COSOB (Commission d'Organisation et de Surveillance des Opérations de Bourse) is Algeria's stock-market regulator. Operating since 1996 under Décret législatif 93-10, it issues visas for prospectuses, supervises the SGBV, licenses brokers (IOBs), and rules on market conduct.
No IPO can go ahead without a COSOB visa. The visa number you see on the AYRADE card ("COSOB visa 2026/02") is the regulator's stamp on the prospectus — confirmation that the disclosure document meets the legal bar, not endorsement of the investment.
COSOB also publishes the daily settlement reports and is the destination for investor complaints. The trust line in the page footer cites the COSOB framework because every datum in this app is mirrored from a COSOB-supervised market.