Regulatory Alerts2025-06-25
COSOB Instruction No. 25-04 of June 25, 2025, Fixing the Conditions and Procedures for the Registration of Statutory Auditors of Venture Capital Collective Investment Undertakings
The Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB) issued Instruction No. 25-04 to establish the specific eligibility criteria and application procedures for registering statutory auditors of Venture Capital Collective Investment Undertakings (OPCR). The regulation mandates that applicants must hold valid registration with the National Chamber of Statutory Auditors, possess at least five years of professional experience, and demonstrate good moral standing without recent criminal convictions or disciplinary sanctions. Furthermore, the instruction outlines the required documentation for submission, a one-month examination period by the Commission, a five-year renewable registration validity, and the public publication of the approved auditor list.
The People's Democratic Republic of Algeria
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Commission for the Organization and Supervision of Stock Exchange Operations – COSOB -
COSOB Instruction No. 25-04 of June 25, 2025, Fixing the Conditions and Procedures for the Registration of Statutory Auditors of Venture Capital Collective Investment Undertakings
Article 1st
- Pursuant to Article 87 of the COSOB Regulation No. 24-02 of 20 Rabie Ethani 1446 corresponding to October 23, 2024, regarding venture capital collective investment undertakings, this instruction aims to fix the conditions and procedures for the registration of statutory auditors of Venture Capital Collective Investment Undertakings (OPCR).
Art. 2. - To be registered with the Commission for the Organization and Supervision of Stock Exchange Operations, hereinafter referred to as "the Commission," as a statutory auditor of OPCR, the applicant must meet the following conditions:
- Be registered on the roll of the National Chamber of Statutory Auditors;
- Have practiced the activity of statutory auditing for more than five (5) years;
- Not have been convicted of a crime or misdemeanor, other than unintentional, that could tarnish the honorability of the profession during the two (2) years preceding the date of the registration application;
- Not have been subject to a disciplinary sanction during the two (2) years preceding the date of the registration application.
Art. 3. - The application is submitted to the Commission by the applicant. It must be accompanied by a file containing the following information elements:
- A certified copy of the approval as a statutory auditor;
- A copy of documents attesting to professional references;
- A declaration of honorability stating that the applicant has not been convicted of a crime or misdemeanor, other than unintentional, that could tarnish the honorability of the profession and has not been subject to a disciplinary sanction, during the two (2) years preceding the date of the registration application;
- A criminal record extract No. 3. The Commission may request any other document it deems necessary for the processing of the application.
Art. 4. - The registration application is examined by the Commission within a period of one (1) month from the date of receipt of the complete file. The validity period of the registration is five (5) years, renewable.
Art. 5. – The list of registered statutory auditors is published on the Commission's website.
Art. 6. - This instruction enters into force as of the date of its signature.
Done in Algiers, on June 25, 2025
Youcef BOUZENADA