Regulatory Alerts2025-11-30
Instruction COSOB No. 25-07 of November 30, 2025 Defining the Conditions and Procedures for the Registration of Stock Market Promoters
The Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB) issued Instruction No. 25-07 to establish the eligibility criteria, documentation requirements, and registration procedures for entities acting as stock market promoters for companies seeking admission to the Growth or Emerging market segments. The regulation mandates that applicants, including banks, financial intermediaries, and accounting firms, designate qualified responsible managers and submit detailed operational, financial, and personnel information for COSOB's evaluation within a one-month review period. Furthermore, the instruction outlines the five-year validity of registrations, ongoing compliance obligations, inspection rights, and grounds for deregistration, while explicitly replacing the previous Instruction No. 24-03.