Instruction COSOB No. 24-02 of March 27, 2024, on the Procedures for Submitting Applications for Registration of Listed Securities Negotiators

REPUBLIC OF ALGERIA DEMOCRATIC AND POPULAR

Commission for the Organization and Surveillance of Stock Exchange Operations

Instruction COSOB No. 24-02 of March 27, 2024, on the Procedures for Submitting Applications for Registration of Negotiators of Listed Securities

Article 1st
– Pursuant to the second paragraph of Article 3 of COSOB Regulation No. 23-03 of 21 Ramadan 1444 corresponding to April 12, 2023, regarding the qualification conditions, registration, and issuance of professional cards for agents authorized to conduct negotiations of listed securities, this instruction aims to set the procedures for submitting applications for the registration of negotiators of listed securities.

Art. 2. – The application for registration of the negotiator is submitted to the Commission for the Organization and Surveillance of Stock Exchange Operations (COSOB) through the Stock Exchange Intermediary (IOB) on behalf of the agent whom the IOB has authorized to conduct, under its responsibility, negotiations of listed securities on the stock exchange. The application for registration must be signed by the executive assuming the role of General Manager when it is a commercial company, and by the head of the stock exchange intermediation structure when it is a bank or a financial establishment.

Art. 3. – The application for registration of the negotiator must be accompanied by the candidate's file, composed of the following documents:
– one (01) extract of the birth certificate;
– one (01) extract of the criminal record no. 03; – a copy of the certificate of success in the exam certified by COSOB regarding the training of financial market professionals; – a copy of the obtained diplomas; – a certificate of employment; – one (01) recent identity photo.

Art. 4. – After processing the file mentioned in Article 3 above, COSOB assigns the candidate to the Securities Exchange Management Company (SGBV) to take the professional aptitude test according to the procedures established by the latter. The IOB that submitted the application is also informed. Prior to the exam, the candidate must attend, on dates fixed by the SGBV, preparatory training focusing, in particular, on the quotation system and on the rules of negotiation on the stock exchange. The results of the professional aptitude test are communicated to COSOB and to the IOB that submitted the application for registration of its candidate.

Art. 5. – The candidate is declared admitted when they obtain, at least, a score of 10/20 on the professional aptitude test.

Art. 6. – After receiving the results of the professional aptitude test, COSOB proceeds to register the candidate who passed the test on the list of negotiators and issues a professional negotiator card in the name of the candidate to the IOB that submitted the application.

Art. 7. – The executive assuming the role of General Manager of the IOB - commercial company and the Head of the IOB structure within the bank or financial establishment, who meet the qualification conditions provided for in Articles 5 and 6 of Regulation No. 15-01 of April 15, 2015, or who are in office on the effective date of this instruction, are not subject to the conditions provided for in Articles 3 to 5 above, when they request to be registered on the list of negotiators maintained by COSOB.

Art. 8. – This instruction, which takes effect on the date of its signature, repeals Instruction COSOB No. 23-04 of November 29, 2023, regarding the procedures for submitting applications for registration of negotiators of listed securities.

Made in Algiers, on March 27, 2024.
Youcef BOUZENADA