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Market Authority (COSOB )



The mission of The Securities and Investments Organization and Monitoring Commission (COSOB) is to organize and to oversee the securities market, in particular:

- To attend to the protection of the investors in securities;
- to ensure the smooth running and the transparency of the securities market :

To provide these functions, it has:

- Regulatory power ;
- Monitoring and control power ;
- Disciplinary and Arbitration power .


- A President appointed by a presidential decree for a period of 04 years;
- Six members appointed by decree of the Minister of Finance for a period of 04 years.


To enable it to perform its functions, the Commission is entitled with a regulatory power, monitoring and control power and disciplinary and arbitration powers.

The regulatory authority

The Commission shall enact regulations mainly relating to:

- The information disclosure obligations of the issuers while issuing securities through initial public offerings and market admission and listing.
- Accreditation of brokers in stock market transactions as well as the professional rules applicable to them;
- Conditions for trading and clearing of securities listed on stock market;
- The rules on the keeping of account-custody of securities;
- The rules on the management of system of settlement/delivery of securities;
- the Management of portfolio of securities.

Regulations enacted by the Commission are approved by the Minister of Finance and published in the Official journal.

Monitoring and control Power

This power allows the Commission to ensure, in particular:
- the Compliance with laws and regulations by market participants;
- That companies making public offerings comply with information disclosure obligations to which they are subject;
- The smooth functioning of the market.

Disciplinary and arbitration power

It is established, Within the COSOB, a disciplinary and arbitration chamber composed of a President, two (02) members elected among the members of the COSOB and two ( 02) judges appointed by the Minister of Justice.
In disciplinary matters, the Chamber has jurisdiction to investigate any breach of the professional and ethical obligations of brokers in stock market operations and any violation of laws and regulations applicable to them.
With regard to arbitration matters, the Chamber has jurisdiction to hear any technical disputes arising from the interpretation of laws and regulations governing the operation of the stock market:

- Between brokers in stock exchange market;
- Between brokers in stock exchange market and Company of Stock Exchange Management (SGBV ) ;
- Between brokers in stock Exchange market and their clients;
- Between brokers in stock Exchange market and issuers.