Regulatory Alerts1997-01-01
COSOB Regulation No. 97-01 of 18 November 1997 on the participation of stock exchange intermediaries in the capital of the securities market management company
The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) issued Regulation No. 97-01 to define the conditions under which stock exchange intermediaries participate in the capital of the securities market management company. The regulation mandates that the company's capital be held in equal shares by all duly approved intermediaries, with a minimum participation set at two million dinars per intermediary. It further establishes that capital increases for new members and the buyback of shares upon a member's withdrawal must be executed in equal parts among the existing shareholders.
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