Regulatory Alerts2023-04-12
Added · Updated
COSOB Regulation No. 23-01 of April 12, 2023 Fixing the Conditions for Approval, Exercise, and Control of Participatory Investment Advisors
This regulation establishes the approval, operational, and supervisory conditions for Participatory Investment Advisors (CIPs) in Algeria. It defines eligible entities such as commercial companies, stockbrokers, and investment fund management companies, and mandates specific requirements including Sharia compliance certification for Islamic finance platforms, professional liability insurance, and the implementation of adequacy tests for participants. The rules set a funding cap of 20 million DZD per project over twelve months, prohibit CIPs from participating in their own projects, and require the maintenance of dedicated bank accounts and participant records for five years. The COSOB retains authority to suspend or withdraw approvals and conducts ongoing supervision through financial reporting and on-site inspections.