Regulatory Alerts2003-01-01
COSOB Regulation No. 03-04 of March 18, 2003 Amending and Complementing Regulation No. 97-01 Regarding IOB Participation in the Capital of the SGBV
The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) issued Regulation No. 03-04 to amend the capital participation rules for stock exchange intermediaries (IOBs) in the Society for the Management of the Securities Stock Exchange (SGBV). The regulation establishes a minimum capital contribution of two million dinars for each intermediary and mandates that the withdrawal of an intermediary results in the buyback of their share by remaining shareholders. It further clarifies that such capital participation does not grant any control power to intermediaries over the SGBV and repeals previous provisions regarding this matter.
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