Algiers Stock Exchange

The idea of creation of a purse with Algiers appeared in 1990 within the framework of the economic reforms of 1988. It is instituted by the Loi S:

88-01 bearing
88-03 bearing < constitution of 8 Funds of participation >
88-04 modifying and supplementing the ordinance 59-75 of the bearing 9/26/1975 commercial law.

These laws introduced the distinction between the State shareholder and the State public power.

In 2006 only three (Group Saïdal, Erriad Setif and El Aurassi) values is there sides for a total of market cap of 6,7 billion DA is (670 000 €) what does of it one of the least active purses in the world.

History

In 1990 the company of transferable securities (SVM) was made up, its capital is held by the 8 funds of participation. Its capital in 1992 passed to: 9320000 DA, in this same year its Company name was also modified and became “Stock Exchange of transferable securities (BVM)”. In the absence of laws specific and of code of trade adapted to the market economy the purse could not exert.

the regulatory agency of the market is the COSOB (Commission of Organization and Monitoring of the Stock exchange transactions).

Relative laws with the purse

legislative Decree 93-08 of April 25th, 1993 modifying and supplementing the ordinance 75-59 of bearing September 26th, 1975 commercial law:

Introduction of the possibility of constitution of Joint stock company with public call to the saving
Définition of the transferable securities that the joint stock companies quoted on the stock exchange or likely to be it, can emit

Ordinance 96-27 of December 9th, 1996 modifying and supplementing the ordinance 75-59 of bearing September 26th, 1975 commercial law: this ordinance defined the operating rules of various the company commercial

legislative Decree 93-10 of May 23rd, 1993 a:

instituted the purse of the transferable securities
definite the purse as being: the framework of organization and course of operation on the transferable securities emitted by the State, the other moral persons of public law as well as the joint stock companies.
definite organizations composing the purse:

a commission of organization and monitoring of the stock exchange transactions which constitute the authority of the market of the transferable securities.
a management company of the Stock Market: the company of market.
of the intermediaries in stock exchange transactions: companies of investment.

Loi 95-22 of August 26th, 1995 relating to the privatization of the state enterprises modified and supplemented by the ordinance 97-12 of March 19th, 1997 made the appeal to the mechanisms of the purse like mode of privatization.

Loi 95-25 of September 25th, 1995 relating to the management of the commercial capital of the State defined the specific rules of organization, management and control of the public funds held by the State in the form of transferable securities of representation of the capital.

Taxation

The Finance law of 1999 exonerates taxes the products of the titles and actions of income taxes total for one five years duration

To also note that the finance law of 2004 lays down the exemption of the IRB (income tax and benefit) and the IBS (income tax of the companies) on the incomes of transferable securities quoted on the stock exchange or negotiated on a market organized for one five years period, as from 2003.

The level of transaction in the purse remains relatively low, it does not make it possible yet to cover the expenses of the stock exchange institution.

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