TRADING OF TRANSFERABLE SECURITIES ACCORDING TO THE GENERAL SYSTEM OF TRANSFERABLE SECURITIES MARKET ISSUED IN 2024
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Abstract
The issue of the trading of transferable securities according to the new system issued in 2024 holds significant importance from both legal and economic perspectives. The Algerian legislator aimed, through this amendment, to address the shortcomings present in the previous legal framework, particularly with regard to the organization and regulation of the trading of transferable securities, due to their effective role in attracting investments and revitalizing the financial market, thus increasing the activity of the Algerian Stock Exchange and contributing to the national economic development.
The Algerian legislator has established strict legal controls that define the conditions and procedures for trading transferable securities on the financial markets established under the system 23-04. In line with technological advances, the trading of securities can now be carried out through an electronic platform
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References
First: Legal texts:
Laws: Decree No. 93-10 of May 23, 1993, concerning the stock exchange of transferable securities, as amended and supplemented, Official Gazette No. 34, published on May 23, 1993, p. 04.
Law No. 03-04 of February 17, 2003, amending and supplementing Decree No. 93-10 on the stock exchange of transferable securities, published in the Official Journal of the French Republic No. 11 of February 13, 2003, p. 20.
Decree No. 75-59 of September 26, 1975, amending and supplementing the Commercial Code, published in the Journal Officiel No. 101 of December 19, 1975, p. 1306.
Law No. 23/04 of October 25, 2023 on the Public System of the Stock Exchange of Transferable Securities, Official Gazette No. 05 of January 25, 2024, p. 10.
Previous Regulation of the Committee for Organization and Supervision of Stock Exchange Operations No. 12-01 of January 12, 2012, amending and supplementing Regulation No. 97-03 of November 18, 1997, concerning the public system of the stock exchange of transferable securities, Official Gazette No. 41 of July 15, 2012, p. 18.
Decisions and Instructions:
Decision of the Minister of Finance dated January 21, 1998, amended and supplemented by decision dated July 22, 2001, concerning the regulation of the treasury market in the current account and its operation, Official Gazette No. 15, issued on March 18, 1998, p. 21.
Decision dated July 22, 2001, amending and supplementing the decision dated January 21, 1998, concerning the regulation of the public treasury market in the current account and its operation, Official Gazette No. 45, issued on August 12, 2001, p. 20.
Decision issued by the Minister of Finance dated June 9, 1999, concerning the methods and conditions for issuing treasury bonds according to the formulas, Official Gazette No. 23, issued on July 5, 1999, amended and supplemented by decision dated April 10, 2000, Official Gazette No. 23, issued on April 23, 2000, p. 37.
Instruction No. 24-05 from L.T.A.B.M. dated May 29, 2024, specifying the conditions and procedures for registering expert evaluators for companies whose capital bonds are subject to acceptance for trading in the main or growth section, issued on June 3, 2024, published on the website of the committee for organizing and monitoring stock exchange operations [https://www.cosob.org](https://www.cosob.org), on January 22, 2025, at 16:20.
Instruction No. 24-03 from L.T.A.B.M. dated May 29, 2024, specifying the conditions and procedures for registering sponsors in the stock exchange, issued on June 3, 2024, published on the website of the committee for organizing and monitoring stock exchange operations [https://www.cosob.org](https://www.cosob.org), on January 22, 2025, at 17:00.
Instruction No. 24-04 from L.T.A.B.M. dated May 29, 2024, specifying the model agreement for sponsorship by the sponsor in the stock exchange for companies whose transferable securities are subject to acceptance for trading in the growth or emerging section, issued on June 3, 2024, published on the website of the committee for organizing and monitoring stock exchange operations [https://www.cosob.org](https://www.cosob.org), on January 22, 2025, at 17:00
II. Books:
Aziz Al-Akeeli, The Intermediary in Commercial Companies: A Comparative Legal Study of General and Special Provisions, Dar Al-Thaqafa for Distribution and Publishing, Amman, Jordan, 2016.
III. Academic Theses:
Hatem Mouloud, The Legal System of the Portfolio Management Contract for Transferable Securities. Thesis submitted for the Ph.D. in Private Law, Faculty of Law and Political Science, Mouloud Maameri University - Tizi Ouzou, February 17, 2019.
Samah Kahl Rass, The Legal System of Interveners in the Stock Exchange of Transferable Securities: Between Regulation and Activation of the Financial Market, Doctoral Thesis, Faculty of Law and Political Science, May 8, 1945 University - Kamel, Academic Year 2022-2023.
Youssef Mansouri, Collective Investment Bodies, Memorandum for obtaining the Master’s Degree in Sciences, Faculty of Law, Ben Youssef Ben Khedda University - Algeria 1, 2018-2019.
IV. Articles:
Saidi Azouz, Mahmoudi Samira, Subscription Bonds to Shares, Al-Bahith Journal for Academic Studies, Batna 1 University, Volume 11, Issue 2, 2024.
Samah Kahl Rass, Monia Chouaidia, Trading Transferable Securities According to Algerian Legislation, Political and Legal Notebooks, Ouargla University, Volume 13, Issue 1, 2020.
V. Websites:
Guide to Transferable Securities of the Committee for the Organization and Supervision of Stock Exchange Operations, 2004, p. 8, published on the website of the Committee for the Organization and Supervision of Stock Exchange Operations [https://www.cosob.org], on January 22, 2025, at 13:15.
VI. Publications:
Monia Chouaidia, Lectures on Commercial Companies, addressed to the third year students of Private Law, Faculty of Law and Political Science, May 8, 1945 University - Kamel, 2020-2021, published on the website: elearning.univ-guelma.dz.
References in foreign languages:
- Books:
LEGEAIS Dominique, Commercial and economic law, 20th edition, Dalloz, Paris, 2012.
Paul-Jacques Lehmann, Stock exchange and financial markets, 3rd edition, Dunod, Paris, 2008.