Stock market regulation: COSOB signs MMOU with IOSCO

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ALGIERS- The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) signed recently the Multilateral Memorandum of Understanding (MMOU) with the regulatory authorities of the member countries of the International Organization of Securities Commissions (IOSCO), thus becoming the 123rd signatory country of this agreement, said Thursday the Commission in a communiqué.

 

“The Multilateral Memorandum of Understanding” (MMou), on joining the agreement of the International Organization of Securities Commissions (IOSCO), was signed by Commission President Abdelhakim Berrah at a official ceremony organized on the sidelines of the work of the annual meeting of the organization, held in Sydney (Australia) from May 13 to 17.

Accession to this memorandum “will certainly stimulate the development of the Algerian securities market by consolidating investor confidence, and set the stage for Algerian cooperation at the international level, based on reciprocity and the exchange of information  with foreign counterparts “, added teh same source.

Established in 2002 by IOSCO, the MMoU is an international reference for cross-border co-operation between Securities Regulatory Commissions. It provides these authorities with the necessary tools to fight against fraud and offenses that could weaken global markets and undermine investor confidence, the source said.

The IOSCO Board, represented by the Chairmen of three Regulatory Authorities, held its meeting on April 16, 2019, with a favorable ruling on the COSOB file, and recorded a resolution, marking the formal validation of the decision to COSOB membership of the MMoU.

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