‫ﺹ‪268/240‬‬ ‫ﻣﺎﺭﺱ ‪2020‬‬ ‫ﺍ‪‬ﻠﺪ ‪ 7‬ﺍﻟﻌﺪﺩ ‪1‬‬ ‫ﳎﻠﺔ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﳊﻘﻮﻗﻴﺔ‬

‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫‪Legal regulation of the broker's profession in‬‬
‫‪stock exchange operations in Algeria‬‬
‫*‬
‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬
‫ﻃﺎﻟﺒﺔ ﺩﻛﺘﻮﺭﺍﻩ ﲜﺎﻣﻌﺔ ﺍﻟﺪﻛﺘﻮﺭ ﺍﻟﻄﺎﻫﺮ ﻣﻮﻻﻱ ﺳﻌﻴﺪﺓ‪ ،‬ﺍﳉﺰﺍﺋﺮ‬
‫‪[email protected]‬‬

‫ﺗﺎﺭﻳﺦ ﺍﻟﻨﺸﺮ‪2020 /03/20 :‬‬ ‫ﺗﺎﺭﻳﺦ ﺍﻟﻘﺒﻮﻝ‪2020 /02/17 :‬‬ ‫ﺗﺎﺭﻳﺦ ﺍﻻﺳﺘﻼﻡ‪2019 /11 / 17 :‬‬

‫ﺍﳌﻠﺨﺺ ‪:‬‬

‫ﺗﺘﻤﻴﺰ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺳﻮﻗﺎ ﺗﺘﺪﺍﻭﻝ ﻓﻴﻬﺎ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﺑﻴﻌﺎ ﻭﺷﺮﺍﺀ ﻋﻦ ﺑﺎﻗﻲ ﺍﻻﺳﻮﺍﻕ ﺑﻜﻮﻥ ﺍﻟﺒﺎﺋﻊ ﻭﺍﳌﺸﺘﺮﻱ ﻻ ﻳﻌﺮﻑ ﺃﺣﺪﳘﺎ ﺍﻵﺧﺮ‪،‬‬
‫ﺑﻞ ﻳﺘﻌﺎﻣﻼﻥ ﺑﻮﺍﺳﻄﺔ ﻃﺮﻑ ﺛﺎﻟﺚ ﻳﻌﺘﱪ ﻭﺳﻴﻄﺎ ﺑﻴﻨﻬﻤﺎ ﻳﺪﻋﻰ ﺍﻟﻮﺳﻴﻂ ﰲ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻓﻼ ﳚﻮﺯ ﺗﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﳌﻘﻴﺪﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻻ ﺩﺍﺧﻞ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺫﺍ‪‬ﺎ ﻭﻋﻦ ﻃﺮﻳﻖ ﻭﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻓﺘﺪﺧﻞ ﺍﻟﻮﺳﻴﻂ ﻫﻮ‬
‫ﺷﺮﻁ ﺃﺳﺎﺳﻲ ﻟﺼﺤﺔ ﺍﻟﺘﻌﺎﻣﻞ ﻋﻠﻰ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﳌﻘﻴﺪﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺣﱴ ﻭﺍﻥ ﰎ‬
‫ﺫﻟﻚ ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻓﻘﺎ ﻹﺟﺮﺍﺀ ﺍﻟﺘﺮﺍﺿﻲ‪ ،‬ﻭﻧﻈﺮﺍ ﻟﻸﳘﻴﺔ ﺍﻟﻘﺼﻮﻯ ﻟﺪﻭﺭ‬
‫ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭﻻﻩ ﺍﳌﺸﺮﻉ ﻋﻨﺎﻳﺔ ﻛﺒﲑﺓ ﻭﻧﻈﻢ ﺃﺣﻜﺎﻣﻪ‬
‫ﲟﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺼﻮﺹ ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ‪ ،‬ﻭﻋﻤﻞ ﻋﻠﻰ ﲢﺪﻳﺜﻬﺎ ﻭﻓﻘﺎ‬
‫ﳌﺘﻄﻠﺒﺎﺕ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﳌﻔﺘﺎﺣﻴﺔ‪ :‬ﺍﻟﺒﻮﺭﺻﺔ؛ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ؛ ﺍﻟﺘﺪﺍﻭﻝ؛ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ؛ ﺍﻟﻮﺳﻴﻂ‪.‬‬

‫*ﺍﳌﺆﻟﻒ ﺍﳌﺮﺳﻞ‪.‬‬

‫‪240‬‬
‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

Abstract:
The Stock Exchange is characterized as a market in
which traded values are traded and bought from the rest of the
markets as the seller and the buyer do not know each other, but
deal with a third party is a mediator between them called broker
in the operations of the stock exchange, The broker's intervention
is a basic condition for the validity of dealing with the quoted
values on the stock exchange even if this was done outside the
stock exchange in accordance with the consensual procedure. In
view of the utmost importance of the broker's role in the stock
exchange operations, the legislator paid great attention to its
provisions. Of the legislative and regulatory texts, and has been
updated according to market requirements.

Keywords:
Stock Exchange; Financial Markets; Trading; Movable Assets;
Broker.

: ‫ﻣﻘﺪﻣﺔ‬

‫ﺇﻥ ﻇﻬﻮﺭ ﺃﺳﻮﺍﻕ ﻣﺘﺨﺼﺼﺔ ﺑﺘﺠﺎﺭﺓ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭﻣﺎ ﺗﺘﻄﻠﺒﻪ ﻣﻦ ﺳﺮﻋﺔ‬
‫ ﺟﻌﻞ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ ﺃﻥ ﺗﻨﻈﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻴﻊ ﻭﺍﻟﺸﺮﺍﺀ‬،‫ﻭﺩﻗﺔ ﰲ ﺇﲤﺎﻡ ﺍﳌﻌﺎﻣﻼﺕ‬
‫ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺸﻜﻞ ﺩﻗﻴﻖ ﲟﺎ ﻳﺴﻬﻞ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺪﺍﻭﻝ ﺍﻟﻴﻮﻣﻴﺔ ﻣﻦ ﺟﺎﻧﺐ‬
‫ ﺧﺎﺻﺔ ﻭﺃﻥ ﻏﺎﻟﺒﻴﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﰲ‬،‫ﻭﳛﻔﻆ ﺣﻘﻮﻕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﺟﺎﻧﺐ ﺁﺧﺮ‬
‫ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻫﻢ ﻣﻦ ﺻﻐﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﺬﻳﻦ ﻟﻴﺲ ﻟﺪﻳﻬﻢ ﺍﻟﺪﺭﺍﻳﺔ ﺍﻟﻜﺎﻓﻴﺔ‬
‫ﻭﺍﳋﱪﺓ ﻭﺍﳌﻬﺎﺭﺓ ﺍﻟﻼﺯﻣﺔ ﻟﻠﺘﻌﺎﻣﻞ ﺑﺎﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﻫﺬﺍ ﻣﺎ ﺗﻄﻠﺐ ﻭﺟﻮﺩ‬
‫ﺃﺷﺨﺎﺹ ﻣﺘﺨﺼﺼﲔ ﺑﺒﻴﻊ ﻭﺷﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻳﻜﻮﻧﻮﻥ ﺣﻠﻘﺔ ﺍﻟﻮﺻﻞ ﺑﲔ‬
‫ ﺣﻴﺚ ﺍﺗﻔﻘﺖ ﲨﻴﻊ‬،‫ﺍﳌﺴﺘﺜﻤﺮ ﻭﺍﻟﺴﻮﻕ ﺃﻻ ﻭﻫﻢ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﰲ ﻛﻞ ﺩﻭﻝ ﺍﻟﻌﺎﱂ ﻋﻠﻰ ﺿﺮﻭﺭﺓ ﺇﺳﻨﺎﺩ ﻣﻬﻤﺔ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ‬
‫ﺃﺷﺨﺎﺹ ﻣﺘﺨﺼﺼﲔ ﻫﻢ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺭﺑﻄﺖ ﳐﺎﻟﻔﺔ ﻫﺬﺍ‬

241
 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺍﻟﺸﺮﻁ ﺑﺒﻄﻼﻥ ﺍﳌﻌﺎﻣﻼﺕ‪ ،‬ﻭﻫﻮ ﻣﺎ ﻧﺼﺖ ﻋﻠﻴﻪ ﺻﺮﺍﺣﺔ ﺍﳌﺎﺩﺓ ‪ 05‬ﻓﻘﺮﺓ ‪ 01‬ﻣﻦ‬
‫ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﳌﺘﻌﻠﻖ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ 1‬ﺑﻘﻮﳍﺎ " ﻻ ﳚﻮﺯ‬
‫ﺇﺟﺮﺍﺀ ﺃﻳﺔ ﻣﻔﺎﻭﺿﺔ ﺗﺘﻨﺎﻭﻝ ﻗﻴﻤﺎ ﻣﻨﻘﻮﻟﺔ ﻣﻘﺒﻮﻟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻻ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺫﺍ‪‬ﺎ ﻭﻋﻦ ﻃﺮﻳﻖ ﻭﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ "‪.‬‬

‫ﻭﳌﺎ ﻛﺎﻥ ﺩﻭﺭ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺩﻭﺭﺍ ﺟﻮﻫﺮﻳﺎ ﻻ ﳝﻜﻦ‬

‫ﺍﻻﺳﺘﻐﻨﺎﺀ ﻋﻨﻪ‪ ،‬ﺣﺎﻭﻝ ﺍﳌﺸﺮﻉ ﺗﻨﻈﻴﻢ ﺟﻞ ﺃﺣﻜﺎﻡ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺼﻮﺹ ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺗﺘﻠﺨﺺ ﰲ‬
‫ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﳌﺘﻌﻠﻖ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭﺍﻟﺬﻱ ﺗﻨﺎﻭﻝ‬
‫ﻣﻮﺿﻮﻉ ﺍﻟﻮﺳﻄﺎﺀ ﻣﻦ ﺧﻼﻝ ﺍﻟﺒﺎﺏ ﺍﻷﻭﻝ ﻣﻨﻪ‪ ،‬ﻭﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ 03-96‬ﺍﳌﺘﻌﻠﻖ‬
‫ﺑﺸﺮﻭﻁ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻭﺍﺟﺒﺎ‪‬ﻢ ﻭﻣﺮﺍﻗﺒﺘﻬﻢ ‪ ،2‬ﻭﺗﻌﻠﻴﻤﺔ‬
‫ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ ﺭﻗﻢ ‪ 01-97‬ﺗﺘﻀﻤﻦ ﲢﺪﻳﺪ ﻃﺮﻕ‬
‫ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪.3‬‬

‫ﻭﺑﻌﺪ ﻓﺘﺮﺓ ﻃﻮﻳﻠﺔ ﻣﻦ ﺗﻄﺒﻴﻖ ﻫﺬﻩ ﺍﻷﺣﻜﺎﻡ‪ ،‬ﻭﺍﻛﺘﺸﺎﻑ ﻭﺟﻮﺩ ﺛﻐﺮﺍﺕ‬

‫ﺧﺎﺻﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺒﺎﺣﺜﲔ ﻭﻣﻄﺒﻘﻲ ﺍﻟﻘﺎﻧﻮﻥ ﻭﻣﺴﺎﻳﺮﺓ ﻟﻠﺘﻄﻮﺭﺍﺕ ﺍﻟﱵ ﻋﺮﻓﻬﺎ‬
‫ﺍ‪‬ﺘﻤﻊ‪ ،‬ﺍﻧﺘﺒﻪ ﺍﳌﺸﺮﻉ ﻟﻀﺮﻭﺭﺓ ﺍﻟﻘﻴﺎﻡ ﺑﺘﻌﺪﻳﻼﺕ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻮﺳﻴﻂ ﰲ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺫﻟﻚ ﺑﺘﻌﺪﻳﻞ ﺑﻌﺾ ﺍﻟﻨﺼﻮﺹ ﻭ ﺍﻟﻐﺎﺀ ﺑﻌﻀﻬﺎ ﺍﻵﺧﺮ‪ ،‬ﻭﺍﻹﺑﻘﺎﺀ‬
‫ﻋﻠﻰ ﺍﻟﺒﻌﺾ ﻣﻨﻬﺎ ﻭﺇﺻﺪﺍﺭ ﻧﺼﻮﺹ ﺟﺪﻳﺪﺓ‪ ،‬ﺣﻴﺚ ﺃﺻﺪﺭ ﺍﳌﺸﺮﻉ ﺍﻟﻘﺎﻧﻮﻥ‬
‫‪4‬‬
‫ﺗﻌﺪﻳﻼ ﻟﻠﻤﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ ،10-93‬ﻭﻗﺎﻡ ﺑﺈﻟﻐﺎﺀ ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ‬ ‫‪04-03‬‬
‫‪ 03-96‬ﻭﺍﺳﺘﺒﺪﻟﻪ ﺑﺎﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ 01-15‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻭﺍﺟﺒﺎ‪‬ﻢ ﻭﻣﺮﺍﻗﺒﺘﻬﻢ ‪ ، 5‬ﻭﺃﺑﻘﻰ ﻋﻠﻰ ﺍﻟﺘﻌﻠﻴﻤﺔ ﺭﻗﻢ ‪01-97‬‬

‫ﺭﻏﻢ ﺃﻧﻪ ﺃﻟﻐﻰ ﺍﻟﻨﺺ ﺍﻷﺻﻠﻲ ﺍﻟﺬﻱ ﺟﺎﺀﺕ ﻟﺘﻄﺒﻴﻘﻪ ﺃﻻ ﻭﻫﻮ ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪-96‬‬
‫‪ ،03‬ﻭﰎ ﺻﺪﻭﺭ ﺗﻌﻠﻴﻤﺔ ﺟﺪﻳﺪﺓ ﻟﻠﺠﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺮﺍﻗﺒﺘﻬﺎ ﻭﻫﻲ‬
‫ﺍﻟﺘﻌﻠﻴﻤﺔ ﺭﻗﻢ ‪ 03-16‬ﲢﺪﺩ ﺍﻟﻌﻨﺎﺻﺮ ﺍﳌﻜﻮﻧﺔ ﻟﻠﻤﻠﻒ ﺍﳌﻠﺤﻖ ﺑﻄﻠﺐ ﺍﻻﻋﺘﻤﺎﺩ‬
‫ﻛﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪.6‬‬

‫ﻓﻌﺮﻑ ﺑﺬﻟﻚ ﻧﻈﺎﻡ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻐﲑﺍ ﺟﺬﺭﻳﺎ‪ ،‬ﺳﻮﺍﺀ‬

‫ﻣﻦ ﺣﻴﺚ ﺍﻷﺷﺨﺎﺹ ﺍﻟﺬﻳﻦ ﺑﺈﻣﻜﺎ‪‬ﻢ ﺍﻟﺘﺮﺷﺢ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﺃﻭ ﻣﻦ ﺣﻴﺚ‬
‫ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻟﱵ ﳝﻜﻨﻬﻢ ﳑﺎﺭﺳﺘﻬﺎ ﺃﻭ ﻣﻦ ﺣﻴﺚ ﻛﻴﻔﻴﺎﺕ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ‪:‬‬

‫ﳝﻜﻦ ﺃﻥ ﺗﺘﺒﻠﻮﺭ ﺇﺷﻜﺎﻟﻴﺔ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﻛﺎﻵﰐ‪:‬‬

‫‪ -‬ﺇﱃ ﺃﻱ ﻣﺪﻯ ﳒﺢ ﺍﳌﺸﺮﻉ ﰲ ﺗﻌﺪﻳﻞ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ؟‬
‫‪ -‬ﻭﻣﺎ ﻫﻲ ﺃﻫﻢ ﺍﻟﺘﺤﻮﻻﺕ ﺍﻟﱵ ﻋﺮﻓﻬﺎ ﻧﻈﺎﻡ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ؟‬

‫ﺃﻫﺪﺍﻑ ﺍﻟﺒﺤﺚ‬

‫ﻳﺘﻤﺜﻞ ﺍﳍﺪﻑ ﻣﻦ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﰲ‪:‬‬

‫‪ - 1‬ﲨﻊ ﺃﺣﻜﺎﻡ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺟﻌﻠﻬﺎ ﰲ ﻣﺘﻨﺎﻭﻝ ﺍﻟﺒﺎﺣﺜﲔ‬

‫ﺍﳌﺴﺘﻘﺒﻠﻴﲔ ﺧﺎﺻﺔ ﻭﺃﻥ ﻫﺬﻩ ﺍﻷﺣﻜﺎﻡ ﺟﺎﺀﺕ ﻣﺸﺘﺘﺔ ﺑﲔ ﳎﻤﻮﻋﺔ ﻫﺎﺋﻠﺔ ﻣﻦ‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺍﻟﻨﺼﻮﺹ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺍﳌﺘﺒﻌﺜﺮﺓ‪ ،‬ﻭﻣﺎ ﻳﺴﺒﺒﻪ ﺫﻟﻚ ﻣﻦ ﺗﺸﺘﺖ ﺃﻓﻜﺎﺭ‬

‫ﺍﻟﺒﺎﺣﺜﲔ‪.‬‬

‫‪ - 2‬ﺗﻮﺿﻴﺢ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳌﻄﺒﻖ ﻋﻠﻰ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﺗﺒﻴﺎﻥ‬

‫ﺃﻭﺟﻪ ﺍﻻﺧﺘﻼﻑ ﺑﻴﻨﻪ ﻭﺑﲔ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺪﱘ‪ ،‬ﻭﻣﻦ ﰎ ﺭﻓﻊ ﺍﻟﻐﻤﻮﺽ ﻋﻦ ﻣﻬﻨﺔ‬
‫ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫‪ -3‬ﺟﻌﻞ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﻣﺼﺪﺭﺍ ﺇﺿﺎﻓﻴﺎ ﻳﻠﺠﺎ ﺇﻟﻴﻪ ﺍﻟﺒﺎﺣﺜﲔ ﰲ ﳎﺎﻝ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﳌﻨﻬﺞ ﺍﳌﺘﺒﻊ ﰲ ﺍﻟﺪﺭﺍﺳﺔ‪:‬‬

