2023-07-23 18:31:57
ALGIERS – The Commission for the Organization and Surveillance of Stock Exchange Operations (COSOB) has launched a market consultation with a view to the elaboration of a new regulatory text organizing and framing the functioning mechanisms of the Stock Exchange, it said in a press release on Sunday.
This new regulatory text which will come “to replace the existing Regulation 97-03 of November 18, 1997”, is part of “the new vision of the Commission which aims to update and harmonize the regulatory texts under its jurisdiction to adapt them to current requirements and to the dynamics experienced by the national economy for three years, as well as the government’s action plan aimed at diversifying the national economy and its sources of financing”, specifies the same source.
This consultation brings together the actors of the Algiers financial center, namely the Stock Exchange Management Company (SGBV), the central securities depository, stock market intermediaries, banks, insurance companies and venture capital companies, is explained in the document.
In this context, a working session took place at the SGBV headquarters on June 25, between the executives of the two institutions aimed at defining the contours of the new general regulations of the stock exchange.
A second working session was held at COSOB headquarters on July 3, bringing together executives of the commission and representatives of the management company of the Stock Exchange, central depositary of securities and intermediaries in dung operations. The purpose of this meeting was to study the proposals submitted by the partners in order to come up with a complete and effective document, the statement also explains.
According to the document, the COSOB is working through this initiative to “have a new text that corresponds to international practices and standards in this area”.
The Commission noted in its communiqué that other meetings, always in the same context, will be held in the future.
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