Instruction COSOB No. 25-07 of November 30, 2025 Defining the Conditions and Procedures for the Registration of Stock Market Promoters

The People's Democratic Republic of Algeria
Commission for the Organization and Supervision of Stock Market Operations Commission d’Organisation et de Surveillance des Opérations de Bourse – COSOB - Instruction COSOB No. 25-07 of November 30, 2025 Defining the Conditions and Procedures for the Registration of Stock Market Promoters

Article 1. — In application of the provisions of Articles 48 and 53 of COSOB Regulation No. 23-04 of 10 Rabie Ethani 1445 corresponding to October 25, 2023, relating to the General Regulations of the Securities Stock Exchange, this instruction aims to define the conditions and procedures for the registration, with the Commission, of stock market promoters for companies whose securities are subject to an application for admission to trading on the Growth or Emerging compartment.

Art. 2. — The following may be registered as stock market promoters:

• Banks and financial institutions, stock market intermediaries (IOB) approved to exercise the activity of advising companies on capital structure, mergers and acquisitions, as well as venture capital companies and investment fund management companies;
• Accounting firms and accounting companies, as well as legal entities other than the categories mentioned above, exercising advisory activities for companies regarding capital structure, financial engineering, and, in general, services intended to facilitate the creation and development of businesses.

Art. 3. — Banks and financial institutions, IOBs, venture capital companies, and investment fund management companies applying for registration as stock market promoters must:

• Designate one or more activity managers having:
  • A higher education diploma in one of the fields of economic sciences, management sciences, financial sciences, or business law,
  • A copy of the certificate of success in the exam certified by the Commission regarding the training of financial market professionals; for at least one (1) manager. In the absence thereof, an undertaking (Annex No. 1) must be signed by the applicant and the designated activity manager to meet this condition, unless a derogation is granted by the Commission;
  • Expertise in advising companies on capital structure, and in financial management and engineering.
• Provide the following documents concerning the activity manager(s):
  • Letter of designation;
  • CV detailing professional experience;
  • Certificate of employment;
  • Copy of obtained diplomas.
    The Commission may request any other document it deems necessary for the processing of the file.

Art. 4. — Accounting firms and accounting companies applying for registration as stock market promoters must:

• Be registered on the roll of the National Order of Chartered Accountants,
• Transmit to COSOB:
  • The standard form provided in Annex No. 2 of this instruction, duly filled out and signed;
  • A description of the applicant's activities;
  • An organizational chart;
  • A description of the human and technical resources deployed to fulfill the function of stock market promoter;
  • List of financial engineering or advisory operations, duly justified (certificates of good performance), in which the applicant has participated.
• For the activity manager(s) of the stock market promoter:
  • CV detailing professional experience;
  • Certificate of employment;
  • Copy of obtained diplomas;
  • A copy of the certificate of success in the exam certified by the Commission regarding the training of financial market professionals; for at least one (1) manager. In the absence thereof, an undertaking (Annex No. 1) must be signed by the applicant and the designated activity manager to meet this condition, unless a derogation is granted by the Commission.

The Commission may request any other document it deems necessary for the processing of the file.
It is prohibited for a chartered accountant exercising the function of statutory auditor of a company to act as a stock market promoter for that same company.

Art. 5. — Legal entities applying for registration as stock market promoters must send to COSOB:

• The standard form provided in Annex No. 2 of this instruction, duly filled out and signed;
• A copy of the articles of association;
• An extract from the commercial register;
• Identification of the directors, managers of the company, and key collaborators;
• A description of the activities of the registration applicant and, if applicable, the group to which it belongs, as well as its shareholding structure;
• An organizational chart containing the different functional and operational structures, including the structure in charge of the stock market promoter activity;
• A description of the human and technical resources deployed to fulfill the function of stock market promoter;
• List of financial engineering or advisory operations, duly justified, in which the applicant has participated.
• For the activity manager(s) of the stock market promoter:
  • CV detailing professional experience;
  • Certificate of employment;
  • Copy of obtained diplomas;
  • A copy of the certificate of success in the exam certified by the Commission regarding the training of financial market professionals; for at least one (1) manager. In the absence thereof, an undertaking (Annex No. 1) must be signed by the applicant and the designated activity manager to meet this condition, unless a derogation is granted by the Commission.

