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2000-04-24

General Decision No. 5 of the CMF dated April 24, 2000 on Essential Information Required in Stockbroker Account Opening Forms

The College of the Financial Market Council mandates that stockbroker account opening forms must explicitly include client identity, contact details, account type, investment objectives, initial contact method, specimen signatures, and transfer or closure conditions. Stockbrokers are granted a six-month transitional period to update their client records and file powers of attorney for third-party agents in compliance with these new requirements. The decision, effective upon publication in the Official Bulletin, directly implements Article 50 of Decree No. 99-2478 to standardize account documentation across the financial market.

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General Decision No. 5 of April 24, 2000 in application of the status of stockbrokers 1 GENERAL DECISION OF THE FINANCIAL MARKET COUNCIL NO. 5 of April 24, 2000 on the essential details to be included in the account opening form with a stockbroker The College of the Financial Market Council, meeting on February 24, 2000, Having regard to Law No. 94-117 of November 14, 1994 on the reorganization of the financial market and in particular its Articles 28, 31, 48, and 58; Having regard to Decree No. 99-2478 of November 1, 1999 on the status of stockbrokers and in particular its Article 50, Decides, Article 1 The account opening form, referred to in Article 50 of Decree No. 99-2478 of November 1, 1999 on the status of stockbrokers, specifies:

  • the full name and date of birth of the account holder;
  • the occupation of the account holder as well as their professional address and telephone number;
  • the personal address and telephone number of the account holder;
  • the national identity card number of the account holder or any other identification document if the holder is a foreigner;
  • the account number, its opening date, and the unique identifier;
  • the account type (discretionary or non-discretionary management);
  • the client's investment objectives and their level of knowledge regarding investments;
  • the method of establishing initial contact with the account holder (advertising, solicitation, recommendation, telephone call, or other);
  • the specimen signature of the legal representative or any other person delegated for this purpose if the account is opened in the name of a legal entity, as well as a copy of the powers granted to them;
  • the specimen signature of the account holder as well as of any mandated persons, where applicable;
  • The conditions for transferring or closing the account. In the event that a power of attorney is granted to a third party by the account holder to act on their behalf, a copy of this power of attorney and a copy of the national identity card of the authorized person are filed with the stockbroker. Article 2 For accounts opened prior to the publication of this general decision, stockbrokers have a period of six months to align the information in their client records with the provisions of this general decision. Article 3 This general decision shall be published in the Official Bulletin of the Financial Market Council following the approval of the Minister of Finance. Tunis, April 24, 2000. Visa For the College of the Financial Market Council Minister of Finance President Taoufik BACCAR Béchir EL YOUNSI
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