Instruction COSOB No. 26-06 of July 15, 2026, Setting 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. 26-06 of July 15, 2026, Setting 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 set the conditions and procedures for the registration of external evaluators of collective investment undertakings (OPC).

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 OPC:

• 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 segment;
• Real estate experts registered on the list of approved judicial experts for the valuation of real estate assets;
• Credit rating agencies for the evaluation of credit risk.

Art. 3. – The application for registration as an external evaluator of OPC is submitted to the Commission by the applicant or their representative. The applicant must attach the following documents to the application:
A. For certified accountants and judicial real estate experts:

• A copy of the identity card or statutes for legal entities;
• 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 judicial real estate experts.

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B. For credit rating agencies:

• A copy of the statutes and the commercial register;
• A succinct description of the governance of the credit rating agency, the composition of its board of directors, and its management;
• Extract No. 3 of the criminal record of the main executives of the credit rating agency;
• Letter of consent from each executive authorizing the Commission to carry out the necessary due diligence regarding the competence and integrity of the executives (See Annex);
• A detailed description of the organization of the credit 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 three (3) years.

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

Art. 6. – This instruction repeals and replaces Instruction COSOB No. 25-03 of June 25, 2025, setting the conditions and procedures for the registration of External Evaluators of Collective Investment Undertakings.

Art. 7. – This instruction enters into force from the date of its signature.

Made in Algiers, on July 15, 2026
Youcef BOUZENADA

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Annex
Consent Letter

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 application for registration of an external evaluator of OPC.

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. 26-06 of July 15, 2026, setting 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