‫ﺳﻴﺘﻢ ﻣﻌﺎﳉﺔ ﺍﻹﺷﻜﺎﻟﻴﺔ ﺍﳌﺬﻛﻮﺭﺓ ﺃﻋﻼﻩ ﻣﻦ ﺧﻼﻝ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ‬

‫ﺍﳌﻨﻬﺞ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻄﺮﻕ ﻭﲢﻠﻴﻞ ﳏﺘﻮﻯ ﳐﺘﻠﻒ ﺍﻟﻨﺼﻮﺹ‬
‫ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﳌﻮﺿﻮﻉ ‪‬ﺪﻑ ﺍﻟﻜﺸﻒ ﻋﻦ ﺍﻟﻨﻘﺎﺋﺺ‪ ،‬ﻛﻤﺎ ﰎ‬
‫ﺍﻟﺘﺮﻛﻴﺰ ﻛﺬﻟﻚ ﻋﻠﻰ ﺍﳌﻨﻬﺞ ﺍﳌﻘﺎﺭﻥ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﻨﺼﻮﺹ‬
‫ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺍﻟﻘﺪﳝﺔ ﻭﺍﳉﺪﻳﺪﺓ‪ ،‬ﺑﻐﺮﺽ ﺗﺒﻴﺎﻥ ﻣﺪﻯ ﺍﻟﺘﻐﲑ ﰲ ﻧﻈﺎﻡ‬
‫ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺪﻯ ﺻﻮﺍﺏ ﺍﳌﺸﺮﻉ ﺃﻭ ﺧﻄﺌﻪ ﻣﻦ ﺧﻼﻝ‬
‫ﲢﺪﻳﺚ ﻧﻈﺎﻡ ﺍﻟﻮﺳﻴﻂ‪.‬‬

‫ﻭﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻹﺷﻜﺎﻟﻴﺔ ﺍﻟﺴﺎﺑﻘﺔ ﺍﺭﺗﺄﻳﻨﺎ ﺗﻘﺴﻴﻢ ﻣﻮﺿﻮﻉ ﺩﺭﺍﺳﺘﻨﺎ ﺇﱃ‬

‫ﻣﺒﺤﺜﲔ‪ ،‬ﻳﺘﻌﻠﻖ ﺍﻷﻭﻝ ﺑﺸﺮﻭﻁ ﺍﻛﺘﺴﺎﺏ ﺻﻔﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺃﻣﺎ‬
‫ﺍﻟﺜﺎﱐ ﻓﻴﺘﻌﻠﻖ ﺑﻨﺸﺎﻃﺎﺕ‪ ،‬ﺣﻘﻮﻕ ﻭﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺷﺮﻭﻁ ﺍﻛﺘﺴﺎﺏ ﺻﻔﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﻻﻛﺘﺴﺎﺏ ﺻﻔﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﺍﻟﻮﺳﻴﻂ‬

‫ﺷﺨﺼﺎ ﻣﻌﻨﻮﻳﺎ‪ ،‬ﻭﺃﻥ ﳛﺼﻞ ﻋﻠﻰ ﺍﻋﺘﻤﺎﺩ ﻣﻦ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻭﻣﺮﺍﻗﺒﺘﻬﺎ‪ ،‬ﻟﺬﺍ ﰎ ﺗﻘﺴﻴﻢ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﻣﻄﻠﺒﲔ ﺗﻨﺎﻭﻝ ﺍﻷﻭﻝ ﺍﻟﺸﺮﻁ ﺍﳌﺘﻌﻠﻖ‬
‫ﺑﻀﺮﻭﺭﺓ ﺃﻥ ﻳﻜﻮﻥ ﺍﻟﻮﺳﻴﻂ ﺷﺨﺼﺎ ﻣﻌﻨﻮﻳﺎ‪ ،‬ﺃﻣﺎ ﺍﻟﺜﺎﱐ ﻓﺘﻨﺎﻭﻝ ﺷﺮﻁ ﺍﳊﺼﻮﻝ‬
‫ﻋﻠﻰ ﺍﻋﺘﻤﺎﺩ ﻣﻦ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺿﺮﻭﺭﺓ ﺃﻥ ﻳﻜﻮﻥ ﺍﻟﻮﺳﻴﻂ ﺷﺨﺼﺎ ﻣﻌﻨﻮﻳﺎ‬

‫ﻋﻠﻰ ﺧﻼﻑ ﻣﺎ ﻛﺎﻥ ﻋﻠﻴﻪ ﺍﻷﻣﺮ ﰲ ﻇﻞ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪10-93‬‬

‫ﻗﺒﻞ ﺍﻟﺘﻌﺪﻳﻞ ﺣﻴﺚ ﻛﺎﻥ ﳎﺎﻝ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻳﺘﺴﻊ‬
‫ﻟﻜﻞ ﻣﻦ ﺍﻟﺸﺨﺺ ﺍﻟﻄﺒﻴﻌﻲ ﻭﺍﳌﻌﻨﻮﻱ ﻋﻠﻰ ﺣﺪ ﺳﻮﺍﺀ ‪ ،7‬ﻓﺎﻥ ﺍﳌﺸﺮﻉ ﻗﺪ ﻋﺪﻝ‬
‫ﻋﻦ ﻣﻮﻗﻔﻪ ﺍﻟﺴﺎﺑﻖ ﻭﺍﺳﺘﺒﻌﺪ ﺍﻟﺸﺨﺺ ﺍﻟﻄﺒﻴﻌﻲ ﻣﻦ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﺎﻃﺔ ﻭﺫﻟﻚ‬
‫ﺑﻌﺪ ﺻﺪﻭﺭ ﺍﻟﻘﺎﻧﻮﻥ ‪ 04-03‬ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ ﻟﻠﻤﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪،8 10-93‬‬
‫ﺣﻴﺚ ﺣﺼﺮﻩ ﻋﻠﻰ ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﻓﻘﻂ ﺩﻭﻥ ﺍﻟﻄﺒﻴﻌﻲ‪.‬‬

‫ﻭﻟﻘﺪ ﺣﺪﺩ ﺍﳌﺸﺮﻉ ﺍﳉﺰﺍﺋﺮﻱ ﺷﻜﻞ ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﺍﻟﺬﻱ ﳝﻜﻨﻪ‬

‫ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺑﻌﺪ ﺍﻋﺘﻤﺎﺩ ﻣﻦ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ ﺑﺜﻼﺙ ﺻﻮﺭ‪ ،‬ﻓﻬﻮ ﺇﻣﺎ ﺃﻥ ﻳﻜﻮﻥ ﻋﻠﻰ ﺷﻜﻞ ﺷﺮﻛﺔ ﲡﺎﺭﻳﺔ‬
‫ﺗﻨﺸﺄ ﺧﺼﻴﺼﺎ ﳍﺬﺍ ﺍﻟﻐﺮﺽ‪ ،‬ﺑﻨﻜﺎ ﺃﻭ ﻣﺆﺳﺴﺔ ﻣﺎﻟﻴﺔ ‪ ،9‬ﻭﻗﺪ ﺧﺼﺺ ﻓﺮﻉ‬
‫ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﺁﺧﺮ ﻟﻠﺒﻨﻮﻙ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‬

‫ﳝﺎﺭﺱ ﻧﺸﺎﻁ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﱵ ﺗﻨﺸﺄ ﺧﺼﻴﺼﺎ ﳍﺬﺍ ﺍﻟﻐﺮﺽ‪ ،‬ﻏﲑ ﺃﻥ ﺍﳌﺸﺮﻉ ﱂ ﻳﺒﲔ ﻧﻮﻉ ﺍﻟﺸﺮﻛﺔ‬
‫ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﱵ ﳛﻖ ﳍﺎ ﳑﺎﺭﺳﺔ ﺃﻋﻤﺎﻝ ﺍﻟﻮﺳﺎﻃﺔ ﲝﻴﺚ ﺃﻭﺭﺩ ﻛﻠﻤﺔ ﺷﺮﻛﺔ ﲡﺎﺭﻳﺔ‬
‫ﺑﺸﻜﻞ ﻣﻄﻠﻖ‪ ،‬ﻭﻣﻦ ﰒ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺷﺮﻛﺔ ﺍﻟﻮﺳﺎﻃﺔ ﳝﻜﻦ ﺃﻥ ﺗﺘﺨﺬ ﺃﻱ‬
‫ﺷﻜﻞ ﻣﻦ ﺃﺷﻜﺎﻝ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻓﻘﺪ ﺗﻜﻮﻥ‬
‫ﺷﺮﻛﺔ ﺗﻀﺎﻣﻦ‪ ،‬ﺷﺮﻛﺔ ﺗﻮﺻﻴﺔ ﺑﺎﻷﺳﻬﻢ ﺃﻭ ﺷﺮﻛﺔ ﺫﺍﺕ ﻣﺴﺆﻭﻟﻴﺔ ﳏﺪﻭﺩﺓ ﺃﻭ‬
‫ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﺃﻭ ﺷﺮﻛﺔ ﺗﻮﺻﻴﺔ ﺑﺎﻷﺳﻬﻢ ﺑﺸﺮﻁ ﺃﻥ ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻣﺘﺨﺼﺼﺔ ﺑﺎﻟﻨﺸﺎﻃﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺘﻮﺳﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻓﺎﻟﻌﱪﺓ ﺇﺫﻥ ﻟﻴﺲ‬
‫ﺑﺸﻜﻞ ﺍﻟﺸﺮﻛﺔ ﻭﺇﳕﺎ ﲟﻮﺿﻮﻋﻬﺎ‪.‬‬

‫ﻋﻠﻰ ﺧﻼﻑ ﻣﺎ ﻛﺎﻥ ﻣﻌﻤﻮﻻﹰ ﺑﻪ ﻗﺒﻞ ﺍﻟﺘﻌﺪﻳﻞ ﺍﻟﺬﻱ ﺟﺎﺀ ﺑﻪ ﻗﺎﻧﻮﻥ‬

‫‪ 04-03‬ﺣﻴﺚ ﻛﺎﻧﺖ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻮﺣﻴﺪﺓ ﺍﻟﱵ ﺑﺈﻣﻜﺎ‪‬ﺎ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﻴﻂ‬
‫ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻫﻲ ﺷﺮﻛﺎﺕ ﺍﻷﺳﻬﻢ ﺍﳌﻨﺸﺄﺓ ﺧﺼﻴﺼﺎ ﳍﺬﺍ ﺍﻟﻐﺮﺽ‪ ،‬ﺣﻴﺚ‬
‫ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 06‬ﺍﻟﻘﺪﳝﺔ ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10- 93‬ﰲ ﻣﻌﺮﺽ ﲢﺪﻳﺪﻫﺎ‬
‫ﻟﻸﺷﺨﺎﺹ ﺍﻟﺬﻳﻦ ﺑﺈﻣﻜﺎ‪‬ﻢ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻠﻰ ﺃﻧﻪ‬
‫"ﳝﻜﻦ ﺃﻥ ﳝﺎﺭﺱ ﻋﻤﻞ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻌﺪ ﺍﻋﺘﻤﺎﺩ ﻣﻦ ﺍﻟﻠﺠﻨﺔ‪،‬‬
‫ﺃﺷﺨﺎﺹ ﻃﺒﻴﻌﻴﻮﻥ ﺃﻭ ﺷﺮﻛﺎﺕ ﺫﺍﺕ ﺃﺳﻬﻢ ﺗﻨﺸﺄ ﺧﺼﻴﺼﺎ ﳍﺬﺍ ﺍﻟﻐﺮﺽ"‪.‬‬

‫ﻭﻟﻌﻞ ﻓﺘﺢ ﺍﳌﺸﺮﻉ ﺍ‪‬ﺎﻝ ﺃﻣﺎﻡ ﺑﺎﻗﻲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻁ‬
‫ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺑﻴﻊ ﻭﺷﺮﺍﺀ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺩﻭﻥ ﺑﻘﺎﺋﻪ ﺣﻜﺮﺍ ﻋﻠﻰ ﺷﺮﻛﺎﺕ ﺍﻷﺳﻬﻢ‪،‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﻳﻌﺘﱪ ﻣﻦ ﺟﻬﺔ ﺃﻣﺮﺍ ﺍﳚﺎﺑﻴﺎ ﻟﻜﻮﻧﻪ ﻳﻮﺳﻊ ﻣﻦ ﺩﺍﺋﺮﺓ ﺍﻟﻮﺳﻄﺎﺀ‪ ،‬ﰲ ﺣﲔ ﺃﻧﻪ ﻣﻦ‬
‫ﺍﻷﻓﻀﻞ ﺃﻥ ﺗﻜﻮﻥ ﺷﺮﻛﺔ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺻﻮﺭﺓ ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻷ‪‬ﺎ ﺍﻷﻛﺜﺮ ﻗﺪﺭﺓ‬
‫ﻋﻠﻰ ﻣﻮﺍﺟﻬﺔ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻟﺴﻮﻕ ﻭﺍﻷﻛﺜﺮ ﻣﻼﺀﺓ ﻣﺎﻟﻴﺔ ﲟﺎ ﻳﺘﻨﺎﺳﺐ ﻣﻊ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ‬
‫ﺍﳌﻠﻘﺎﺓ ﻋﻠﻰ ﻋﺎﺗﻖ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﺍﻟﺴﻮﻕ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺒﻨﻮﻙ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

‫ﻗﺪ ﻳﻜﻮﻥ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺑﻨﻜﺎ ﺃﻭ ﻣﺆﺳﺴﺔ ﻣﺎﻟﻴﺔ‪ ،‬ﻟﺬﺍ‬

‫ﻭﺟﺐ ﲢﺪﻳﺪ ﺍﳌﻘﺼﻮﺩ ﺑﻜﻞ ﻭﺍﺣﺪ ﻣﻨﻬﻤﺎ‪.‬‬

‫ﺃﻭﻻ‪ :‬ﺍﻟﺒﻨﻮﻙ‬

‫ﻋﺮﻑ ﺍﳌﺸﺮﻉ ﺍﳉﺰﺍﺋﺮﻱ ﺍﻟﺒﻨﻮﻙ ﻣﻦ ﺧﻼﻝ ﺍﳌﺎﺩﺓ ‪ 114‬ﻣﻦ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ‬

‫ﻭﺍﻟﻘﺮﺽ ‪ ،10‬ﻋﻠﻰ ﺃ‪‬ﺎ ﺃﺷﺨﺎﺹ ﻣﻌﻨﻮﻳﺔ ﺗﺘﺨﺬ ﻭﺟﻮﺑﺎ ﺷﻜﻞ ﺷﺮﻛﺎﺕ ﻣﺴﺎﳘﺔ‬
‫‪ ،11‬ﻣﻬﻤﺘﻬﺎ ﺍﻟﻌﺎﺩﻳﺔ ﻭﺍﻟﺮﺋﻴﺴﻴﺔ ﺇﺟﺮﺍﺀ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪ :‬ﺗﻠﻘﻲ ﺍﻷﻣﻮﺍﻝ ﻣﻦ‬
‫ﺍﳉﻤﻬﻮﺭ ﻭﻋﻤﻠﻴﺎﺕ ﺍﻟﻘﺮﺽ ﻭﻭﺿﻊ ﻭﺳﺎﺋﻞ ﺍﻟﺪﻓﻊ ﲢﺖ ﺗﺼﺮﻑ ﺍﻟﺰﺑﺎﺋﻦ ﻭﺇﺩﺍﺭﺓ‬
‫ﻫﺬﻩ ﺍﻟﻮﺳﺎﺋﻞ‪.12‬‬

‫ﻭﺧﻮﳍﺎ ﺍﻟﻘﻴﺎﻡ ﲟﻬﺎﻡ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﺸﻄﺮﻳﻦ‬

‫ﺍﻟﺜﺎﻟﺚ ﻭﺍﳋﺎﻣﺲ ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 116‬ﺑﻘﻮﳍﺎ‪" :‬ﻭﳝﻜﻦ ﻟﻠﺒﻨﻮﻙ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺃﻥ‬
‫ﲡﺮﻱ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺎﺑﻌﺔ ﻟﻨﺸﺎﻃﻬﺎ ﻛﺎﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪... :‬ﺗﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﻭﲨﻴﻊ ﺍﳌﻮﺟﻮﺩﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﻛﺘﺘﺎﺏ ‪‬ﺎ ﻭﺷﺮﺍﺋﻬﺎ ﻭﺇﺩﺍﺭ‪‬ﺎ ﻭﺣﻔﻈﻬﺎ ﻭﺑﻴﻌﻬﺎ‪...،‬‬
‫ﺍﳌﺸﻮﺭﺓ ﻭﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳍﻨﺪﺳﻴﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺑﺸﻜﻞ ﻋﺎﻡ ﲨﻴﻊ ﺍﳋﺪﻣﺎﺕ ﺍﻟﱵ ﺗﺴﻬﻞ‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺇﻧﺸﺎﺀ ﻭﺇﳕﺎﺀ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻊ ﻣﺮﺍﻋﺎﺓ ﺍﻷﺣﻜﺎﻡ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﳌﺘﻌﻠﻘﺔ ﲟﻤﺎﺭﺳﺔ‬

‫ﺍﳌﻬﻦ‪."...‬‬

‫ﺛﺎﻧﻴﺎ ‪ -‬ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺃﺷﺨﺎﺹ ﻣﻌﻨﻮﻳﺔ ﻣﻬﻤﺘﻬﺎ ﺍﻟﻌﺎﺩﻳﺔ ﻭﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﻟﻘﻴﺎﻡ‬

