CMF General Decision No. 11 on Approval Procedures for Market Making Activities

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B.O No. 2911 of Tuesday, August 14, 2007 - page-1-

GENERAL DECISION OF THE CMF No. 11 on Approval Procedures for the Exercise of Market Making Activities

The College of the Financial Market Council,

Having regard to Law No. 94-117 of November 14, 1994 on the reorganization of the financial market, as amended by Law No. 99-92 of August 17, 1999 on the revitalization of the financial market and Law No. 2005-96 of October 18, 2005 on strengthening the security of financial relations, and in particular Articles 28 and 31 thereof;

Having regard to Decree No. 99-2478 of November 1, 1999 on the status of stock exchange intermediaries, as amended and supplemented by Decree No. 2007-1678 of July 5, 2007, and in particular Articles 43, 44, 45, 46, 47 and 48 thereof;

Decides:

Article 1:

The market making activity, as defined in Article 43 of Decree No. 99-2478 of November 1, 1999 on the status of stock exchange intermediaries, is carried out by stock exchange intermediary companies possessing a minimum net equity of 3 million dinars.

Article 2:

To obtain the approval of the Financial Market Council, companies wishing to exercise market making activities must submit an application to the Financial Market Council, accompanied by documents demonstrating compliance with the rules and obligations set forth in Articles 1 and 3 of this General Decision.

Article 3:

The market maker shall designate one or more person(s) from its staff responsible for monitoring and ensuring the proper execution of said activity.

The identity of these persons is communicated to the Financial Market Council and the Tunis Securities Exchange. In case of change, these same authorities are informed in advance.

Article 4:

Transactions carried out by the market maker are recorded in a specific account opened in its books. The market maker shall maintain the confidentiality of any information it may have obtained during the exercise of its activity.

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Article 5:

The practical and technical conditions for exercising market making activities are established by the exchange regulations. The Tunis Securities Exchange publishes, by notice, any agreement between the market maker and the issuing company, as well as its terms.

Article 6:

This General Decision shall be published in the Official Gazette of the Financial Market Council following the visa of the Minister of Finance.

Done at: On: , August 11, 2007

Visa / Ministerial Approval The Minister of Finance

For the College of the Financial Market Council The President

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