Regulatory Alerts2004-01-01
COSOB Regulation No. 04-03 of September 9, 2004 Relating to the Guarantee Fund
The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) issued Regulation No. 04-03 to establish the operational framework for the Guarantee Fund, which covers securities and cash held by stock exchange intermediaries for their clients. The regulation mandates semi-annual contributions from intermediaries based on client positions, sets specific coverage limits of 600,000 dinars for securities and 400,000 dinars for cash per client, and defines exclusion criteria for insiders and those involved in money laundering. It further outlines the procedures for declaring fund intervention, processing claims within three months, and the Commission's subrogation rights against defaulting intermediaries.
Share