‫ﺑﺎﻷﻋﻤﺎﻝ ﺍﳌﺼﺮﻓﻴﺔ ﻣﺎ ﻋﺪﺍ ﺗﻠﻘﻲ ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﺍﳉﻤﻬﻮﺭ‪ ،13‬ﻭﻫﻲ ﺗﺘﺨﺬ ﻣﺜﻠﻬﺎ ﻣﺜﻞ‬
‫ﺍﻟﺒﻨﻮﻙ ﺷﻜﻞ ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ‪ ،14‬ﺧﻮﳍﺎ ﺍﳌﺸﺮﻉ ﻫﻲ ﻛﺬﻟﻚ ﺍﻟﻘﻴﺎﻡ ﺑﺄﻋﻤﺎﻝ‬
‫ﺍﻟﻮﺳﺎﻃﺔ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻭﻣﻦ ﰒ ﻓﺎﻥ ﺍﻟﻔﺎﺭﻕ ﺍﻟﻮﺣﻴﺪ ﺑﲔ ﺍﻟﺒﻨﻚ ﻭﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﻳﻜﻤﻦ‬
‫ﰲ ﻛﻮﻥ ﻧﺸﺎﻁ ﺍﻟﺒﻨﻚ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﻷﻋﻤﺎﻝ ﺍﳌﺼﺮﻓﻴﺔ ﺃﻭﺳﻊ ﻣﻦ ﻧﺸﺎﻁ ﺍﳌﺆﺳﺴﺔ‬
‫ﺍﳌﺎﻟﻴﺔ ﺫﻟﻚ ﺃﻥ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻋﻠﻰ ﺧﻼﻑ ﺍﻟﺒﻨﻚ ﻻ ﳝﻜﻨﻬﺎ ﺃﻥ ﺗﺘﻠﻘﻰ ﺍﻷﻣﻮﺍﻝ ﻣﻦ‬
‫ﺍﳉﻤﻬﻮﺭ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺿﺮﻭﺭﺓ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻋﺘﻤﺎﺩ ﻣﻦ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻭﻣﺮﺍﻗﺒﺘﻬﺎ‬

‫ﺗﻌﺘﱪ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ ﺍﳉﻬﺔ ﺍﳌﺨﻮﻟﺔ ﻗﺎﻧﻮﻧﺎ ﺍﻟﱵ‬
‫ﲤﻨﺢ ﺍﻟﻮﺳﻄﺎﺀ ﺍﻻﻋﺘﻤﺎﺩ‪ ،15‬ﻓﺎﻟﺘﺮﺧﻴﺺ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﺎﻃﺔ ﻳﻌﺪ ﺍﻟﻮﺳﻴﻠﺔ ﺍﻟﱵ‬
‫ﲤﻜﻦ ﺍﳍﻴﺌﺔ ﺍﳌﺸﺮﻓﺔ ﻋﻠﻰ ﺳﻮﻕ ﺍﳌﺎﻝ ﻣﻦ ﳑﺎﺭﺳﺔ ﺳﻠﻄﺎ‪‬ﺎ ﻋﻠﻰ ﺍﻟﺴﻮﻕ‪ ،‬ﻭﺿﻤﺎﻥ‬
‫ﺳﻼﻣﺔ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﳉﺎﺭﻳﺔ ﻓﻴﻬﺎ ‪ .16‬ﻭﳝﻨﺢ ﺍﻻﻋﺘﻤﺎﺩ ﺑﺘﻮﺍﻓﺮ ﺷﺮﻭﻁ ﻭﻭﻓﻘﺎ‬
‫ﻹﺟﺮﺍﺀﺍﺕ ﺣﺪﺩ‪‬ﺎ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ ﲟﻮﺟﺐ ﺃﻧﻈﻤﺘﻬﺎ‬
‫ﻭﺗﻌﻠﻴﻤﺎ‪‬ﺎ‪ ،‬ﻭﻫﻮ ﻣﺎ ﺳﻴﺘﻢ ﺑﻴﺎﻧﻪ ﻣﻦ ﺧﻼﻝ ﺍﻟﻔﺮﻋﲔ ﺍﳌﻮﺍﻟﻴﲔ‪.‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺷﺮﻭﻁ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺗﻨﻘﺴﻢ ﺷﺮﻭﻁ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ ﺷﺮﻭﻁ ﻋﺎﻣﺔ‬

‫ﳚﺐ ﺗﻮﺍﻓﺮﻫﺎ ﰲ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ ﻣﻬﻤﺎ ﻛﺎﻧﺖ ﻃﺒﻴﻌﺘﻪ ﻭﺷﺮﻭﻁ ﺧﺎﺻﺔ ﺑﻜﻞ‬
‫ﺷﺨﺺ ﻣﻦ ﺍﻷﺷﺨﺎﺹ ﻃﺎﻟﱯ ﺍﻻﻋﺘﻤﺎﺩ‪.‬‬

‫ﺃﻭﻻ‪ :‬ﺍﻟﺸﺮﻭﻁ ﺍﻟﻌﺎﻣﺔ‬

‫ﺍﻟﺸﺮﻭﻁ ﺍﻟﻌﺎﻣﺔ ﻫﻲ ﺷﺮﻭﻁ ﳚﺐ ﺗﻮﺍﻓﺮﻫﺎ ﰲ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ ﻣﻬﻤﺎ‬

‫ﻛﺎﻧﺖ ﻃﺒﻴﻌﺘﻪ‪ :‬ﺷﺮﻛﺔ ﲡﺎﺭﻳﺔ‪ ،‬ﺑﻨﻜﺎ ﺃﻭ ﻣﺆﺳﺴﺔ ﻣﺎﻟﻴﺔ‪ ،‬ﻭﻫﻲ ﺗﻠﻚ ﺍﻟﺸﺮﻭﻁ ﺍﻟﱵ‬
‫ﻧﺼﺖ ﻋﻠﻴﻬﺎ ﺍﳌﺎﺩﺓ ‪ 07‬ﻣﻦ ﻧﻈﺎﻡ ﺭﻗﻢ ‪ 01-15‬ﻭﺗﺘﻤﺜﻞ ﰲ ﺿﺮﻭﺭﺓ ﺗﻮﻓﲑ‬
‫ﺍﻟﻮﺳﺎﺋﻞ ﺍﻟﺘﻘﻨﻴﺔ ﻭﺍﻟﺒﺸﺮﻳﺔ ﺍﳌﻨﺎﺳﺒﺔ‪ ،‬ﻭﻭﺿﻊ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﻌﻤﻞ ﻭﻧﻈﺎﻡ ﻟﻠﻤﺮﺍﻗﺒﺔ‬
‫ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﻛﺸﻒ ﻭﺗﺴﻴﲑ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﺍﻟﻼﺯﻣﺔ ﻣﻦ ﺃﺟﻞ ﺣﺴﻦ ﺳﲑ ﺍﻟﻨﺸﺎﻁ‬
‫ﺍﻟﺬﻱ ﻗﺪﻡ ﻟﻪ ﺍﻻﻋﺘﻤﺎﺩ ﳌﻤﺎﺭﺳﺘﻪ‪ ،‬ﺗﻜﻴﻴﻒ ﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﻨﺎﺳﺒﺔ ﻣﻊ ﻃﺒﻴﻌﺔ ﻭﺃﳘﻴﺔ‬
‫ﻭﺗﻌﻘﻴﺪ ﻭﺗﻨﻮﻉ ﺍﻟﻨﺸﺎﻁ ﺃﻭ ﺍﻷﻧﺸﻄﺔ ﺍﳌﻤﺎﺭﺳﺔ‪ .‬ﻛﻤﺎ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺗﻄﻮﺭ ﺍﻟﻨﺸﺎﻁ‬
‫ﻭﺍﻹﻃﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻭﺍﻟﺘﻨﻈﻴﻤﻲ‪ ،‬ﺍﻟﺴﻬﺮ ﺑﺸﻜﻞ ﺩﺍﺋﻢ ﻋﻠﻰ ﺃﻥ ﺗﻜﻮﻥ ﺍﻟﻮﺳﺎﺋﻞ‬
‫ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﺬﻛﻮﺭﺓ ﳎﺘﻤﻌﺔ ﰲ ﺃﻱ ﻭﻗﺖ‪ ،‬ﺍﻟﺴﻌﻲ ﻟﺘﻔﺎﺩﻱ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪،‬‬
‫ﻭﰲ ﺣﺎﻟﺔ ﻋﺠﺰﻩ ﻋﻦ ﺫﻟﻚ ﻋﻠﻴﻪ ﲝﻠﻬﺎ ﻟﺼﺎﱀ ﺍﻟﺰﺑﻮﻥ‪ ،‬ﺗﻌﻴﲔ ﻣﺴﺆﻭﻝ ﻋﻦ ﺍﳌﻄﺎﺑﻘﺔ‬
‫ﻣﺴﺠﻞ ﻟﺪﻯ ﺍﻟﻠﺠﻨﺔ‪ ،‬ﻣﻜﻠﻒ ﺑﺎﻟﺴﻌﻲ ﺍﱃ ﺍﺣﺘﺮﺍﻡ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﳌﻬﻨﻴﺔ ﺍﳌﻄﺒﻘﺔ ﻋﻠﻰ‬
‫ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺍﻟﺸﺮﻭﻁ ﺍﳋﺎﺻﺔ‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺍﻟﺸﺮﻭﻁ ﺍﳋﺎﺻﺔ ﲣﺘﻠﻒ ﺑﺎﺧﺘﻼﻑ ﻃﺒﻴﻌﺔ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﺇﺫ ﲣﺘﻠﻒ‬

‫ﺣﺴﺐ ﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ ﺷﺮﻛﺔ ﲡﺎﺭﻳﺔ ﺗﻨﺸﺄ ﺧﺼﻴﺼﺎ ﻟﻐﺮﺽ‬
‫ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ﺑﻨﻜﺎ ﺃﻭ ﻣﺆﺳﺴﺔ ﻣﺎﻟﻴﺔ‪ ،‬ﻓﺒﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻛﺔ‬
‫ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﱵ ﺗﻨﺸﺄ ﺧﺼﻴﺼﺎ ﻟﻐﺮﺽ ﺍﻟﻮﺳﺎﻃﺔ ﻓﻘﺪ ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 05‬ﻣﻦ ﺍﻟﻨﻈﺎﻡ‬
‫ﺭﻗﻢ ‪ 01-15‬ﻋﻠﻰ ﺃﻧﻪ ﳚﺐ ﻋﻠﻰ ﺍﳍﻴﺌﺎﺕ ﺍﻷﺧﺮﻯ‪ ،‬ﻏﲑ ﺍﻟﺒﻨﻮﻙ ﻭﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻠﺘﻤﺲ ﺍﻻﻋﺘﻤﺎﺩ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻥ‬
‫ﲤﺘﻠﻚ ﻋﻨﺪ ﺍﻻﻟﺘﻤﺎﺱ ﺭﺃﲰﺎﻝ ﺍﺟﺘﻤﺎﻋﻲ ﻻ ﻳﻘﻞ ﻗﺪﺭﻩ ﻋﻦ ﻋﺸﺮﺓ ﻣﻼﻳﲔ ﺩﻳﻨﺎﺭ‬
‫ﺟﺰﺍﺋﺮﻱ )‪10.000.000‬ﺩﺝ( ‪ ،‬ﻳﺪﻓﻊ ﻛﻠﻴﺎ ﻭﻧﻘﺪﺍ‪ ،‬ﺇﻻ ﺃﻧﻪ ﳝﻜﻨﻬﺎ ﺍﳋﻀﻮﻉ‬
‫ﳌﻘﺎﻳﻴﺲ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﺧﺎﺻﺔ ﲢﺪﺩﻫﺎ ﺍﻟﻠﺠﻨﺔ‪ .‬ﻳﻼﺣﻆ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻟﻨﻈﺎﻡ ‪03-96‬‬
‫ﺍﳌﻠﻐﻰ ﺧﺎﺻﺔ ﺍﳌﺎﺩﺓ ‪ 06‬ﻣﻨﻪ ﺃﻥ ﺍﳌﺸﺮﻉ ﻗﺪ ﺭﻓﻊ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ‬
‫ﺟﺰﺍﺋﺮﻱ ﺇﱃ ‪ 10‬ﻣﻼﻳﲔ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ ﻫﺬﺍ ﻛﻮﻥ ﻗﻴﻤﺔ ﺍﻟﺪﻳﻨﺎﺭ ﰲ ﺳﻨﺔ ‪2015‬‬
‫ﱂ ﺗﻌﺪ ﻧﻔﺴﻬﺎ ﰲ ﺳﻨﺔ ‪ 1996‬ﻭﻣﻦ ﰒ ﻓﺤﺴﻦ ﻣﺎ ﻓﻌﻞ ﺍﳌﺸﺮﻉ ﻣﻦ ﺧﻼﻝ ﺭﻓﻌﻪ‬
‫ﻗﻴﻤﺔ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭﺍﺳﺘﻮﺟﺐ ﺃﻥ ﻳﺪﻓﻊ ﺍﳌﺒﻠﻎ ﻛﻠﻴﺎ ﻭﻧﻘﺪﺍ ﰲ ﺣﲔ ﱂ ﻳﻜﻦ ﻳﻨﺺ‬
‫ﻋﻠﻰ ﺿﺮﻭﺭﺓ ﺩﻓﻌﻪ ‪‬ﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﰲ ﻇﻞ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺴﺎﺑﻖ‪.‬‬

‫ﻭﺃﻥ ﻳﻜﻮﻥ ﻣﻘﺮﻫﺎ ﺍﻻﺟﺘﻤﺎﻋﻲ ﺑﺎﳉﺰﺍﺋﺮ‪ ،‬ﻭﲢﻮﺯ ﳏﻼﺕ ﻣﻼﺋﻤﺔ ﻟﻀﻤﺎﻥ‬

‫ﺍﻣﻦ ﻣﺼﺎﱀ ﺍﻟﺰﺑﺎﺋﻦ‪ ،‬ﻭﺍﻥ ﻳﻜﻮﻥ ﳍﺎ ﻋﻠﻰ ﺍﻷﻗﻞ ﻣﺴﲑ ﻣﺴﺌﻮﻝ ﻣﻜﻠﻒ ﺑﺎﻹﺩﺍﺭﺓ‬
‫ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﺗﺘﻮﻓﺮ ﻓﻴﻪ ﺷﺮﻭﻁ ﺍﻟﻜﻔﺎﺀﺓ ﻭﺍﻟﺘﺄﻫﻴﻞ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﺗﻌﻠﻴﻤﺔ‬
‫ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ‪ ،‬ﻭﺍﻥ ﺗﻘﺪﻡ ﻃﻠﺐ ﺍﻋﺘﻤﺎﺩ ﻟﻠﺠﻨﺔ‪.‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺒﻨﻮﻙ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻓﻌﻠﻴﻬﺎ ﺃﻥ ﺗﱪﺭ ﻭﺟﻮﺩ ﻗﺴﻢ‬

‫ﻣﺮﺗﺒﻂ ﻣﺒﺎﺷﺮﺓ ﺑﺎﻹﺩﺍﺭﺓ ﺍﻟﻌﺎﻣﺔ ﻟﻀﻤﺎﻥ ﺍﺳﺘﻘﻼﻟﻴﺔ ﺍﻟﺘﺴﻴﲑ‪ ،‬ﻻﺳﻴﻤﺎ ﺍﶈﺎﺳﺒﻴﺔ‪ ،‬ﺑﲔ‬
‫ﻧﺸﺎﻃﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻷﺧﺮﻯ ﻟﻠﺒﻨﻚ ﺃﻭ‬
‫ﻟﻠﻤﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻛﻤﺎ ﳚﺐ ﻋﻠﻰ ﻣﺴﺆﻭﻝ ﺍﳍﻴﻜﻞ ﺍﺳﺘﻴﻔﺎﺀ ﺷﺮﻭﻁ ﺍﻟﺘﺄﻫﻴﻼﺕ‬
‫ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﺗﻌﻠﻴﻤﺔ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ ‪.17‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﻛﻴﻔﻴﺎﺕ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺗ‪‬ﺴﺘﻬﻞ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻻﻋﺘﻤﺎﺩ ﺑﺘﻘﺪﱘ ﻃﻠﺐ ﺍﻋﺘﻤﺎﺩ ﺇﱃ ﺍﻟﻠﺠﻨﺔ ﻭﺗﻨﺘﻬﻲ‬

‫ﺑﺎﻟﺒﺚ ﻓﻴﻪ ﻣﻦ ﻃﺮﻑ ﺍﻟﻠﺠﻨﺔ ﺳﻮﺍﺀ ﺑﺎﻟﻘﺒﻮﻝ ﺃﻭ ﺍﻟﺮﻓﺾ‪ ،‬ﻭﺗﻘﺪﱘ ﺍﻟﻄﻠﺐ ﻳﻜﻮﻥ‬
‫ﻣﺮﻓﻘﺎ ﲟﻠﻒ ﻳﺘﻜﻮﻥ ﻣﻦ ﻋﻨﺎﺻﺮ ﺣﺪﺩ‪‬ﺎ ﺍﻟﻠﺠﻨﺔ ﲟﻮﺟﺐ ﺍﻟﺘﻌﻠﻴﻤﺔ ﺭﻗﻢ ‪03-16‬‬
‫ﺍﻟﺴﺎﺑﻖ ﺫﻛﺮﻫﺎ‪ ،‬ﰲ ﻣﺎﺩ‪‬ﺎ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﻛﻤﺎ ﻳﺮﻓﻖ ﲟﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻮﺛﺎﺋﻖ ﺣﺪﺩ‪‬ﺎ ﺍﳌﺎﺩﺓ‬
‫‪ 09‬ﻣﻦ ﻧﻈﺎﻡ ‪ 01-15‬ﺍﻟﺴﺎﺑﻖ ﺫﻛﺮﻩ‪.‬‬