The Commission may request any other document it deems necessary for the processing of the file.

Art. 6. – The registration application is examined by the Commission within a period of one (1) month from the date of receipt of the complete file. The Commission evaluates the information elements provided by the applicant and its potential contribution to the market, before proceeding to register it on the list of stock market promoters.

The list of registered stock market promoters is published on the Commission's website.
This registration is exclusively dedicated to assisting companies in the issuance of securities via the stock exchange, in the preparation of admission operations, and in ensuring compliance with legal and regulatory information obligations. The validity period of the registration is five (5) years, renewable.

Art. 7. — Any modification, subsequent to registration, affecting the registration conditions must be declared to the Commission at the latest seven (7) days after its entry into force. The stock market promoter must communicate its activity report to the Commission within a maximum period of three (3) months following the closing of the fiscal year. The Commission may request the stock market promoter to provide any other document or information it deems necessary for the monitoring of its activity.

Art. 8. — Agents authorized by the Commission may conduct investigations within the stock market promoter, request any document deemed useful, and access all professional premises during working hours.

Art. 9. — The Commission may remove a stock market promoter from the list of stock market promoters, notably in the following cases:

• Failure to meet its legal and regulatory professional obligations;
• Non-exercise of its activity for at least twelve (12) months;
• Violation of a Commission decision;
• Failure to meet the registration conditions.

Art. 10. – Any application for renewal of registration by a stock market promoter must be filed with the Commission at least two (2) months before the expiration of the registration period.

Art. 11. – This instruction repeals and replaces Instruction COSOB No. 24-03 of May 29, 2024 defining the conditions and procedures for the registration of stock market promoters.

Art. 12. – This instruction enters into force on the date of its signature.
Made in Algiers, on November 30, 2025
Youcef BOUZENADA

Annex 01
Letter of Undertaking
Quality of Applicant:……………………………
Name: ......................................
Registered Office: .........................................
Tel. / Fax: .............................................
Email:……………………………………….
Place and date....................………..

Mr. the President of the Commission for the Organization and Supervision of Stock Market Operations -COSOB- Subject: Letter of Undertaking

In complement to our application for registration as a stock market promoter and in accordance with Instruction 25-07 of November 30, 2025 defining the conditions and procedures for the registration of stock market promoters; we, the undersigned, undertake to:

• Respect the legislation and regulations in force;
• Obtain the certificate of success in the exam certified by the Commission regarding the training of financial market professionals by ………………..…………………. activity manager.

Signature of Applicant Signature of Activity Manager concerned

Annex 02
Standard Form for Stock Market Promoter Registration Application

1. General Information
   Applicant Name:
   Legal Name or Corporate Name:
   Registered Office:
   Tel: Fax:
   Email:

2. Directors (not applicable to accounting firms and accounting companies)
   Name and Surname or Corporate Name | Activity | Address

3. Managers
   Name and Surname | Activity | Address

4. Human and Material Resources
   Resources | Brief Description
   Human Resources |
   Material Resources |
   Premises |
   IT Resources |

5. Managers of the Stock Market Promoter Activity
   Name and Surname | Function | Qualification

6. Internal Control Mechanism
   [Provide a summary of the procedures and internal control mechanisms put in place to detect and manage conflict of interest situations (indicate the reference to the procedures manual, if applicable)]

7. Indicate the regulatory authorities to which the applicant is subject, and professional organizations of which the applicant is a member
   Name of Authority / Organization | Nature of Authority / Organization

8. Describe each of the relevant operations carried out by the applicant in the context of business advisory
   Company Name | Nature of Operation | Date

9. Any information element that the applicant considers useful to bring to the attention of the Commission
   [Cite the name(s) of document(s) submitted additionally]

10. Signature of Applicant or their Representative
    Name and Surname:
    Date:
    Signature: