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.
Decree of 6 Chaâbane 1418 corresponding to 6 December 1997 approving the regulation of the Commission for the Organization and Supervision of Stock Exchange Operations No. 97-01 of 17 Rajab 1418 corresponding to 18 November 1997 relating to the participation of stock exchange intermediaries in the capital of the securities market management company. The Minister of Finance, Having seen Legislative Decree No. 93-10 of 23 May 1993, as amended and supplemented, relating to the securities market; Having seen Presidential Decree No. 97-231 of 20 Safar 1418 corresponding to 25 June 1997 appointing the members of the Government; Having seen Executive Decree No. 95-54 of 15 Ramadhan 1415 corresponding to 15 February 1995 fixing the powers of the Minister of Finance; Having seen Executive Decree No. 96-102 of 22 Chaoual 1416 corresponding to 11 March 1996 implementing Article 32 of Legislative Decree No. 93-10 of 23 May 1993 relating to the securities market; Decrees: Article 1. — The regulation of the Commission for the Organization and Supervision of Stock Exchange Operations relating to the participation of stock exchange intermediaries in the capital of the securities market management company, the text of which is annexed to this decree, is hereby approved. Art. 2. — This decree shall be published in the Official Journal of the Algerian Democratic and Popular Republic. Done in Algiers, on 6 Chaâbane 1418 corresponding to 6 December 1997. Abdelkrim HARCHAOUI. ANNEX COSOB Regulation No. 97-01 of 17 Rajab 1418 corresponding to 18 November 1997 relating to the participation of stock exchange intermediaries in the capital of the securities market management company The President of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB), Having seen Ordinance No. 75-59 of 26 September 1975, as amended and supplemented, establishing the Commercial Code; Having seen Legislative Decree No. 93-10 of 23 May 1993, as amended and supplemented, relating to the securities market; Having seen Regulation No. 96-03 of 17 Safar 1417 corresponding to 3 July 1996 relating to the conditions for approval, obligations, and supervision of stock exchange intermediaries; After adoption by the Commission for the Organization and Supervision of Stock Exchange Operations on 17 Rajab 1418 corresponding to 18 November 1997; Enacts the regulation as follows: Article 1. — In application of Article 17 of Legislative Decree No. 93-10 of 23 May 1993 cited above, the purpose of this regulation is to define the conditions for the participation of stock exchange intermediaries in the capital of the management company of the securities market. Art. 2. — The securities market management company, hereinafter referred to as "the company", provided for by Legislative Decree No. 93-10 of 23 May 1993 relating to the securities market, is a joint-stock company constituted between stock exchange intermediaries duly approved by the Commission for the Organization and Supervision of Stock Exchange Operations. It carries out its missions in accordance with the legislative and regulatory provisions governing the organization and conduct of transactions on securities. Art. 3. — The participation of stock exchange intermediaries in the capital of the company is subscribed in equal shares. The minimum participation of a stock exchange intermediary in the capital of the company is set at two million (2,000,000) dinars.
COSOB Regulation No. 97-01
The capital of the company is permanently held in equal shares by the stock exchange intermediaries, shareholders of the company. In the event of approval of a new stock exchange intermediary, the capital of the company is increased by the contribution made by that intermediary. In the event of withdrawal of an intermediary, their share in the capital of the company is repurchased in equal shares by the other intermediary shareholders of the company. Art. 4. — The articles of association of the company, its internal regulations, and any amendments thereto are subject to the prior visa of the Commission for the Organization and Supervision of Stock Exchange Operations. Art. 5. — This regulation shall be published in the Official Journal of the Algerian Democratic and Popular Republic. Done in Algiers, on 17 Rajab 1418 corresponding to 18 November 1997. Ali BOUKRAMI. COSOB Regulation No. 97-01