Instruction COSOB No. 25-03 of June 25, 2025 Fixing the Conditions and Procedures for the Registration of External Evaluators of Collective Investment Undertakings

The People's Democratic Republic of Algeria
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Commission for the Organization and Supervision of Stock Market Operations Commission d’Organisation et de Surveillance des Opérations de Bourse – COSOB - Instruction COSOB No. 25-03 of June 25, 2025 Fixing the Conditions and Procedures for the Registration of External Evaluators of Collective Investment Undertakings

Article 1st – In application of the provisions of Article 4 (point 7) of the Regulation of the Commission for the Organization and Supervision of Stock Market Operations (COSOB) No. 24-02 of 20 Rabie Ethani 1446 corresponding to October 23, 2024, relating to venture capital collective investment undertakings, this instruction aims to fix the conditions and procedures for the registration of external evaluators of collective investment undertakings (CIUs).

Art. 2 – The following persons may be registered with the Commission for the Organization and Supervision of Stock Market Operations, hereinafter designated as "the Commission", as external evaluators of CIUs:

• Certified accountants registered on the roll of the National Order of Certified Accountants;
• Legal entities registered with COSOB on the list of evaluator experts for companies whose capital securities are subject to an application for admission to trading on the main or growth compartment;
• Real estate experts registered on the list of court-approved experts for the valuation of real estate assets;
• Financial rating agencies for the evaluation of credit risk.

Art. 3. – The application for registration as an external evaluator of a CIU is submitted to the Commission by the applicant or their representative. In addition to the registration application, certified accountants, court-appointed real estate experts, and financial rating agencies must attach the following documents to their applications:
A. For certified accountants and court-appointed real estate experts:

• A copy of the identity document or the statutes for the legal entity;
• A copy of the approval to practice the activity of certified accountant or real estate expert for the valuation of real estate assets;
• A copy of the document justifying registration on the list of approved certified accountants or court-appointed real estate experts.

The People's Democratic Republic of Algeria
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Commission for the Organization and Supervision of Stock Market Operations Commission d’Organisation et de Surveillance des Opérations de Bourse – COSOB - B. For financial rating agencies:

• A copy of the statutes and the commercial register;
• A succinct description of the governance of the financial rating agency, the composition of its board of directors, and its management;
• Extract from criminal record bulletin No. 3 of the main executives of the financial rating agency;
• Letter of consent from each executive authorizing the Commission to carry out the necessary due diligence regarding the competence and honorability of the executives (C.F. Annex);
• A detailed description of the organization of the financial rating agency, including human and technical resources.

Art.4. – The Commission has a period of one (1) month to examine the registration application from the date of its receipt and, where applicable, the required documents. The validity period of the registration is five (5) years, renewable.

Art. 5. – The list of registered external evaluators of CIUs is published on the Commission's website.

Art. 6. – This instruction enters into force from the date of its signature.

Done in Algiers, on June 25, 2025
Youcef BOUZENADA

The People's Democratic Republic of Algeria
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Commission for the Organization and Supervision of Stock Market Operations Commission d’Organisation et de Surveillance des Opérations de Bourse – COSOB -
Annex
Letter of Consent

I, the undersigned …………………………, hereby authorize the Commission for the Organization and Supervision of Stock Market Operations (COSOB) to collect information concerning me in the context of the examination of the registration application of an external evaluator of a CIU.

I note that this procedure may include checks of my professional, financial, and judicial background, as well as information from third parties, in compliance with the following regulatory requirements:

• Legislative Decree No. 93-10 of May 23, 1993, relating to the securities market, as amended and supplemented;
• Law No. 05-01 of February 6, 2005, relating to the prevention and fight against money laundering and the financing of terrorism, as amended and supplemented;
• Law No. 18-07 of June 10, 2018, relating to the protection of natural persons in the processing of personal data;
• Regulation of the Commission for the Organization and Supervision of Stock Market Operations (COSOB) No. 24-02 of 20 Rabie Ethani 1446 corresponding to October 23, 2024, relating to venture capital collective investment undertakings;
• Instruction COSOB No. 25-03 of June 25, 2025, fixing the conditions and procedures for the registration of External Evaluators of Collective Investment Undertakings.

I understand that the information collected will be used solely in the context of the evaluation of my application and will be treated confidentially.

I also know that my consent is indispensable for the examination of my file, and in case of refusal, COSOB will not be able to examine my application.

Place and date: ………………………..
Signature