• ALG COSOB issued instruction 24-08 of 27 November 2024 relating to the qualified investor.
• Follows ALG COSOB January 2024 in gazette Order of 28 November 2023 approving COSOB Reg 23-04 of 25 October 2023, on General Regulations of Stock Exchange.

Main Points

• Instruction sets the turnover threshold/the total balance sheet of companies and the total securities or deposits portfolio's value threshold held by any natural/legal person.
• Beyond those thresholds, persons/entities are considered as being qualified investors.
• Qualified investors are any company/company group whose balance sheet total is at least 200 mn dinars or has an annual turnover equal or greater than 400 mn dinars.
• And any natural person holding, directly or indirectly, a portfolio of securities and similar securities and/or cash deposits of a value equal to/greater than 50 mn dinars.
• The stock market broker provides its clients with a model that they may use to submit an application to be treated as a qualified investor; the request needs documentation.
• Stock market intermediaries keep and update a qualified investors' register, taking all reasonable steps to verify that registered persons, companies meet the conditions.

Effectiveness

• The instruction enters into force on the date of its signature, on 27 November 2024.