‫ﺗﻘﻮﻡ ﺍﻟﻠﺠﻨﺔ ﺑﻌﺪ ﺍﺳﺘﻼﻣﻬﺎ ﺍﻟﻄﻠﺐ ﺑﺪﺭﺍﺳﺔ ﻣﻠﻒ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﻓﺈﺫﺍ‬
‫ﺭﺃﺕ ﺃﻥ ﺍﳌﻠﻒ ﻛﺎﻥ ﻣ‪‬ﻜﺘﻤﻼ‪ ،‬ﻭﺃﻥﹶ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ ﻛﺎﻥ ﻣﺴﺘﻮﻓﻴﺎ ﻟﻜﻞ ﺍﻟﺸﺮﻭﻁ‬
‫ﺍﻟﱵ ﺗﻄﻠﺒﺘﻬﺎ ﺃﻧﻈﻤﺔ ﺍﻟﻠﺠﻨﺔ ﻭﺗﻌﻠﻴﻤﺎ‪‬ﺎ‪ ،‬ﻗﺒﻠﺖ ﺍﻟﻮﺳﻴﻂ ﻭﻣﻨﺤﺘﻪ ﻗﺮﺍﺭ ﺍﻋﺘﻤﺎﺩ‬
‫ﳌﺒﺎﺷﺮﺓ ﻛﻞ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻟﱵ ﻃﻠﺐ ﺍﻻﻋﺘﻤﺎﺩ ﻣﻦ ﺃﺟﻞ ﳑﺎﺭﺳﺘﻬﺎ‪ ،‬ﺃﻣﺎ ﺍﺫﺍ ﺭﺃﺕ ﺃﻥ‬
‫ﺍﻟﻌﻨﺎﺻﺮ ﻭﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﻘﺪﻣﺔ ﰲ ﺍﳌﻠﻒ ﻏﲑ ﻛﺎﻓﻴﺔ ﳌﻤﺎﺭﺳﺔ ﻛﻞ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﳌﻄﻠﻮﺏ‬
‫ﻣﻦ ﺃﺟﻠﻬﺎ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﳝﻜﻨﻬﺎ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻣﻨﺤﻪ ﻗﺮﺍﺭ ﺍﻋﺘﻤﺎﺩ ﻣﺆﻗﺖ ﻭﻟﻜﻦ ﻣﻊ‬
‫ﲢﺪﻳﺪ ﻧﺸﺎﻃﺎﺗﻪ ﺑﺼﻔﺔ ﻣﺆﻗﺘﺔ ‪ ،18‬ﻭﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﻗﺮﺍﺭ ﺍﻟﻠﺠﻨﺔ‬
‫ﻣﻌﻠﻼ ‪.19‬‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺃﻣﺎ ﺇﺫﺍ ﺭﺃﺕ ﺍﻟﻠﺠﻨﺔ ﺃﻥ ﻃﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ ﻟﻴﺲ ﺃﻫﻼ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻁ‬
‫ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺭﻓﻀﺖ ﻣﻨﺤﻪ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﻓﺎﻷﻣﺮ ﻻ ﳜﻠﻮ ﺇﺫﻥ ﻣﻦ‬
‫ﺻﺪﻭﺭ ﺍﻣﺎ ﻗﺮﺍﺭ ﺍﻋﺘﻤﺎﺩ‪ ،‬ﺃﻭ ﻗﺮﺍﺭ ﺭﻓﺾ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﻭﲡﺐ ﺍﻹﺷﺎﺭﺓ ﻫﻨﺎ ﺃﻥ‬
‫ﺍﳌﺸﺮﻉ ﱂ ﳛﺪﺩ ﺃﺟﻼ ﻟﻠﺠﻨﺔ ﻣﻦ ﺃﺟﻞ ﺍﻟﺮﺩ ﻋﻠﻰ ﻃﻠﺐ ﺍﻻﻋﺘﻤﺎﺩ ﺳﻮﺍﺀ ﺑﺎﻟﻘﺒﻮﻝ ﺃﻭ‬
‫ﺍﻟﺮﻓﺾ ﻭﺫﻟﻚ ﰲ ﻧﻈﺎﻡ ﺭﻗﻢ ‪ ،01-15‬ﻋﻠﻰ ﺧﻼﻑ ﻣﺎ ﻛﺎﻥ ﻋﻠﻴﻪ ﺍﻷﻣﺮ ﰲ ﻇﻞ‬
‫ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ 03-96‬ﺍﳌﻠﻐﻰ‪ ،‬ﺣﻴﺚ ﻛﺎﻧﺖ ﺍﻟﻔﻘﺮﺓ ﺍﻷﻭﱃ ﻣﻦ ﺍﳌﺎﺩﺓ ﺍﳊﺎﺩﻳﺔ‬
‫ﻋﺸﺮ)‪ (11‬ﻣﻨﻪ ﺗﻨﺺ ﻋﻠﻰ ﺃﻧﻪ " ﺗﺒﺪﻱ ﺍﻟﻠﺠﻨﺔ ﺭﺃﻳﻬﺎ ﺣﻮﻝ ﻃﻠﺐ ﺍﻻﻋﺘﻤﺎﺩ ﰲ‬
‫ﺃﺟﻞ ﺃﻗﺼﺎﻩ ﺷﻬﺮﺍﻥ‪ ،‬ﺍﺑﺘﺪﺍﺀ ﻣﻦ ﺗﺎﺭﻳﺦ ﺍﺳﺘﻼﻡ ﺍﻟﻄﻠﺐ "‪ ،‬ﻭﻣﻨﻌﺎ ﻣﻦ ﲤﺎﻃﻞ ﺍﻟﻠﺠﻨﺔ‬
‫ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻭﻣﺎ ﻳﺼﺎﺣﺒﻪ ﻣﻦ ﺿﺮﺭ ﻟﻄﺎﻟﺐ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﻭﺟﺐ ﻋﻠﻰ ﺍﳌﺸﺮﻉ‬
‫ﺍﺳﺘﺪﺭﺍﻙ ﻫﺬﻩ ﺍﳌﺴﺄﻟﺔ ﻭﺇﺩﺭﺍﺝ ﻣﺜﻞ ﻫﺬﻩ ﺍﳌﺎﺩﺓ ﺿﻤﻦ ﺃﺣﻜﺎﻡ ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪-15‬‬
‫‪.01‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻧﺸﺎﻃﺎﺕ‪ ،‬ﺣﻘﻮﻕ ﻭﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺳﻴﺘﻢ ﺍﻟﺘﻄﺮﻕ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻟﱵ ﳝﻜﻦ‬

‫ﻟﻠﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﺎﻡ ‪‬ﺎ ﰲ ﻣﻄﻠﺐ ﺃﻭﻝ‪ ،‬ﻟﻨﻌﺮﺝ ﺑﻌﺪﻫﺎ ﺇﱃ ﻛﻞ‬
‫ﻣﻦ ﺣﻘﻮﻕ ﻭﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﻣﻄﻠﺐ ﺛﺎﻥ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺎﻃﺎﺕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﻋﺪﺩﺕ ﺍﳌﺎﺩﺓ ‪ 07‬ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﳌﻌﺪﻟﺔ ﲟﻮﺟﺐ‬

‫ﺍﳌﺎﺩﺓ ‪ 05‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ‪ 04-03‬ﺍﳌﺘﻌﻠﻖ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﻭﻛﺬﺍ ﺍﳌﺎﺩﺓ ‪02‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﻣﻦ ﻧﻈﺎﻡ ‪ 01-15‬ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﻻ ﺍﳊﺼﺮ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻟﱵ ﳝﺎﺭﺳﻬﺎ ﺍﻟﻮﺳﻄﺎﺀ‬
‫ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﻧﺬﻛﺮ ﻣﻨﻬﺎ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﺎﻭﺿﺔ ﻭﺗﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬

‫ﻳﻠﻌﺐ ﺍﻟﻮﺳﻴﻂ ﺩﻭﺭﺍ ﺃﺳﺎﺳﻴﺎ ﰲ ﺗﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﺣﻴﺚ ﻻ ﳝﻜﻦ‬

‫ﺃﻥ ﺗﺘﺪﺍﻭﻝ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﺑﺪﻭﻥ ﺗﺪﺧﻞ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻟﺬﺍ ﻓﺎﻥ‬
‫ﻧﺸﺎﻁ ﻣﻔﺎﻭﺿﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻫﻮ ﻧﺸﺎﻁ ﺃﺻﻴﻞ ﻟﻠﻮﺳﻴﻂ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺷﺮﻛﺎﺕ‬
‫ﺍﳌﺴﺎﳘﺔ ﺍﳌﺼﺪﺭﺓ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﲢﺘﺎﺝ ﺇﱃ ﺗﻮﻇﻴﻔﻬﺎ‪ ،‬ﻭﻫﺬﺍ ﳚﺐ ﺃﻥ ﳛﺼﻞ ﻣﻦ‬
‫ﻃﺮﻑ ﺃﺷﺨﺎﺹ ﺃﻛﻔﺎﺀ ﻭﻫﻢ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺃ ﻭﻻ‪ :‬ﻣﻔﺎﻭﺿﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﻟﺴﻮﻕ‬

‫ﻳﻌﺘﱪ ﻧﺸﺎﻁ ﺍﻟﺘﻔﺎﻭﺽ ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﻨﺸﺎﻁ ﺍﻷﺳﺎﺳﻲ ﻟﻠﻮﺳﻴﻂ ﰲ‬

‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻟﻨﺸﺎﻃﺎﺕ ﺍﻷﺧﺮﻯ ﻟﻠﻮﺳﻴﻂ ﻭﺍﻟﱵ ﺗﻌﺘﱪ ﺛﺎﻧﻮﻳﺔ‪ ،‬ﻓﻼ‬
‫ﳝﻜﻦ ﻣﻨﺢ ﺍﻋﺘﻤﺎﺩ ﻟﻠﻮﺳﻴﻂ ﻣﻦ ﺃﺟﻞ ﳑﺎﺭﺳﺔ ﺑﺎﻗﻲ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺩﻭﻥ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ‬
‫ﺍﻟﺘﻔﺎﻭﺽ ﺧﺎﺻﺔ ﺍﻟﺘﻔﺎﻭﺽ ﳊﺴﺎﺏ ﺍﻟﻐﲑ ﺃﻱ ﳊﺴﺎﺏ ﺍﻟﺰﺑﺎﺋﻦ‪ ،‬ﰲ ﺣﲔ ﳝﻜﻨﻪ‬
‫ﺍﻻﻛﺘﻔﺎﺀ ﻓﻘﻂ ﺑﻨﺸﺎﻁ ﺍﻟﺘﻔﺎﻭﺽ ﳊﺴﺎﺏ ﺍﻟﻐﲑ ﺩﻭﻥ ﺑﻘﻴﺔ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻷﺧﺮﻯ‪.‬‬

‫ﻭﻗﺪ ﻣﻨﺢ ﺍﳌﺸﺮﻉ ﻟﻠﻮﺳﻴﻂ ﺍﳊﻖ ﺍﳊﺼﺮﻱ ﰲ ﺗﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﺳﻮﺍﺀ ﻛﺎﻥ ﺍﻟﺘﺪﺍﻭﻝ ﳊﺴﺎﺏ ﺍﻟﺰﺑﺎﺋﻦ ﺃﻭ ﳊﺴﺎﺑﻪ ﺍﳋﺎﺹ‪ ،‬ﻓﻤﺎ ﻫﻲ‬
‫ﺇﺟﺮﺍﺀﺍﺕ ﻭﺷﺮﻭﻁ ﻛﻞ ﻭﺍﺣﺪ ﻣﻨﻬﻤﺎ؟‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫‪ - 1‬ﺍﳌﻔﺎﻭﺿﺔ ﳊﺴﺎﺏ ﺍﻟﺰﺑﺎﺋﻦ‬

‫ﻳﻘﺼﺪ ﺑﺎﳌﻔﺎﻭﺿﺔ ﳊﺴﺎﺏ ﺍﻟﺰﺑﺎﺋﻦ ﻗﻴﺎﻡ ﺍﻟﻮﺳﻴﻂ ﺑﺼﻔﻘﺎﺕ ﳊﺴﺎﺏ‬

‫ﺯﺑﺎﺋﻨﻪ ﲣﺺ ﻗﻴﻤﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﻋﺪﺓ ﻗﻴﻢ ﻣﻨﻘﻮﻟﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺭﺅﻭﺱ ﺃﻣﻮﺍﳍﻢ ﻭﻓﻘﺎ‬
‫ﻟﻸﻭﺍﻣﺮ ﺍﳌﺮﺳﻠﺔ ﺍﻟﻴﻪ ﻣﻦ ﻃﺮﻑ ﺍﻟﺰﺑﺎﺋﻦ ﻭﺫﻟﻚ ﺑﺄﺣﺴﻦ ﺳﻌﺮ ﳑﻜﻦ‪ ،‬ﻭﺣﱴ ﻳﻘﻮﻡ‬
‫ﺍﻟﻮﺳﻴﻂ ﺑﺘﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﳊﺴﺎﺏ ﺍﻟﺰﺑﺎﺋﻦ‪ ،‬ﳚﺐ ﻋﻠﻴﻪ ﺃﻭﻻ ﻓﺘﺢ ﺣﺴﺎﺏ‬
‫ﺑﺎﲰﻬﻢ ﲟﻮﺟﺐ ﺍﺗﻔﺎﻗﻴﺔ ﻓﺘﺢ ﺍﳊﺴﺎﺏ‪ ،‬ﰒ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﻫﻮﻳﺔ ﺍﻟﺰﺑﻮﻥ ﻭﻣﺪﻯ ﺗﻮﻓﺮ‬
‫ﺍﻟﻘﺪﺭﺍﺕ ﺍﳌﻄﻠﻮﺑﺔ ﻓﻴﻪ‪ ،‬ﺣﱴ ﻳﺘﻤﻜﻦ ﻣﻦ ﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻨﻪ‪.‬‬

‫‪ - 2‬ﺍﳌﻔﺎﻭﺿﺔ ﻟﻠﺤﺴﺎﺏ ﺍﳋﺎﺹ‬

‫ﻳﺘﻤﺜﻞ ﺍﻟﺘﻔﺎﻭﺽ ﻟﻠﺤﺴﺎﺏ ﺍﳋﺎﺹ ﰲ ﻗﻴﺎﻡ ﺍﻟﻮﺳﻴﻂ ﺑﺼﻔﻘﺎﺕ ﲣﺺ‬

‫ﻗﻴﻤﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﻋﺪﺓ ﻗﻴﻢ ﻣﻨﻘﻮﻟﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻟﻪ ﺍﳋﺎﺻﺔ ‪ ،20‬ﻭﺫﻟﻚ ﺇﻣﺎ‬
‫ﺑﻐﺮﺽ ﺗﻨﺸﻴﻂ ﺳﻮﻕ ﺍﻟﻘﻴﻢ ﺍﳌﺴﻌﺮﺓ ﻭﺿﻤﺎﻥ ﺳﻴﻮﻟﺘﻬﺎ ﻭﺍﻧﺘﻈﺎﻣﻬﺎ ﻭﻓﻘﺎ ﻟﻌﻘﺪ ﻣﻮﻗﻊ‬
‫ﻋﻠﻴﻪ ﻣﻦ ﻃﺮﻑ ﺍﳌﺼﺪﺭ ﺃﻭ ﻣﻦ ﻃﺮﻑ ﺷﺮﻛﺔ ﺗﺴﻴﲑ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﻭﺇﻣﺎ‬
‫ﻃﻮﻋﺎ ﳊﺴﺎﺑﻪ ﺍﳋﺎﺹ ﺑﺎﻋﺘﺒﺎﺭﻩ ﻃﺮﻓﺎ ﻣﻘﺎﺑﻼ ‪.21‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺗﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬

‫ﻳﻘﺼﺪ ﺑﺘﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﻟﺒﺤﺚ ﺃﻭ ﺍﻟﻌﺜﻮﺭ ﻋﻠﻰ ﻣﻜﺘﺘﺒﲔ ﺃﻭ‬

‫ﻣﺸﺘﺮﻱ ﺍﻟﺴﻨﺪﺍﺕ ﳊﺴﺎﺏ ﻣﺼﺪﺭ ﻳﻠﺠﺄ ﻋﻠﻨﺎ ﻟﻼﺩﺧﺎﺭ ‪ ،22‬ﻭﺗﻌﺪ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﻟﱵ ﺗﻠﺠﺄ ﻟﻼﺩﺧﺎﺭ ﺍﻟﻌﻠﲏ ﺗﻠﻚ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻘﺒﻮﻟﺔ ﻟﻠﺘﺪﺍﻭﻝ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﺃﻭ ﺍﻟﱵ ﺗﻠﺠﺄ ﻟﺘﻮﻇﻴﻒ ﺳﻨﺪﺍ‪‬ﺎ ﻣﻬﻤﺎ ﻛﺎﻥ ﻧﻮﻋﻬﺎ ﺇﻣﺎ ﺇﱃ ﺍﻟﺒﻨﻮﻙ ﺃﻭ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﺍﻟﻮﺳﻄﺎﺀ ‪.23‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻹﺭﺷﺎﺩ ﻭﺗﺴﻴﲑ ﺍﳊﺎﻓﻈﺔ ﳊﺴﺎﺏ ﺍﻟﻐﲑ‬

‫ﻗﺪ ﻳﻜﻮﻥ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺮﺷﺪﺍ‪ ،‬ﻭﻗﺪ ﻳﻜﻮﻥ ﻣﺴﲑﺍ ﳊﺎﻓﻈﺔ‬
‫ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬

‫ﺃﻭﻻ‪ :‬ﺍﻹﺭﺷﺎﺩ‬

‫ﻳﻘﺼﺪ ﺑﺎﻹﺭﺷﺎﺩ ﺗﻘﺪﱘ ﺍﻟﻨﺼﺢ ﻭﺍﻻﺳﺘﺸﺎﺭﺓ ﺇﻣﺎ ﰲ ﳎﺎﻝ ﺗﻮﻇﻴﻒ‬

‫ﺍﻷﻣﻮﺍﻝ ﺃﻭ ﰲ ﳎﺎﻝ ﻫﻴﻜﻠﺔ ﺍﻟﺮﺃﲰﺎﻝ ﻭﺇﺩﻣﺎﺝ ﻭﺇﻋﺎﺩﺓ ﺷﺮﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻭﻳﻌﺘﱪ‬
‫ﻧﺸﺎﻁ ﺍﻹﺭﺷﺎﺩ ﻧﺸﺎﻃﺎ ﺟﺪﻳﺪﺍ ﺍﺳﺘﺤﺪﺛﻪ ﻗﺎﻧﻮﻥ ‪ 04-03‬ﻭﰎ ﺗﻜﺮﻳﺴﻪ ﲟﻮﺟﺐ‬
‫ﻧﻈﺎﻡ ‪ ،01-15‬ﻓﻠﻢ ﻳﻜﻦ ﻣﻮﺟﻮﺩﺍ ﰲ ﻇﻞ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﻭﻻ ﰲ‬
‫ﻧﻈﺎﻡ ‪.03-96‬‬

