APS : Thursday, 23 May 2019
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, relating to the accession to IOSCO’s agreement, was signed by the Commission’s head Abdelhakim Berrah, in an official ceremony organized on the sidelines of the organization’s annual meeting, held in Sydney (Australia) from 13 to 17 May.
The accession to MMOU “will certainly boost the development of securities market in Algeria by strengthening the investors’ trust and paving the way for an Algerian cooperation at the international level, on the basis of reciprocity and exchange of information equally with the foreign homologous authorities,” added the source.
Instituted in 2002 by IOSCO, this memorandum is an international reference in terms of cross-border cooperation between the commissions of securities markets regulation. It provides these authorities with necessary tools to fight against fraud and breaches likely to weaken global markets and undermine investors’ trust, added the source.
COSOB started its accession process to the Multilateral Memorandum of Understanding in 2013. Its candidacy file was followed by two expert teams of IOSCO whose officials represent the Financial Market Regulator (AMF-France) and the Swiss Financial Market Supervisory Authority (FINMA-Switzerland).