI.
COSOB Regulation Executive Decree No. 94-175