‫ﻳﺘﻤﺜﻞ ﺍﻹﺭﺷﺎﺩ ﰲ ﳎﺎﻝ ﺗﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺗﻘﺪﱘ ﺗﻮﺻﻴﺎﺕ‬

‫ﺷﺨﺼﻴﺔ ﻟﻠﻄﺮﻑ ﺍﻵﺧﺮ‪ ،‬ﺳﻮﺍﺀ ﺑﻄﻠﺐ ﻣﻨﻪ ﺃﻭ ﲟﺒﺎﺩﺭﺓ ﻣﻦ ﺍﻟﻮﺳﻴﻂ ﺍﻟﺬﻱ ﻳﻘﺪﻡ‬
‫ﺍﻹﺭﺷﺎﺩ ﺳﻮﺍﺀ ﺗﻌﻠﻖ ﺍﻷﻣﺮ ﺑﺼﻔﻘﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﻋﺪﺓ ﺻﻔﻘﺎﺕ ﺧﺎﺻﺔ ﺑﺎﻟﻘﻴﻢ‬
‫ﺍﳌﻨﻘﻮﻟﺔ‪ .‬ﺗﻘﺪﻡ ﺍﻟﺘﻮﺻﻴﺎﺕ ﻋﻠﻰ ﺃﺳﺎﺱ ﺩﺭﺍﺳﺎﺕ ﺩﻗﻴﻘﺔ ﺗﻘﻮﻡ ‪‬ﺎ ﻣﺼﻠﺤﺔ ﺍﻟﺘﺤﺎﻟﻴﻞ‬
‫ﺍﳌﺎﻟﻴﺔ ﻟﻠﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺗﻮﺟﻪ ﻫﺬﻩ ﺍﻟﺘﻮﺻﻴﺎﺕ ﻟﺰﺑﺎﺋﻦ ﳏﺘﺮﻓﲔ ﻣﺜﻞ‬
‫ﻣﺴﲑﻱ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﻛﻤﺎ ﳝﻜﻦ ﺃﻥ ﺗﻮﺟﻪ ﻟﺰﺑﺎﺋﻦ ﻏﲑ ﳏﺘﺮﻓﲔ‪ ،‬ﻣﺜﻞ ﺍﻟﺰﺑﺎﺋﻦ ﺍﳋﻮﺍﺹ‬
‫ﺍﻟﺬﻳﻦ ﳛﺘﺎﺟﻮﻥ ﺇﱃ ﺗﺪﺍﺑﲑ ﲪﺎﻳﺔ ﻭﻭﻗﺎﻳﺔ ﺃﻛﺜﺮ ﺃﳘﻴﺔ ‪ ،24‬ﻭﻣﻦ ﰒ ﻓﺎﻥ ﺍﻟﺘﻮﺻﻴﺎﺕ‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺍﻟﱵ ﻻ ﺗﻮﺟﻪ ﺷﺨﺼﻴﺎ ﻟﻠﺰﺑﻮﻥ ﻻ ﺗﺪﺧﻞ ﺿﻤﻦ ﻧﺸﺎﻁ ﺍﻹﺭﺷﺎﺩ ﻛﻤﺎ ﻟﻮ ﻧﺸﺮﺕ‬
‫ﻋﱪ ﻗﻨﻮﺍﺕ ﺍﻟﺘﻮﺯﻳﻊ ﻛﺎﳉﺮﺍﺋﺪ ﻭﺍﻟﺘﻠﻔﺰﻳﻮﻥ ﻭﺍﳌﺬﻳﺎﻉ ﻭﺗﻠﻚ ﺍﻟﱵ ﺗﻮﺟﻪ ﻟﻠﺠﻤﻬﻮﺭ‬
‫ﻋﺎﻣﺔ ‪.25‬‬

‫ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻺﺭﺷﺎﺩ ﰲ ﳎﺎﻝ ﻫﻴﻜﻠﺔ ﺍﻟﺮﺃﲰﺎﻝ ﻭﺇﺩﻣﺎﺝ ﻭﺇﻋﺎﺩﺓ ﺷﺮﺍﺀ‬

‫ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻓﺎﻧﻪ ﳚﻮﺯ ﻟﻠﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺍﳌﻌﺘﻤﺪ ﻣﺴﺎﻋﺪﺓ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺇﻋﺪﺍﺩ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﳋﺎﺻﺔ ﺑﺈﺻﺪﺍﺭ ﻭﺗﺒﺎﺩﻝ ﺃﻭ ﺇﻋﺎﺩﺓ ﺷﺮﺍﺀ ﺍﻟﻘﻴﻢ‬
‫ﺍﳌﻨﻘﻮﻟﺔ ﻭﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﻌﺮﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ﺍﳌﻮﻇﻔﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺒﻨﻮﻙ‬
‫ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﺎﻟﻴﲔ‪ ،‬ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻜﻔﻞ ﲟﺴﺎﻋﺪﺓ ﺍﳌﺼﺪﺭ ﺃﺛﻨﺎﺀ‬
‫ﻛﺘﺎﺑﺔ ﻣﺸﺮﻭﻉ ﺍﳌﺬﻛﺮﺓ ﺍﻹﻋﻼﻣﻴﺔ ﻭﺗﺄﺩﻳﺔ ﺍﻟﺸﻜﻠﻴﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ ﺍﳌﺘﻌﻠﻘﺔ‬
‫ﺑﺈﺻﺪﺍﺭ ﻣﺎ ﻳﺴﻤﻰ ﺑﺎﻟﻘﻴﻢ‪ ،‬ﲢﻀﲑ ﻣﺸﺮﻭﻉ ﺇﺩﻣﺎﺝ ﺃﻭ ﺇﻋﺎﺩﺓ ﺷﺮﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ‪،‬‬
‫ﲤﺜﻴﻞ ﺍﳌﺼﺪﺭ ﻟﺪﻯ ﺍﻟﻠﺠﻨﺔ ﻭﻣﺆﺳﺴﺎﺕ ﺍﻟﺴﻮﻕ ﻭﻟﺪﻯ ﳎﻤﻮﻉ ﺍﻟﺒﻨﻮﻙ ﺍﳌﻜﻮ‪‬ﻥ‬
‫ﻟﻠﺘﻮﻇﻴﻒ‪ ،‬ﺗﻮﻇﻴﻒ ﺳﻨﺪﺍﺕ ﺍﳌﺼﺪﺭ ﲟﻔﺮﺩﻩ ﺃﻭ ﰲ ﺇﻃﺎﺭ ﳎﻤﻮﻉ ﺍﻟﺒﻨﻮﻙ ﺍﳌﻜﻮ‪‬ﻥ‬
‫ﻟﻠﺘﻮﻇﻴﻒ ﺍﻟﺬﻱ ﻳﻌﺘﱪ ﻫﻮ ﻗﺎﺋﺪﻫﺎ ﻭﻣﺴﺎﻋﺪﺓ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﺍﻟﺬﻱ‬
‫ﻫﻮ ﺭﺍﻋﻴﻬﺎ ﺣﱴ ﺗﻔﻲ ﺑﺎﻟﺘﺰﺍﻣﺎ‪‬ﺎ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺘﻘﺪﱘ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺗﺴﻴﲑ ﺍﳊﺎﻓﻈﺔ ﳊﺴﺎﺏ ﺍﻟﻐﲑ‬

‫ﻳﺘﻤﺜﻞ ﺗﺴﻴﲑ ﺍﳊﺎﻓﻈﺔ ﳊﺴﺎﺏ ﺍﻟﻐﲑ ﰲ ﺗﺴﻴﲑ ﺣﺎﻓﻈﺎﺕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬

‫ﺑﻄﺮﻳﻘﺔ ﺗﻘﺪﻳﺮﻳﺔ ﻭﻓﺮﺩﻳﺔ ﲟﻮﺟﺐ ﺗﻮﻛﻴﻞ ﺗﺴﻴﲑ ﻣﻦ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ‪ ،‬ﻗﺪ ﻳﻜﻮﻥ ﻫﺬﺍ‬
‫ﺍﻟﻄﺮﻑ ﺷﺨﺼﺎ ﻃﺒﻴﻌﻴﺎ ﺃﻭ ﻣﻌﻨﻮﻳﺎ ﺃﻭ ﻫﻴﺌﺔ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﰲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺣﻘﻮﻕ ﻭﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺇﻥ ﺍﻛﺘﺴﺎﺏ ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﺻﻔﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪،‬‬

‫ﲡﻌﻠﻪ ﻳﺘﻤﺘﻊ ﲝﻘﻮﻕ ﻭﺗﻀﻊ ﻋﻠﻰ ﻋﺎﺗﻘﻪ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺣﺪﺩﻫﺎ ﻧﻈﺎﻡ‬
‫‪ 01-15‬ﲟﻮﺟﺐ ﺍﳌﻮﺍﺩ ﻣﻦ ‪ 37‬ﺇﱃ ‪ 52‬ﻣﻨﻪ‪ ،‬ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺣﻘﻮﻕ ﻭﻭﺍﺟﺒﺎﺕ‬
‫ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻓﺮﻋﲔ ﲝﻴﺚ ﻳﺘﻨﺎﻭﻝ ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ﺣﻘﻮﻕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺃﻣﺎ ﺍﻟﺜﺎﱐ ﻓﻴﺘﻨﺎﻭﻝ ﻭﺍﺟﺒﺎﺕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺣﻘﻮﻕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺗﻘﺮ ﺍﻟﻘﻮﺍﻧﲔ ﻟﻠﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﲨﻠﺔ ﻣﻦ ﺍﳊﻘﻮﻕ ﻣﻦ‬

‫ﺃﳘﻬﺎ‪ :‬ﺍﳊﻖ ﰲ ﺍﺣﺘﻜﺎﺭ ﺃﻋﻤﺎﻝ ﺍﻟﻮﺳﺎﻃﺔ‪ ،‬ﺍﳊﻖ ﰲ ﺍﻟﻌﻤﻮﻟﺔ ﻭﺍﳊﻖ ﰲ ﺍﳊﺒﺲ‬
‫ﻭﻛﺬﺍ ﺍﳊﻖ ﰲ ﻃﻠﺐ ﺍﻟﻀﻤﺎﻥ ﻭﺍﻟﺘﻐﻄﻴﺔ‪.‬‬

‫ﺃﻭﻻ‪ :‬ﺍﳊﻖ ﰲ ﺍﺣﺘﻜﺎﺭ ﺃﻋﻤﺎﻝ ﺍﻟﻮﺳﺎﻃﺔ‬

‫ﻳﻌﺘﱪ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺃﺻﺤﺎﺏ ﺍﳊﻖ ﺍﳊﺼﺮﻱ ﰲ ﺗﺪﺍﻭﻝ‬

‫ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 04‬ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪-93‬‬
‫‪ 10‬ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ ﺍﻟﺴﺎﻟﻒ ﺍﻟﺬﻛﺮ ﻋﻠﻰ ﺃﻧﻪ "ﻳﻘﻮﻡ ﺑﺎﳌﻔﺎﻭﺿﺎﺕ ﻭﺍﳌﻌﺎﻣﻼﺕ‬
‫ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ " ﻭﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 05‬ﻣﻨﻪ ﻋﻠﻰ ﺃﻧﻪ "‬
‫ﻻ ﳚﻮﺯ ﺇﺟﺮﺍﺀ ﺃﻱ ﻣﻔﺎﻭﺿﺔ ﺗﺘﻨﺎﻭﻝ ﻗﻴﻤﺎ ﻣﻨﻘﻮﻟﺔ ﻣﻘﺒﻮﻟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻻ ﺩﺍﺧﻞ‬
‫ﺍﻟﺒﻮﺻﺔ ﺫﺍ‪‬ﺎ ﻭﻋﻦ ﻃﺮﻳﻖ ﻭﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪".‬‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﻭﺯﻳﺎﺩﺓ ﻋﻠﻰ ﺫﻟﻚ ﻓﻬﻢ ﺃﺻﺤﺎﺏ ﺍﳊﻖ ﺍﳊﺼﺮﻱ ﰲ ﺗﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﺍﳌﺴﻌﺮﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺣﱴ ﻭﻟﻮ ﲤﺖ ﺇﺣﺎﻟﺘﻬﺎ ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻓﻖ ﺍﺟﺮﺍﺀ ﺍﻟﺘﺮﺍﺿﻲ‬
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‫ﺣﻴﺚ ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 02‬ﻣﻦ ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ 02-04‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ ﺍﻟﺘﺪﺍﻭﻝ‬
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‫ﻋﻠﻰ ﺃﻧﻪ "ﻳﻘﺘﺼﺮ ﺍﻟﺘﺪﺍﻭﻝ‬ ‫ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ ﻟﻠﺴﻨﺪﺍﺕ ﺍﳌﺴﻌﺮﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ ﻟﻠﺴﻨﺪﺍﺕ ﺍﳌﺴﻌﺮﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻓﻖ ﺇﺟﺮﺍﺀ ﺍﻟﺘﺮﺍﺿﻲ ﻋﻠﻰ‬
‫ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﺒﻨﻮﻙ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ‪".‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺍﳊﻖ ﰲ ﺍﻟﻌﻤﻮﻟﺔ‬

‫ﺗﻌﺮﻑ ﺍﻟﻌﻤﻮﻟﺔ ﺑﺄ‪‬ﺎ ﺍﳌﺒﻠﻎ ﺍﻟﺬﻱ ﳚﺐ ﻋﻠﻰ ﺍﻟﻌﻤﻴﻞ ﺩﻓﻌﻪ ﻟﻠﻮﺳﻴﻂ ﻣﻘﺎﺑﻞ‬
‫ﺗﻨﻔﻴﺬ ﺃﻣﺮﻩ ﺑﺸﺄﻥ ﺍﻟﺼﻔﻘﺔ ‪ ،29‬ﻭﻳﻌﺪ ﺍﳊﻖ ﰲ ﺍﻟﻌﻤﻮﻟﺔ ﺃﺣﺪ ﺍﳊﻘﻮﻕ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ‬
‫ﻳﺘﻤﺘﻊ ‪‬ﺎ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 37‬ﻣﻦ ﻧﻈﺎﻡ‬
‫‪ 01-15‬ﻋﻠﻰ ﺃﻧﻪ‪" :‬ﻳﺘﻘﺎﺿﻰ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺑﻌﻨﻮﺍﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ‬
‫ﻭﺍﳋﺪﻣﺎﺕ ﺍﳌﻘﺪﻣﺔ ﻟﻠﺰﺑﺎﺋﻦ‪ ،‬ﻋﻤﻮﻻﺕ ﺗﻌﻠﻖ ﺗﻌﺮﻳﻔﺎ‪‬ﺎ ﺩﺍﺧﻞ ﳏﻼﺕ ﺍﻟﻮﺳﻄﺎﺀ ﺃﻭ‬
‫ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ ﺗﻌﺎﻗﺪﻳﺎ ﻣﻊ ﺍﻟﺰﺑﺎﺋﻦ"‪.‬‬

‫ﻭﻣﺎ ﻳﻼﺣﻆ ﻣﻦ ﺧﻼﻝ ﻫﺬﻩ ﺍﳌﺎﺩﺓ ﺃﻥ ﺍﳌﺸﺮﻉ ﱂ ﳛﺪﺩ ﺃﻱ ﺣﺪ ﺃﻗﺼﻰ‬

‫ﺃﻭ ﺃﺩﱏ ﻟﻠﻌﻤﻮﻟﺔ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﻳﺪﻓﻌﻬﺎ ﺍﻟﺰﺑﻮﻥ ﻟﻠﻮﺳﻴﻂ ﻭﺇﳕﺎ ﺗﺮﻙ ﺍ‪‬ﺎﻝ ﻣﻔﺘﻮﺣﺎ‬
‫ﺃﻣﺎﻡ ﺍﻟﻮﺳﻴﻂ ﰲ ﲢﺪﻳﺪﻫﺎ‪ ،‬ﻓﻘﺪ ﲰﺢ ﻟﻠﻮﺳﻴﻂ ﺑﺎﻻﺧﺘﻴﺎﺭ ﺑﲔ ﺃﻣﺮﻳﻦ ﺇﻣﺎ ﲢﺪﻳﺪ‬
‫ﻧﺴﺒﺔ ﺍﻟﻌﻤﻮﻟﺔ ﻣﺴﺒﻘﺎ ﻭﺗﻌﻠﻴﻘﻬﺎ ﰲ ﳏﻠﻪ ﻟﻴﻜﻮﻥ ﺍﻟﻌﻤﻴﻞ ﻋﻠﻰ ﻋﻠﻢ ﻣﺴﺒﻖ ‪‬ﺎ ﻭﺫﻟﻚ‬
‫ﻗﺒﻞ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﻮﺳﻴﻂ‪ ،‬ﻭﺇﻣﺎ ﺃﻥ ﻳﻘﻮﻡ ﺑﺘﺤﺪﻳﺪ ﺍﻟﻌﻤﻮﻟﺔ ﺑﺎﻻﺗﻔﺎﻕ ﻣﻊ ﺍﻟﺰﺑﻮﻥ‬
‫ﻭﺫﻟﻚ ﲟﻮﺟﺐ ﻋﻘﺪ‪.‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺇﻥ ﲢﺪﻳﺪ ﺍﳊﺪ ﺍﻷﻗﺼﻰ ﻟﻌﻤﻮﻟﺔ ﺍﻟﻮﺳﻴﻂ ﻋﻦ ﺍﻟﺼﻔﻘﺎﺕ ﺍﻟﱵ ﻳﻘﻮﻡ‬

