OFFENCE OF INSIDER TRADING (UNLAWFUL USE OF CONFIDENTIAL/PRIVILEGED INFORMATION)

Abstract

To guarantee transparency and equal treatment in dealings, the Algerian legislator requires companies issuing transferable securities to inform the public of any information relating to securities to be traded, pursuant to Article 16 of Law No. 03-04 on the Stock Exchange, amended and supplemented by Legislative Decree No. 93-10. The Algerian legislator also grants the Committee for the Organisation and Supervision of Stock Exchange Operations the power to verify that this information complies with legislative and regulatory provisions.

Given the importance of the obligation to disclose information in order to provide necessary protection to investors/savers, the Algerian legislator, like other legislators, provides penalties in the event of a breach. Failure to provide correct and accurate information or use of privileged information affecting the trading process of transferable securities is considered an offence punishable under Article 60 of Legislative Decree No. 93-10, as amended and supplemented.