2003-01-01
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.
Decree of 18 Rajab 1424 corresponding to September 15, 2003 approving the regulation of the Commission for the Organization and Supervision of Stock Exchange Operations No. 03-04 of 15 Moharram 1424 corresponding to March 18, 2003, amending and complementing Regulation COSOB No. 97-01 of November 18, 1997, relating to the participation of stock exchange intermediaries in the capital of the company managing the securities stock exchange.
The Minister of Finance,
Having seen Ordinance No. 75-59 of September 26, 1975, as amended and supplemented, establishing the Commercial Code;
Having seen Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, relating to the securities stock exchange;
Having seen Presidential Decree No. 03-215 of 7 Rabie El Aouel 1424 corresponding to May 9, 2003, as amended, appointing the members of the Government;
Having seen Executive Decree No. 95-54 of 15 Ramadhan 1415 corresponding to February 15, 1995, fixing the attributions of the Minister of Finance;
Having seen Executive Decree No. 96-102 of 22 Chaoual 1416 corresponding to March 11, 1996, implementing Article 32 of Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, relating to the securities stock exchange;
Decrees:
Article 1. The regulation of the Commission for the Organization and Supervision of Stock Exchange Operations No. 03-04 of 15 Moharram 1424 corresponding to March 18, 2003, amending and complementing Regulation COSOB No. 97-01 of November 18, 1997, relating to the participation of stock exchange intermediaries in the capital of the company managing the securities stock exchange, is hereby approved. The text of this regulation is attached to the present decree.
Article 2. This decree shall be published in the Official Journal of the People's Democratic Republic of Algeria.
Done in Algiers, on 18 Rajab 1424 corresponding to September 15, 2003.
Abdellatif BENACHENHOU
COSOB Regulation No. 03-04 of 15 Moharram 1424 corresponding to March 18, 2003 amending and complementing Regulation COSOB No. 97-01 of November 18, 1997, relating to the participation of stock exchange intermediaries in the capital of the Society for the Management of the Securities Stock Exchange (SGBV).
The President of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB),
Having seen Ordinance No. 75-59 of September 26, 1975, as amended and supplemented, establishing the Commercial Code;
Having seen Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, relating to the securities stock exchange;
Having seen COSOB Regulation No. 96-03 of 17 Safar 1417 corresponding to July 3, 1996, relating to the conditions for approval, obligations, and supervision of stock exchange intermediaries;
Having seen COSOB Regulation No. 97-01 of 17 Rajab 1418 corresponding to November 18, 1997, relating to the participation of stock exchange intermediaries in the capital of the Society for the Management of the Securities Stock Exchange;
After adoption by the Commission for the Organization and Supervision of Stock Exchange Operations on 15 Moharram 1424 corresponding to March 18, 2003;
Enacts the following regulation:
Article 1. Article 3 of Regulation COSOB No. 97-01 of November 18, 1997, cited above, is amended, supplemented, and drafted as follows:
"Art. 3. The minimum participation of a stock exchange intermediary in the share capital of the company is fixed at two million (2,000,000) dinars.
In the event of approval of a new stock exchange intermediary, the share capital of the company is increased by the contribution made by that intermediary.
In the event of the withdrawal of an intermediary, their share in the company's capital is repurchased by the other intermediary shareholders of the company. The procedures for repurchase are specified in the company's statutes.
However, participation in the share capital of the SGBV must in no case confer upon a stock exchange intermediary any control power over this company.
The implementation details of this article are specified, as necessary, by an instruction from COSOB."
Article 2. The provisions of Article 4 of Regulation COSOB No. 97-01 of November 18, 1997, cited above, are repealed.
Article 3. This regulation shall be published in the Official Journal of the People's Democratic Republic of Algeria.
Done in Algiers, on 15 Moharram 1424 corresponding to March 18, 2003.
Ali SADMI