‫ﺑﺘﻨﻔﻴﺬﻫﺎ ﰲ ﺍﻟﺴﻮﻕ ﺗﻌﺪ ﺇﺣﺪﻯ ﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﳍﺎﻣﺔ ﳊﻤﺎﻳﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﻃﻤﻊ‬
‫ﺑﻌﺾ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﺎﻟﻴﲔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻋﻤﻮﻟﺔ ﻗﺪ ﻻ ﺗﺘﻨﺎﺳﺐ ﻣﻊ ﺍﻟﻌﻤﻞ ﺍﻟﺬﻱ‬
‫ﻗﺎﻡ ﺑﻪ ﺍﻟﻮﺳﻴﻂ ﰲ ﺍﻟﺴﻮﻕ ﺃﻭ ﻗﺪ ﻳﺴﺘﻐﻞ ﻗﻠﺔ ﺧﱪﺓ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﻋﺪﻡ ﻣﻌﺮﻓﺘﻬﻢ‬
‫ﺑﺄﻣﻮﺭ ﺍﻟﺘﺪﺍﻭﻝ ﻭﻛﻴﻔﻴﺔ ﺇﺑﺮﺍﻡ ﺍﻟﺼﻔﻘﺎﺕ ‪ ،30‬ﻟﺬﺍ ﻛﺎﻥ ﺍﻷﺟﺪﺭ ﺑﺎﳌﺸﺮﻉ ﲢﺪﻳﺪ‬
‫ﻧﺴﺒﺔ ﺍﻟﻌﻤﻮﻟﺔ ﺣﻔﺎﻇﺎ ﻋﻠﻰ ﻣﺼﻠﺤﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪.‬‬

‫ﺛﺎﻟﺜﺎ‪ :‬ﺍﳊﻖ ﰲ ﺍﳊﺒﺲ‬

‫ﺇﻥ ﺍﻟﻌﻤﻮﻟﺔ ﺍﳌﻘﺮﺭﺓ ﻟﻠﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻗﺪ ﻻ ﻳﺘﻢ ﺍﳊﺼﻮﻝ‬

‫ﻋﻠﻴﻬﺎ ﰲ ﻛﻞ ﺍﻷﺣﻮﺍﻝ‪ ،‬ﺇﺫ ﻗﺪ ﳛﺼﻞ ﺃﻥ ﺍﻟﻌﻤﻴﻞ ﻻ ﻳﻨﻔﺬ ﺍﻟﺘﺰﺍﻣﻪ ﺑﺎﻟﺪﻓﻊ‪ ،‬ﻓﻔﻲ‬
‫ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺗﻈﻬﺮ ﺍﳊﺎﺟﺔ ﺇﱃ ﻭﺟﻮﺩ ﺁﻟﻴﺔ ﻗﺎﻧﻮﻧﻴﺔ ﺗﻀﻤﻦ ﺣﺼﻮﻝ ﺍﻟﻮﺳﻄﺎﺀ ﻋﻠﻰ‬
‫ﺣﻘﻬﻢ ﰲ ﺍﻟﻌﻤﻮﻟﺔ‪ ،‬ﻭﺗﺘﻤﺜﻞ ﻫﺬﻩ ﺍﻵﻟﻴﺔ ﰲ ﺣﻖ ﺍﳊﺒﺲ‪ ،‬ﺃﻱ ﺣﻖ ﺍﻟﺪﺍﺋﻦ ﺍﻟﺬﻱ‬
‫ﻳﻜﻮﻥ ﺩﻳﻨﻪ ﻣﺴﺘﺤﻖ ﺍﻷﺩﺍﺀ ﰲ ﺃﻥ ﳛﺒﺲ ﻣﺎ ﲢﺖ ﻳﺪﻳﻪ ﻣﻦ ﺃﻣﻮﺍﻝ ﺗﻌﻮﺩ ﳌﺪﻳﻨﻪ ﺣﱴ‬
‫ﻳﻘﻮﻡ ﺍﳌﺪﻳﻦ ﺑﺴﺪﺍﺩ ﺣﻖ ﺍﻟﺪﺍﺋﻦ ﺍﳌﺮﺗﺒﻂ ﺑﺎﻟﺘﺰﺍﻣﻪ ﺑﺎﻟﺘﺴﻠﻴﻢ ‪.31‬‬

‫ﺭﺍﺑﻌﺎ‪ :‬ﺍﳊﻖ ﰲ ﻃﻠﺐ ﺍﻟﻀﻤﺎﻥ ﻭﺍﻟﺘﻐﻄﻴﺔ‬

‫ﻳﻘﺼﺪ ﲝﻖ ﺍﻟﻮﺳﻴﻂ ﰲ ﻃﻠﺐ ﺍﻟﻀﻤﺎﻥ ﻭﺍﻟﺘﻐﻄﻴﺔ‪ ،‬ﻃﻠﺐ ﺍﻷﻣﻮﺍﻝ ﻣﻦ‬

‫ﺍﻟﺰﺑﻮﻥ ﻗﺒﻞ ﺗﻨﻔﻴﺬ ﺃﻣﺮﻩ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﻭﺍﻟﱵ ﺗﻀﻤﻦ ﻟﻪ ﺃﻥ ﺍﻟﺰﺑﻮﻥ ﺟﺎﺩ ﰲ ﺃﻣﺮﻩ ﻭﺃﻧﻪ‬
‫ﻗﺎﺩﺭ ﻓﻌﻼ ﻋﻠﻰ ﺗﻨﻔﻴﺬ ﺍﻟﺘﺰﺍﻣﻪ ﺳﻮﺍﺀ ﺑﺪﻓﻊ ﺍﻟﺜﻤﻦ ﺇﺫﺍ ﻛﺎﻥ ﻗﺪ ﺃﺻﺪﺭ ﺃﻣﺮ ﺷﺮﺍﺀ‪ ،‬ﺃﻭ‬
‫ﺑﺘﺴﻠﻴﻢ ﺍﳌﺒﻴﻊ ﺇﺫﺍ ﻛﺎﻥ ﻗﺪ ﺃﺻﺪﺭ ﺃﻣﺮ ﺑﻴﻊ‪ ،‬ﻭﻣﻦ ﰒ ﻓﺎﻟﻀﻤﺎﻥ ﺇﻣﺎ ﻳﻜﻮﻥ ﻣﺒﻠﻐﺎ ﻣﻦ‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺍﻟﻨﻘﻮﺩ ﺃﻭ ﺳﻨﺪﺍﺕ‪ ،‬ﺣﻴﺚ ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 119‬ﻣﻦ ﻧﻈﺎﻡ ﻝ‪ .‬ﺕ‪ .‬ﻉ‪ .‬ﺏ‪ .‬ﻡ ﺭﻗﻢ‬
‫‪ 03-97‬ﺍﳌﺘﻌﻠﻖ ﺑﺎﻟﻨﻈﺎﻡ ﺍﻟﻌﺎﻡ ﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ‪ 32‬ﻋﻠﻰ ﺃﻧﻪ ﳛﻖ ﻟﻠﻮﺳﻴﻂ‬
‫ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻥ ﻳﺸﺘﺮﻁ ﻣﻦ ﺯﺑﻮﻧﻪ ﺗﺴﻠﻴﻢ ﺍﻷﻣﻮﺍﻝ ﺃﻭ ﺍﻟﺴﻨﺪﺍﺕ ﻗﺒﻞ‬
‫ﺇﺭﺳﺎﻝ ﺃﻣﺮﻩ ﺇﱃ ﺍﻟﺴﻮﻕ‪.‬‬

‫ﻭﺗﺘﻤﺜﻞ ﺍﻟﻮﻇﻴﻔﺔ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﻐﻄﺎﺀ ﰲ ﲪﺎﻳﺔ ﺍﻟﻮﺳﻴﻂ ﻣﻦ ﻋﺠﺰ ﺍﳌﺴﺘﺜﻤﺮ‬

‫ﺃﻭ ﺍﻣﺘﻨﺎﻋﻪ ﻋﻦ ﺍﻟﻮﻓﺎﺀ‪ ،‬ﻓﻬﻮ ﳝﺜﻞ ﺍﻟﻀﻤﺎﻥ ﺍﻟﺬﻱ ﻳﻠﺠﺄ ﺇﻟﻴﻪ ﺍﻟﻮﺳﻴﻂ ﻟﻀﻤﺎﻥ ﺗﻨﻔﻴﺬ‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﳌﻜﻠﻒ ‪‬ﺎ‪ .‬ﻭﻓﻀﻼ ﻋﻦ ﺍﻟﻮﻇﻴﻔﺔ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﺸﺎﺭ ﺇﻟﻴﻬﺎ ﻓﺈﻥ ﺍﻟﻐﻄﺎﺀ‬
‫ﻳﺆﺩﻱ ﺣﺎﻟﻴﺎ ﺩﻭﺭﺍ ﺟﺪﻳﺪﺍﹰ‪ ،‬ﻓﻌﻦ ﻃﺮﻳﻖ ﺭﻓﻊ ﻧﺴﺒﺔ ﻫﺬﺍ ﺍﻟﻐﻄﺎﺀ ﳝﻜﻦ ﺍﳊﺪ ﻣﻦ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﳌﻀﺎﺭﺑﺔ ﳌﺼﻠﺤﺔ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻭﻣﺼﻠﺤﺔ ﻣﺼﺪﺭﻱ ﺍﻷﻭﺍﻣﺮ ﺃﻧﻔﺴﻬﻢ‪،‬‬
‫ﻓﺎﳌﺴﺘﺜﻤﺮ ﻻ ﻳﺴﺘﻄﻴﻊ ﺃﻥ ﻳﻠﺠﺄ ﺇﱃ ﺍﳌﻀﺎﺭﺑﺔ ﻷﻧﻪ ﳛﺘﺎﺝ ﺇﱃ ﻏﻄﺎﺀ ﰲ ﻛﻞ ﻋﻤﻠﻴﺔ‬
‫ﻳﻨﻮﻱ ﺍﳌﻀﺎﺭﺑﺔ ﻓﻴﻬﺎ ‪.33‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﻳﻘﻊ ﻋﻠﻰ ﻋﺎﺗﻖ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ‬

‫ﳚﺐ ﺃﻥ ﻳﺘﻘﻴﺪﻭﺍ ‪‬ﺎ ﲟﻮﺟﺐ ﺍﻟﻘﺎﻧﻮﻥ‪ ،‬ﺍﻟﻐﺮﺽ ﻣﻨﻬﺎ ﲪﺎﻳﺔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻭﲪﺎﻳﺔ‬
‫ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻛﻜﻞ ‪ ،34‬ﻭﺗﻌﺪ ﺍﻟﺘﺰﺍﻣﺎ‪‬ﻢ ﻛﺜﲑﺓ ﻣﻘﺎﺭﻧﺔ ﲝﻘﻮﻗﻬﻢ ﻭﺗﺘﻤﺜﻞ‬
‫ﰲ‪:‬‬

‫ﺃﻭﻻ‪ :‬ﺍﻻﻟﺘﺰﺍﻡ ﲝﻔﻆ ﺳﺮ ﺍﳌﻬﻨﺔ‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﻳﻌﺘﱪ ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺍﻟﺴﺮ ﺍﳌﻬﲏ ﻣﻦ ﺃﻫﻢ ﺍﻟﻮﺍﺟﺒﺎﺕ ﺍﻟﱵ ﺗﻘﻊ ﻋﻠﻰ ﻋﺎﺗﻖ‬
‫ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﺍﻟﱵ ﳚﺐ ﻋﻠﻴﻪ ﺍﻻﻟﺘﺰﺍﻡ ‪‬ﺎ ﺷﺨﺼﻴﺎ ﻭﺇﻟﺰﺍﻡ ﻛﻞ‬
‫ﻣﻦ ﻳﻌﻤﻞ ﲢﺖ ﺃﻣﺮﻩ ‪‬ﺎ ‪ ،35‬ﻧﻈﺮﺍ ﻟﻜﻮﻥ ﻣﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﲤﻜﻨﻪ ﻣﻦ ﺍﻻﻃﻼﻉ ﻋﻠﻰ‬
‫ﲨﻴﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﻮﺛﺎﺋﻖ ﻭﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺰﺑﻮﻥ ﺳﻮﺍﺀ ﻛﺎﻥ ﺷﺨﺼﺎ ﻣﻌﻨﻮﻳﺎ‬
‫ﺃﻡ ﻃﺒﻴﻌﻴﺎ‪ ،‬ﳑﺎ ﻳﺆﺩﻱ ﺍﻹﻓﺸﺎﺀ ﻋﻨﻬﺎ ﺇﱃ ﺇﳊﺎﻕ ﺍﻟﻀﺮﺭ ﺑﺎﻟﺰﺑﻮﻥ‪ ،‬ﻟﺬﺍ ﻧﺺ ﺍﳌﺸﺮﻉ‬
‫ﻣﻦ ﺧﻼﻝ ﺍﳌﺎﺩﺓ ‪ 12‬ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﻋﻠﻰ ﺃﻧﻪ "ﻳﻠﺰﻡ ﺍﻟﻮﺳﻄﺎﺀ‬
‫ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﺍﻟﻘﺎﺋﻤﻮﻥ ﺑﺈﺩﺍﺭ‪‬ﻢ ﻭﻣﺴﲑﻭﻫﻢ ﻭﻣﺪﻳﺮﻭﻫﻢ ﻭﺃﻋﻮﺍ‪‬ﻢ‬
‫ﺍﳌﺴﺠﻠﻮﻥ ﻭﻣﺄﻣﻮﺭﻭ ﺣﺴﺎﺑﺎ‪‬ﻢ ﺑﺎﻟﺴﺮ ﺍﳌﻬﲏ‪ .‬ﻭﻳﻌﺎﻗﺐ ﻋﻠﻰ ﻋﺪﻡ ﺍﻟﺘﻘﻴﺪ ﺑﺎﻟﺴﺮ‬
‫ﺍﳌﻬﲏ ﻭﻓﻘﺎ ﻟﻘﺎﻧﻮﻥ ﺍﻟﻌﻘﻮﺑﺎﺕ"‪.‬‬

‫ﻭﻃﺒﻘﺎ ﳍﺬﺍ ﺍﻟﻨﺺ ﻋﻠﻰ ﺍﻟﻮﺳﻴﻂ ﺍﻻﻟﺘﺰﺍﻡ ﲟﺒﺪﺃ ﻛﺘﻤﺎﻥ ﺳﺮ ﺍﳌﻬﻨﺔ ﻭﻋﺪﻡ‬
‫ﺇﻓﺸﺎﺀ ﺳﺮ ﺍﳌﺴﺘﺜﻤﺮ ﻣﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﱵ ﻭﺻﻠﺖ ﺇﻟﻴﻪ ﲟﻨﺎﺳﺒﺔ ﺃﺩﺍﺀ ﻋﻤﻠﻪ‬
‫ﻭﺇﻻ ﺗﻌﺮﺽ ﻟﻌﻘﻮﺑﺎﺕ ﺟﺰﺍﺋﻴﺔ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺈﻋﻼﻡ ﺍﻟﻠﺠﻨﺔ ﻋﻦ ﺃﻱ ﺗﻐﻴﲑ ﰲ ﻭﺿﻌﻴﺘﻪ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‬

‫ﻋﻠﻰ ﺍﻟﻮﺳﻴﻂ ﺇﺧﺒﺎﺭ ﺍﻟﻠﺠﻨﺔ ﺩﻭﻥ ﺗﺄﺧﲑ ﺑﻜﻞ ﺗﻐﻴﲑ ﻟﻘﺎﻧﻮﻧﻪ ﺍﻷﺳﺎﺳﻲ ﺃﻭ‬
‫ﻣﻘﺮ ﻣﺆﺳﺴﺘﻪ ﺃﻭ ﺗﻌﺪﻳﻞ ﺭﺃﲰﺎﻟﻪ ﺃﻭ ﺗﻌﻴﲔ ﻣﺴﲑﻳﻦ ﺟﺪﺩ ﺃﻭ ﺗﻮﻗﻴﻒ ﻋﻤﻞ ﺃﻋﻮﺍﻧﻪ‬
‫ﺍﳌﺆﻫﻠﲔ ﺃﻭ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﻷﻣﻼﻙ ﻭﺍﻟﻮﺳﺎﺋﻞ ﺍﻟﻀﺮﻭﺭﻳﺔ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻃﻪ‪ ،‬ﻛﻞ ﻗﻀﻴﺔ‬
‫ﺇﺩﺍﺭﻳﺔ ﻣﺪﻧﻴﺔ ﺃﻭ ﺟﻨﺎﺋﻴﺔ ﺗﺮﻓﻊ ﺿﺪﻩ ﻓﻀﻼ ﻋﻦ ﻛﻞ ﺗﻐﻴﲑ ﺃﻭ ﺗﻌﺪﻳﻞ ﺑﺎﻟﻨﺴﺒﺔ‬
‫ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﻟﱵ ﻗﺪﻣﻬﺎ ﻋﻨﺪ ﺣﺼﻮﻟﻪ ﻋﻠﻰ ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﻛﻤﺎ ﻳﻌﻠﻢ ﺍﻟﻠﺠﻨﺔ ‪ 30‬ﻳﻮﻣﺎ‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﻗﺒﻞ ﲢﻘﻴﻖ ﻣﺸﺮﻭﻉ ﺇﺩﻣﺎﺝ ﻭﺍﺳﺘﺤﻮﺍﺫ ﺳﻮﺍﺀ ﻛﺎﻥ ﻣﺴﺘﻬﺪﻓﺎ ﺃﻭ ﻣﺒﺎﺩﺭﺍ‪ ،‬ﻣﻊ ﺗﻘﺪﱘ‬
‫ﲨﻴﻊ ﺍﻟﻌﻨﺎﺻﺮ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﳌﺸﺮﻭﻉ ‪.36‬‬

‫ﺛﺎﻟﺜﺎ‪ :‬ﺍﺣﺘﺮﺍﻡ ﺍﻷﺣﻜﺎﻡ ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺍﳌﻄﺒﻘﺔ ﻋﻠﻰ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﻭﻗﻮﺍﻋﺪ ﺍﳊﺬﺭ‬

