Instruction COSOB No. 99-02 of March 3, 1999, Regarding Registers to be Maintained by Stock Exchange Intermediaries

Instruction COSOB No. 99-02 of March 3, 1999, Regarding Registers to be Maintained by Stock Exchange Intermediaries

Article 1. — The purpose of this instruction is to define the nature of the registers that stock exchange intermediaries must maintain for the exercise of their activities, in accordance with Article 30 of COSOB Regulation No. 96-03 of July 3, 1996.

Art. 2. — Registers may be maintained in manual or electronic form. Sufficient precautions must be taken to minimize the risks of falsification of information.

Art. 3. — These registers must be able to provide information, within a reasonable time frame, in a precise and understandable format to any person authorized by the COSOB to verify them.

Art. 4. — The stock exchange intermediary must retain its mandatory registers for at least five years from the date of their archiving.

Art. 5. — Stock exchange intermediaries must maintain, in addition to the books and documents required by current regulations, the following registers:

— a transaction journal in which purchases and sales of securities, securities received and delivered, and receipts and payments are recorded in chronological order;

— client account statements in which, for each distinct account, purchases and sales of securities, securities received and delivered, and receipts and payments are recorded;

— a register of securities in the process of transfer;

— a register of dividends and interest received;

— a register of securities not received by the settlement date;

— a register of securities purchase and sale orders and related instructions, in which the following are recorded:

— the identity of the order giver;

— the wording of the order (direction of the operation: sale or purchase);

— the designation or characteristics of the security subject to the negotiation;

— the date and time of the order;

— where applicable, the fact that the order is given under a management contract;

— the number of securities to be negotiated;

— the execution price of the order;

— the date of its execution;

— and all other necessary details for the proper execution of the order.

— a register containing copies of execution notices and account statements transmitted to clients;

— a register listing all portfolio management mandates concluded with clients;

— a register in which, for each client, the number of securities belonging to each client is recorded;

— a complaints register which must notably show the following information:

• the name of the complainant;
• the date of the complaint;
• the subject of the complaint;
• the follow-up given to the complaint.

— a register of brokerage commissions.

Art. 6. — The registers listed above must be maintained separately.

Art. 7. — The stock exchange intermediary must open a file for each client comprising, in particular:

— the account opening form;

— the account opening agreement;

— the portfolio management mandate, if applicable;

— the account opening request and specimen signatures of the holder;

— the power of attorney in the case where the account holder confers upon another person the power to give orders on their behalf, indicating the address and telephone number of this person. In the case of a joint account or an account opened in the name of a company, the name, address, and telephone number of the person authorized to give orders must be indicated, and the document conferring this power must be included.

Art. 8. — Standard models for purchase and sale orders, as well as those for registers, must receive the prior approval of the COSOB.

Art. 9. — Registers are subject to the permanent control of the COSOB.

Art. 10. — This instruction enters into force on the date of its signature.

Done in Algiers, on March 3, 1999

The President Ali BOUKRAMI