Regulatory Alerts1999-03-30
Instruction COSOB No. 99-04 of October 11, 1999, on Coupons of Debt Securities
The COSOB issued Instruction No. 99-04 on October 11, 1999, to establish the calculation methods for coupons of debt securities listed on the official stock exchange. The regulation specifies that accrued coupon fractions include the settlement period defined in Decision No. 03/99 and assigns coupon rights to investors holding the securities four business days prior to the payment date. This instruction entered into force immediately upon its signature by the President in Algiers.
Instruction COSOB No. 99-04 of October 11, 1999, on Coupons of Debt Securities
Article 1. — This instruction aims to set the calculation methods for coupons of debt securities listed on the official stock exchange of securities.
Art. 2. — The accrued fraction of the coupon includes the settlement period fixed by Article 4 of Decision No. 03/99 of March 22, 1998, regarding the clearing and settlement rules for stock exchange transactions.
Art. 3. — When a coupon becomes detached from a debt security, it is attributed to investors who, four business days before the coupon payment date, held ownership of the concerned security, under the conditions fixed by Article 130 of the General Regulations.
Art. 4. — This instruction enters into force on the date of its signature.
Made in Algiers on October 11, 1999.
The President Ali BOUKRAMI.
COSOB Regulation Instruction No. 99-04