‫ﻭﻳﻘﺼﺪ ﺑﻘﻮﺍﻋﺪ ﺍﳊﺬﺭ ﺗﻠﻚ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﱵ ﻧﺼﺖ ﻋﻠﻴﻬﺎ ﺍﻟﺘﻌﻠﻴﻤﺔ ﺭﻗﻢ‬
‫‪ 001-2000‬ﺍﻟﱵ ﲢﺪﺩ ﻗﻮﺍﻋﺪ ﺍﳊﺬﺭ ﰲ ﺗﺴﻴﲑ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫‪ ،37‬ﻭﺗﺘﻤﺜﻞ ﺣﺴﺐ ﺍﳌﺎﺩﺓ ‪ 02‬ﻣﻦ ﻫﺬﻩ ﺍﻟﺘﻌﻠﻴﻤﺔ ﰲ ﺛﻼﺙ ﻗﻮﺍﻋﺪ ﻭﻫﻲ‪ :‬ﺗﻐﻄﻴﺔ‬
‫ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻗﺴﻤﺔ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻭﻗﻴﺪ ﺍﻷﺻﻮﻝ ‪ ،38‬ﻓﻜﻞ ﳐﺎﻟﻔﺔ ﳍﺬﻩ ﺍﻷﺣﻜﺎﻡ‬
‫ﻭﺍﻟﻘﻮﺍﻋﺪ ﻣﻦ ﻃﺮﻑ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺻﺔ ﺗﻌﺮﺿﻪ ﻟﻠﻌﻘﻮﺑﺎﺕ ﺍﻟﺘﺄﺩﻳﺒﻴﺔ‬
‫ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﺍﳌﺎﺩﺓ ‪ 55‬ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﳌﺘﻌﻠﻖ‬
‫ﺑﺎﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺭﺍﺑﻌﺎ‪ :‬ﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﲡﺎﻩ ﺍﻟﺰﺑﺎﺋﻦ‬

‫ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻮﺳﻴﻂ ﺍﲡﺎﻩ ﺯﺑﺎﺋﻨﻪ ﻓﻴﻤﺎ ﻳﻠﻲ ‪:39‬‬

‫‪ -‬ﺍﳊﺮﺹ ﻋﻠﻰ ﺗﻨﻔﻴﺬ ﺃﻭﺍﻣﺮ ﺍﻟﺰﺑﺎﺋﻦ ﰲ ﺃﺣﺴﻦ ﻇﺮﻭﻑ ﺍﻟﺴﻮﻕ ﻭﺫﻟﻚ ﺍﻋﺘﺒﺎﺭﺍ‬
‫ﻷﻭﺍﻣﺮ ﺍﻟﺰﺑﺎﺋﻦ‪ ،‬ﻭﺇﺭﺳﺎﻝ ﺇﺷﻌﺎﺭ ﺑﺘﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ‪ ،‬ﻓﻮﺭ ﺗﻨﻔﻴﺬﻫﺎ‪ ،‬ﺇﱃ ﺍﻟﺰﺑﺎﺋﻦ ﺧﻼﻝ‬
‫ﻳﻮﻣﻲ ﻋﻤﻞ ﺍﺑﺘﺪﺍﺀ ﻣﻦ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺴﺪﻳﺪ ﺃﻭ ﺍﻟﺘﺴﻠﻴﻢ‪ ،‬ﳛﺘﻮﻱ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺗﺘﻤﺜﻞ ﰲ‪ :‬ﺗﻌﻴﲔ ﺍﻷﺻﻞ ﺍﳌﺎﱄ‪ ،‬ﻋﺪﺩ ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺳﻌﺮ ﺍﻟﻮﺣﺪﺓ‪،‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫ﺍﳌﺒﻠﻎ ﺍﻹﲨﺎﱄ ﻟﻠﻌﻤﻠﻴﺔ‪ ،‬ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﳌﺼﺎﺭﻳﻒ ﺍﻷﺧﺮﻯ‪ ،‬ﺍﳌﺒﻠﻎ ﺍﻟﺼﺎﰲ ﻟﻠﻌﻤﻠﻴﺔ‪،‬‬

‫ﺗﺎﺭﻳﺦ ﺍﻟﻌﻤﻠﻴﺔ‪ ،‬ﺗﺎﺭﻳﺦ ﺍﻟﺘﺴﺪﻳﺪ ﻭﺍﻟﺘﺴﻠﻴﻢ‪.‬‬

‫‪ -‬ﻭﺿﻊ ﻣﺮﺍﺟﻊ ﻭﻧﻄﺎﻕ ﺍﻻﻋﺘﻤﺎﺩ ﺍﳌﻤﻨﻮﺡ ﳍﻢ ﻋﻠﻰ ﺍﻟﻮﺛﺎﺋﻖ ﺍﻟﱵ ﻳﻘﺪﻣﻮ‪‬ﺎ‬

‫ﻟﻠﺰﺑﺎﺋﻦ‪.‬‬

‫ﺍﳋﺎﲤــــﺔ‪:‬‬

‫ﻳﻼﺣﻆ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺮﺽ ﺍﱃ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﺃﻥ ﻧﻈﺎﻡ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻗﺪ ﻋﺮﻑ ﲢﻮﻻﺕ ﻧﻮﻋﻴﺔ‬
‫ﺟﻌﻠﺖ ﻣﻦ ﺍﻟﻮﺳﻴﻂ ﻳﺘﺨﺬ ﻗﺎﻟﺒﺎ ﺟﺪﻳﺪﺍ ﳜﺘﻠﻒ ﲤﺎﻣﺎ ﻋﻦ ﺍﻟﻮﺳﻴﻂ ﰲ ﻇﻞ ﺍﻟﻨﻈﺎﻡ‬
‫ﺍﻟﻘﺎﻧﻮﱐ ﺍﻟﻘﺪﱘ‪ ،‬ﻭﻣﻦ ﺃﻫﻢ ﺍﻟﺘﻌﺪﻳﻼﺕ ﺍﻟﱵ ﻃﺮﺃﺕ ﻋﻠﻰ ﻧﻈﺎﻡ ﺍﻟﻮﺳﻴﻂ ﳝﻜﻦ ﺫﻛﺮ‪:‬‬

‫‪ -‬ﺗﻀﻴﻴﻖ ﳎﺎﻝ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﲝﺼﺮ ﻣﻬﻨﺔ ﺍﻟﻮﺳﺎﻃﺔ ﻋﻠﻰ‬

‫ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﻓﻘﻂ ﺩﻭﻥ ﺍﻟﻄﺒﻴﻌﻲ ﻭﻫﻮ ﺃﻣﺮ ﻣﺴﺘﺤﺴﻦ‪.‬‬

‫‪ -‬ﻓﺘﺢ ﺍ‪‬ﺎﻝ ﺃﻣﺎﻡ ﻛﻞ ﺃﻧﻮﺍﻉ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﳌﻤﺎﺭﺳﺔ ﻣﻬﻨﺔ ﺍﻟﻮﺳﺎﻃﺔ ﻭﻋﺪﻡ‬
‫ﺣﺼﺮﻫﺎ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﺫﺍﺕ ﺍﻷﺳﻬﻢ ﻓﻘﻂ‪ ،‬ﻣﻊ ﺭﻓﻊ ﻣﺒﻠﻎ ﺭﺃﺱ ﺍﳌﺎﻝ ﻣﻦ ﻣﻠﻴﻮﻥ‬
‫ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ ﺇﱃ ‪ 10‬ﻣﻼﻳﲔ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ‪ ،‬ﻭﺿﺮﻭﺭﺓ ﺩﻓﻌﻪ ﻛﻠﻴﺔ ﻭﻧﻘﺪﺍ‪.‬‬

‫‪ -‬ﺍﺳﺘﺤﺪﺍﺙ ﻧﺸﺎﻁ ﺟﺪﻳﺪ ﻟﻠﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻻ ﻭﻫﻮ ﻧﺸﺎﻁ‬

‫ﺍﻹﺭﺷﺎﺩ ﺳﻮﺍﺀ ﺗﻌﻠﻖ ﺍﻷﻣﺮ ﺑﺎﻹﺭﺷﺎﺩ ﰲ ﳎﺎﻝ ﺗﻮﻇﻴﻒ ﺍﻷﻣﻮﺍﻝ ﺃﻭ ﺍﻹﺭﺷﺎﺩ ﰲ‬
‫ﳎﺎﻝ ﻫﻴﻜﻠﺔ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺇﺩﻣﺎﺝ ﻭﺇﻋﺎﺩﺓ ﺷﺮﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫ﺗﻮﺻﻴﺎﺕ‬

‫‪ - 1‬ﻳﻼﺣﻆ ﻛﺜﺮﺓ ﺍﻟﻨﺼﻮﺹ ﺍﻟﱵ ﺗﻨﻈﻢ ﻣﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﻭﺗﺸﺘﺖ ﺃﺣﻜﺎﻣﻪ ﺑﲔ ﻫﺬﻩ ﺍﻟﻨﺼﻮﺹ ﳑﺎ ﻳﺆﺩﻱ ﺗﺎﺭﺓ ﺇﱃ ﺍﻟﺘﻜﺮﺍﺭ ﻭﺗﺎﺭﺓ ﺃﺧﺮﻯ ﺇﱃ‬
‫ﺍﻟﻨﻘﺼﺎﻥ‪ ،‬ﻟﺬﺍ ﻛﺎﻥ ﻣﻦ ﺍﻷﻓﻀﻞ ﻟﻮ ﰎ ﲨﻊ ﺃﺣﻜﺎﻣﻪ ﰲ ﻧﺺ ﻭﺍﺣﺪ ﻳﺴﻬﻞ ﻋﻠﻰ‬
‫ﺍﻟﺒﺎﺣﺚ ﻣﺸﻘﺔ ﺍﻟﺒﺤﺚ ﻭﺍﻟﺘﻨﻘﻞ ﻣﻦ ﻧﺺ ﻵﺧﺮ ﻛﻤﺎ ﻳﺴﻬﻞ ﻋﻠﻰ ﻣﻄﺒﻘﻲ ﺍﻟﻘﺎﻧﻮﻥ‬
‫ﺫﻟﻚ‪.‬‬

‫‪ - 2‬ﻛﻞ ﺗﻌﻠﻴﻤﺎﺕ ﺍﻟﻠﺠﻨﺔ ﺻﺪﺭﺕ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻔﺮﻧﺴﻴﺔ ﻋﻠﻰ ﺧﻼﻑ ﺃﻧﻈﻤﺘﻬﺎ ﻓﻘﺪ‬
‫ﲤﺖ ﺻﻴﺎﻏﺘﻬﺎ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﻟﺬﺍ ﻛﺎﻥ ﻣﻦ ﺍﳌﺴﺘﺤﺴﻦ ﺻﻴﺎﻏﺔ ﻛﻞ ﻣﻦ ﺍﻷﻧﻈﻤﺔ‬
‫ﻭﺍﻟﺘﻌﻠﻴﻤﺎﺕ ﺑﺎﻟﻠﻐﺘﲔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻟﻔﺮﻧﺴﻴﺔ ﺗﺴﻬﻴﻼ ﻟﻌﻤﻞ ﺍﻟﺒﺎﺣﺜﲔ ﻭﻣﻄﺒﻘﻲ ﺍﻟﻘﺎﻧﻮﻥ‬
‫ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻟﺮﺟﻮﻉ ﺇﱃ ﺇﺣﺪﻯ ﺍﻟﺼﻴﺎﻏﺘﲔ ﰲ ﺣﺎﻟﺔ ﻏﻤﻮﺽ ﺍﻷﺧﺮﻯ‪.‬‬

‫‪ - 3‬ﻳﻼﺣﻆ ﻋﻠﻰ ﺍﳌﺸﺮﻉ ﺑﻌﺾ ﺍﻟﻨﻘﺎﺋﺺ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﳉﺪﻳﺪ ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ‬

‫ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻭﺍﺟﺒﺎ‪‬ﻢ ﻭﻣﺮﺍﻗﺒﺘﻬﻢ ﺭﻗﻢ ‪01-15‬‬
‫ﻛﻌﺪﻡ ﻧﺼﻪ ﻋﻠﻰ ﺍﳌﺪﺓ ﺍﻟﺰﻣﻨﻴﺔ ﺍﻟﱵ ﺗﺘﻘﻴﺪ ﺍﻟﻠﺠﻨﺔ ﺧﻼﳍﺎ ﺑﺎﻟﺮﺩ ﻋﻠﻰ ﻃﻠﺐ‬
‫ﺍﻻﻋﺘﻤﺎﺩ‪ ،‬ﻭﻛﺬﺍ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﺘﺒﻌﺔ ﰲ ﺣﺎﻟﺔ ﺭﻓﺾ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺧﻼﻑ ﺍﻟﻨﻈﺎﻡ‬
‫ﺍﻟﻘﺪﱘ ﺭﻗﻢ ‪ 03-96‬ﺍﳌﻠﻐﻰ ﻭﺍﻟﺬﻱ ﺣﺪﺩﻫﺎ ﺑﻜﻞ ﺩﻗﺔ‪ ،‬ﻟﺬﺍ ﳚﺪﺭ ﺑﺎﳌﺸﺮﻉ ﺳﺪ‬
‫ﻫﺬﻩ ﺍﻟﺜﻐﺮﺓ ﺑﺎﻟﻨﺺ ﺿﻤﻦ ﺃﺣﻜﺎﻡ ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ 01-15‬ﻋﻠﻰ ﻣﻀﻤﻮﻥ ﺍﳌﺎﺩﺓ ‪11‬‬
‫ﻣﻦ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺴﺎﺑﻖ‪.‬‬

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‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫‪ - 4‬ﻋﺪﻡ ﲢﺪﻳﺪ ﺍﳌﺸﺮﻉ ﺣﺪﺍ ﺃﻗﺼﻰ ﻟﻠﻌﻤﻮﻟﺔ ﺍﻟﱵ ﻳﺘﻘﺎﺿﺎﻫﺎ ﺍﻟﻮﺳﻴﻂ ﰲ‬

‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻧﻈﲑ ﺍﳋﺪﻣﺎﺕ ﺍﻟﱵ ﻳﻘﺪﻣﻬﺎ ﻟﻠﺰﺑﺎﺋﻦ‪ ،‬ﳑﺎ ﻗﺪ ﻳﺆﺩﻱ ﺑﺎﻟﻮﺳﻴﻂ‬
‫ﺑﺎﳌﻐﺎﻻﺓ ﰲ ﲢﺪﻳﺪﻫﺎ ﻣﺎ ﻳﺴﺘﻮﺟﺐ ﺗﺪﺧﻼ ﻣﻦ ﺍﳌﺸﺮﻉ ﰲ ﲢﺪﻳﺪ ﺣﺪ ﺃﻗﺼﻰ‬
‫ﻟﻠﻌﻤﻮﻟﺔ ﲪﺎﻳﺔ ﻟﻠﺰﺑﺎﺋﻦ‪.‬‬

‫ﺍﳍﻮﺍﻣﺶ‪:‬‬
‫‪ - 1‬ﺍﳌﺆﺭﺥ ﰲ ‪ 02‬ﺫﻱ ﺍﳊﺠﺔ ﻋﺎﻡ ‪ 1413‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 23‬ﻣﺎﻳﻮ ﺳﻨﺔ ‪ ،1993‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 23‬ﻣﺎﻱ ‪،1993‬‬
‫ﻉ‪ ،34 .‬ﺹ‪.‬‬
‫‪ - 2‬ﺍﳌﺆﺭﺥ ﰲ ‪ 03‬ﻳﻮﻟﻴﻮ ﺳﻨﺔ ‪ ،1996‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 01‬ﺟﻮﺍﻥ ‪،1997‬ﻉ‪.36 .‬‬
‫‪3- Instruction COSOB n° 97-01 du 30 novembre 1997 fixant les‬‬
‫‪modalités d’agrément des intermédiaires en opérations de bourse.‬‬
‫‪ - 4‬ﻗﺎﻧﻮﻥ ﺭﻗﻢ ‪ 04-03‬ﻣﺆﺭﺥ ﰲ ‪ 16‬ﺫﻱ ﺍﳊﺠﺔ ﺳﻨﺔ ‪ 1423‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 17‬ﻓﱪﺍﻳﺮ ﺳﻨﺔ ‪ ،2003‬ﻳﻌﺪﻝ ﻭﻳﺘﻤﻢ‬
‫ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ﺭﻗﻢ ‪ 10-93‬ﺍﳌﺆﺭﺥ ﰲ ‪ 02‬ﺫﻱ ﺍﳊﺠﺔ ﻋﺎﻡ ‪ 1413‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 23‬ﻣﺎﻳﻮ ﺳﻨﺔ ‪ 1993‬ﻭﺍﳌﺘﻌﻠﻖ‬
‫ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ‪ ،‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 19‬ﻓﱪﺍﻳﺮ ‪ ،2003‬ﻉ‪.11 .‬‬
‫‪ - 5‬ﺍﳌﺆﺭﺥ ﰲ ‪ 25‬ﲨﺎﺩﻯ ﺍﻟﺜﺎﻧﻴﺔ ‪ ،1436‬ﺍﳌﻮﺍﻓﻖ ﻝ ‪ 15‬ﺃﻓﺮﻳﻞ ‪ ،2015‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪21‬ﺃﻛﺘﻮﺑﺮ ‪ ،2015‬ﻉ‪.‬‬
‫‪.55‬‬
‫‪6‬‬
‫‪- Instruction COSOB n°16-03 du 18 avril 2016 fixant les éléments‬‬
‫‪constituant le dossier joint à la demande d’agrément en qualité‬‬
‫‪d’Intermédiaire en Opérations de Bourse.‬‬
‫‪ - 7‬ﺍﳌﺎﺩﺓ ‪ 06‬ﻣﻦ ﻡ‪ .‬ﺕ ‪ 10-93‬ﻗﺒﻞ ﺍﻟﺘﻌﺪﻳﻞ‪.‬‬
‫‪ - 8‬ﺍﳌﺎﺩﺓ ‪ 06‬ﻣﻦ ﻡ‪ .‬ﺕ ‪ 10-93‬ﺑﻌﺪ ﺍﻟﺘﻌﺪﻳﻞ‪.‬‬
‫‪ - 9‬ﺍﳌﺎﺩﺓ ‪ 06‬ﻑ‪ 01.‬ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺑﻌﺪ ﺗﻌﺪﻳﻠﻬﺎ ﲟﻮﺟﺐ ﺍﳌﺎﺩﺓ ‪ 04‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪04- 03‬‬
‫ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ ﻟﻪ‪.‬‬
‫‪ -10‬ﺍﻷﻣﺮ ﺭﻗﻢ ‪ 11-03‬ﺍﳌﺆﺭﺥ ﰲ ‪ 27‬ﲨﺎﺩﻯ ﺍﻟﺜﺎﻧﻴﺔ ‪ 1424‬ﻩ ﺍﳌﻮﺍﻓﻖ ﻝ ‪ 20‬ﺃﻭﺕ ‪ 2003‬ﻭﺍﳌﺘﻀﻤﻦ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ‬
‫ﻭﺍﻟﻘﺮﺽ ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ‪ ،‬ﺝ‪ .‬ﺭ‪ .‬ﻉ‪ ،52 .‬ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 27‬ﺃﻭﺕ ‪2003.‬‬
‫‪ -11‬ﺍﳌﺎﺩﺓ ‪ 128‬ﻣﻦ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ‪.‬‬
‫‪ -12‬ﺍﳌﺎﺩﺓ ‪ 110‬ﻣﻦ ﻧﻔﺲ ﺍﻷﻣﺮ‪.‬‬
‫‪ -13‬ﺍﳌﺎﺩﺓ ‪ 115‬ﻣﻦ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ‪.‬‬
‫‪ -14‬ﺍﳌﺎﺩﺓ ‪ 128‬ﻣﻦ ﻧﻔﺲ ﺍﻷﻣﺮ‪.‬‬
‫‪ -15‬ﺍﳌﺎﺩﺓ ‪ 31‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪ 04-03‬ﺍﻟﺴﺎﺑﻖ ﺫﻛﺮﻩ‪.‬‬
‫‪ -16‬ﺭﻳﺰﺍﻥ ﺣﺴﻦ ﻣﻮﻟﻮﺩ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺸﺮﻛﺔ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ‪ ،‬ﻣﻨﺸﻮﺭﺍﺕ ﺍﳊﻠﱯ‬
‫ﺍﳊﻘﻮﻗﻴﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪2015. ،‬‬
‫‪ -17‬ﺍﳌﺎﺩﺓ ‪ 06‬ﻣﻦ ﻧﻈﺎﻡ ‪ 01-15‬ﺍﻟﺴﺎﺑﻖ ﺍﻟﺬﻛﺮ‪.‬‬

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 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫‪ -18‬ﺍﳌﺎﺩﺓ ‪ 12‬ﻣﻦ ﻧﻈﺎﻡ ﺭﻗﻢ ‪ 01-15‬ﺍﻟﺴﺎﻟﻒ ﺫﻛﺮﻩ‪.‬‬

‫‪ -19‬ﺍﻟﻔﻘﺮﺓ ‪ 02‬ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 09‬ﻣﻦ ﻡ‪ .‬ﺕ ‪ 10-93‬ﺍﳌﻌﺪﻟﺔ ﻭﺍﳌﺘﻤﻤﺔ ﲟﻮﺟﺐ ﺍﳌﺎﺩﺓ ‪ 06‬ﻣﻦ ﻗﺎﻧﻮﻥ ‪.04-03‬‬
‫‪ -20‬ﺭﺍﺟﻊ ﺍﻟﺸﻄﺮ ‪ 03‬ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 02‬ﻣﻦ ﻧﻈﺎﻡ ‪01.-15‬‬
‫‪ -21‬ﺍﳌﺎﺩﺓ ‪ 25‬ﻣﻦ ﻧﻔﺲ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫‪ -22‬ﺍﻟﺸﻄﺮ ‪ 02‬ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 02‬ﻣﻦ ﻧﻔﺲ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫‪ -23‬ﺍﳌﺎﺩﺓ ‪ 43‬ﺍﳌﻌﺪﻟﺔ ﻭﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﻟﺴﺎﺑﻖ ﺫﻛﺮﻩ‪.‬‬
‫‪ -24‬ﺍﻟﺸﻄﺮ ‪ 05‬ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 02‬ﻣﻦ ﻧﻔﺲ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫‪ -25‬ﺭﺍﺟﻊ ﺍﳌﺎﺩﺓ ‪ 29‬ﻣﻦ ﻧﻔﺲ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫‪ -26‬ﺭﺍﺟﻊ ﺍﻟﺸﻄﺮ ‪ 04‬ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 02‬ﻭﺍﳌﺎﺩﺓ ‪ 23‬ﻣﻦ ﻧﻔﺲ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫‪ -27‬ﺍﻟﻔﻘﺮﺓ ‪ 02‬ﻣﻦ ﺍﳌﺎﺩﺓ ‪ 05‬ﺍﳌﻌﺪﻟﺔ ﻭﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﳌﺘﻌﻠﻖ ﺑﺎﻟﺒﻮﺭﺻﺔ‪.‬‬
‫‪ -28‬ﺍﳌﺆﺭﺥ ﰲ ‪ 27‬ﺭﻣﻀﺎﻥ ﻋﺎﻡ ‪ 1425‬ﺍﳌﻮﺍﻓﻖ ﻝ ‪ 10‬ﻧﻮﻓﻤﱪ ‪2004.‬‬
‫‪ -29‬ﻣﺼﻌﺐ ﻋﻠﻲ ﻋﻤﺮ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺴﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ﻣﻘﺪﻣﺔ ﺍﱃ ﳎﻠﺲ ﻛﻠﻴﺔ‬
‫ﺍﻟﻘﺎﻧﻮﻥ ﺟﺎﻣﻌﺔ ﺍﳌﻮﺻﻞ‪ ،‬ﺳﻨﺔ ‪ ،2006‬ﺹ‪158. .‬‬
‫‪ -30‬ﻡ ‪.‬ﻡ ‪ .‬ﺣﻴﺪﺭ ﻓﻬﻤﻲ ﺣﺎﰎ‪ ،‬ﺍﳊﻤﺎﻳﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﳎﻠﺔ ﺩﺭﺍﺳﺎﺕ ﺍﻟﺒﺼﺮﺓ‪ ،‬ﺍﻟﺴﻨﺔ‬
‫ﺍﻟﺜﺎﻧﻴﺔ ﻋﺸﺮﺓ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،2012 ،23‬ﺹ‪151. .‬‬
‫‪ -31‬ﺭﻳﺰﺍﻥ ﺣﺴﻦ ﻣﻮﻟﻮﺩ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪75. .‬‬
‫‪ -32‬ﺍﳌﺆﺭﺥ ﰲ ‪ 17‬ﺭﺟﺐ ﻋﺎﻡ ‪ 1418‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 18‬ﻧﻮﻓﻤﱪ ‪ ، 1997‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 29‬ﺩﻳﺴﻤﱪ ‪،1997‬‬
‫ﺍﻟﻌﺪﺩ ‪ ،87‬ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ ﺑﺎﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ ،01 - 12‬ﺝ‪.‬ﺭ ﺍﻟﺼﺎﺩﺭﺓ ﰲ ‪ 15‬ﺟﻮﻳﻠﻴﺔ ‪ ،2012‬ﻋﺪﺩ ‪. 04‬‬
‫‪ -33‬ﻋﺎﻣﺮ ﻧﻌﻤﺎﻥ ﻓﻬﺪ‪ ،‬ﺍﻟﻮﺳﻴﻂ ﰲ ﺳﻮﻕ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ(‪ ،‬ﲝﺚ ﻣﻘﺪﻡ ﺍﱃ ﳎﻠﺲ ﻛﻠﻴﺔ ﺍﻟﻘﺎﻧﻮﻥ ﺟﺎﻣﻌﺔ‬
‫ﺍﻟﻘﺎﺩﺳﻴﺔ ﻛﺠﺰﺀ ﻣﻦ ﻣﺘﻄﻠﺒﺎﺕ ﻧﻴﻞ ﺷﻬﺎﺩﺓ ﺍﻟﺒﻜﺎﻟﻮﺭﻳﻮﺱ ﰲ ﺍﻟﻘﺎﻧﻮﻥ‪ ،2017 ،‬ﺹ‪25. .‬‬
‫‪ -34‬ﺃﲪﺪ ﺍﻟﺒﺎﺯ‪ ،‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ‪ ،‬ﺩﺍﺭ ﺍﳉﺎﻣﻌﺔ‬
‫ﺍﳉﺪﻳﺪﺓ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ 2015 ،‬ﺹ‪.147 .‬‬
‫‪ -35‬ﺍﳌﺎﺩﺓ ‪ 50‬ﻣﻦ ﻧﻈﺎﻡ ﺭﻗﻢ ‪ 01-15‬ﺍﻟﺴﺎﺑﻖ ﺫﻛﺮﻩ‪.‬‬
‫‪ -36‬ﺍﳌﺎﺩﺓ ‪ 48‬ﻣﻦ ﻧﻔﺲ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫‪37 - Instruction n° 2000-001 fixant les règles prudentielles de gestion‬‬
‫‪des intermédiaires en opérations de bourse.‬‬
‫‪38- Art 2 de l’Instruction, préc: «Les IOB sont tenus de maintenir en‬‬
‫‪permanence les règles prudentielles suivantes: couverture des risques‬‬
‫‪; division des risques ; et cantonnement des actifs».‬‬
‫‪ -39‬ﺭﺍﺟﻊ ﺍﳌﻮﺍﺩ ‪ 44 ،43‬ﻭ‪ 45‬ﻣﻦ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺴﺎﺑﻖ‪.‬‬

‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ‪:‬‬

‫‪266‬‬
‫ﺑﻠﻌﺮﰊ ﺧﺪﳚﺔ‬

‫‪ -1‬ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ‪ 10-93‬ﺍﳌﺘﻌﻠﻖ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﺍﳌﺆﺭﺥ ﰲ ‪ 02‬ﺫﻱ ﺍﳊﺠﺔ‬

‫ﻋﺎﻡ ‪ 1413‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 23‬ﻣﺎﻳﻮ ﺳﻨﺔ ‪ ،1993‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 23‬ﻣﺎﻱ ‪ ،1993‬ﻉ‪.‬‬
‫‪ ،34‬ﺹ‪.‬‬
‫‪ -2‬ﻗﺎﻧﻮﻥ ﺭﻗﻢ ‪ 04-03‬ﻣﺆﺭﺥ ﰲ ‪ 16‬ﺫﻱ ﺍﳊﺠﺔ ﺳﻨﺔ ‪ 1423‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 17‬ﻓﱪﺍﻳﺮ‬
‫ﺳﻨﺔ ‪ ،2003‬ﻳﻌﺪﻝ ﻭﻳﺘﻤﻢ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ﺭﻗﻢ ‪ 10-93‬ﺍﳌﺆﺭﺥ ﰲ ‪ 02‬ﺫﻱ ﺍﳊﺠﺔ ﻋﺎﻡ‬
‫‪ 1413‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 23‬ﻣﺎﻳﻮ ﺳﻨﺔ ‪ 1993‬ﻭﺍﳌﺘﻌﻠﻖ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ‪،‬‬
‫ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 19‬ﻓﱪﺍﻳﺮ ‪ ،2003‬ﻉ‪.11 .‬‬
‫‪ -3‬ﺍﻷﻣﺮ ﺭﻗﻢ ‪ 11-03‬ﺍﳌﺆﺭﺥ ﰲ ‪ 27‬ﲨﺎﺩﻯ ﺍﻟﺜﺎﻧﻴﺔ ‪ 1424‬ﻩ ﺍﳌﻮﺍﻓﻖ ﻝ ‪ 20‬ﺃﻭﺕ‬
‫‪ 2003‬ﻭﺍﳌﺘﻀﻤﻦ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ‪ ،‬ﺝ‪ .‬ﺭ‪ .‬ﻉ‪ ،52 .‬ﺍﳌﺆﺭﺧﺔ ﰲ ‪27‬‬
‫ﺃﻭﺕ ‪2003.‬‬
‫‪ -4‬ﻧﻈﺎﻡ ﺭﻗﻢ ‪ 03-96‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻭﺍﺟﺒﺎ‪‬ﻢ‬
‫ﻭﻣﺮﺍﻗﺒﺘﻬﻢ‪ ،‬ﺍﳌﺆﺭﺥ ﰲ ‪ 03‬ﻳﻮﻟﻴﻮ ﺳﻨﺔ ‪ ،1996‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ‪ 01‬ﺟﻮﺍﻥ ‪،1997‬ﻉ‪.‬‬
‫‪.36‬‬
‫‪ -5‬ﻧﻈﺎﻡ ﺭﻗﻢ ‪ 03-97‬ﺍﳌﺘﻌﻠﻖ ﺑﺎﻟﻨﻈﺎﻡ ﺍﻟﻌﺎﻡ ﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﺍﳌﺆﺭﺥ ﰲ ‪17‬‬
‫ﺭﺟﺐ ﻋﺎﻡ ‪ 1418‬ﺍﳌﻮﺍﻓﻖ ﻟـ ‪ 18‬ﻧﻮﻓﻤﱪ ‪ ، 1997‬ﺝ‪ .‬ﺭ ﺍﳌﺆﺭﺧﺔ ﰲ ‪ 29‬ﺩﻳﺴﻤﱪ‬
‫‪ ،1997‬ﺍﻟﻌﺪﺩ ‪ ،87‬ﺍﳌﻌﺪﻝ ﻭﺍﳌﺘﻤﻢ ﺑﺎﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ ،01 - 12‬ﺝ‪.‬ﺭ ﺍﻟﺼﺎﺩﺭﺓ ﰲ ‪15‬‬
‫ﺟﻮﻳﻠﻴﺔ ‪ ،2012‬ﻋﺪﺩ ‪. 04‬‬
‫‪ -6‬ﻧﻈﺎﻡ ﺭﻗﻢ ‪ 01- 15‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻭﺍﺟﺒﺎ‪‬ﻢ‬
‫ﻭﻣﺮﺍﻗﺒﺘﻬﻢ‪ ،‬ﺍﳌﺆﺭﺥ ﰲ ‪ 25‬ﲨﺎﺩﻯ ﺍﻟﺜﺎﻧﻴﺔ ‪ ،1436‬ﺍﳌﻮﺍﻓﻖ ﻝ ‪ 15‬ﺃﻓﺮﻳﻞ ‪ ،2015‬ﺝ‪ .‬ﺭ‬
‫ﺍﳌﺆﺭﺧﺔ ﰲ ‪21‬ﺃﻛﺘﻮﺑﺮ ‪ ،2015‬ﻉ‪.55 .‬‬
‫‪7- Instruction COSOB n° 97-01 du 30 novembre 1997‬‬
‫‪fixant les modalités d’agrément des intermédiaires en‬‬
‫‪opérations de bourse.‬‬
‫‪8- Instruction COSOB n° 2000-001 fixant les règles‬‬
‫‪prudentielles de gestion des intermédiaires en opérations‬‬
‫‪de bourse.‬‬
‫‪267‬‬
 ‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﳌﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬

‫‪9- Instruction COSOB n°16-03 du 18 avril 2016 fixant les‬‬

‫‪éléments constituant le dossier joint à la demande‬‬
‫‪d’agrément en qualité d’Intermédiaire en Opérations de‬‬
‫‪Bourse.‬‬
‫ﺍﳌﺮﺍﺟﻊ‬
‫‪ -1‬ﺃﲪﺪ ﺍﻟﺒﺎﺯ‪ ،‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪،‬‬
‫ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ‪ ،‬ﺩﺍﺭ ﺍﳉﺎﻣﻌﺔ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪.2015 ،‬‬

‫‪ -2‬ﺭﻳﺰﺍﻥ ﺣﺴﻦ ﻣﻮﻟﻮﺩ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺸﺮﻛﺔ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺭﺍﺳﺔ‬
‫ﻣﻘﺎﺭﻧﺔ‪ ،‬ﻣﻨﺸﻮﺭﺍﺕ ﺍﳊﻠﱯ ﺍﳊﻘﻮﻗﻴﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪.2015 ،‬‬

‫ﺍﻟﺮﺳﺎﺋﻞ ﺍﳉﺎﻣﻌﻴﺔ‬
‫‪ -1‬ﻋﺎﻣﺮ ﻧﻌﻤﺎﻥ ﻓﻬﺪ‪ ،‬ﺍﻟﻮﺳﻴﻂ ﰲ ﺳﻮﻕ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ(‪ ،‬ﲝﺚ ﻣﻘﺪﻡ ﺍﱃ‬
‫ﳎﻠﺲ ﻛﻠﻴﺔ ﺍﻟﻘﺎﻧﻮﻥ ﺟﺎﻣﻌﺔ ﺍﻟﻘﺎﺩﺳﻴﺔ ﻛﺠﺰﺀ ﻣﻦ ﻣﺘﻄﻠﺒﺎﺕ ﻧﻴﻞ ﺷﻬﺎﺩﺓ ﺍﻟﺒﻜﺎﻟﻮﺭﻳﻮﺱ ﰲ‬
‫ﺍﻟﻘﺎﻧﻮﻥ‪.2017 ،‬‬
‫‪ -2‬ﻣﺼﻌﺐ ﻋﻠﻲ ﻋﻤﺮ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺴﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ‪ ،‬ﺭﺳﺎﻟﺔ‬
‫ﻣﺎﺟﺴﺘﲑ ﻣﻘﺪﻣﺔ ﺍﱃ ﳎﻠﺲ ﻛﻠﻴﺔ ﺍﻟﻘﺎﻧﻮﻥ ﺟﺎﻣﻌﺔ ﺍﳌﻮﺻﻞ‪ ،‬ﺳﻨﺔ ‪.2006‬‬
‫ﺍﳌﻘﺎﻻﺕ‬
‫‪ -1‬ﻡ ‪.‬ﻡ ‪ .‬ﺣﻴﺪﺭ ﻓﻬﻤﻲ ﺣﺎﰎ‪ ،‬ﺍﳊﻤﺎﻳﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﳎﻠﺔ‬
‫ﺩﺭﺍﺳﺎﺕ ﺍﻟﺒﺼﺮﺓ‪ ،‬ﺍﻟﺴﻨﺔ ﺍﻟﺜﺎﻧﻴﺔ ﻋﺸﺮﺓ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،2012 ،23‬ﺹ‪.151 .‬‬

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