Regulatory Alerts2017-04-17
CMF Regulation on Combating Market Abuses
The Tunisian Ministry of Finance and the Financial Market Council (CMF) issued this regulation to establish prevention rules and sanctions for market abuses involving privileged information and price manipulation. It defines key terms such as reference shareholders, insiders, and transactions without economic justification, while mandating written procedures, insider lists, and strict trading blackout periods for listed companies. Furthermore, it prohibits insiders from using or communicating privileged information, outlines specific price manipulation maneuvers, and exempts certain stabilizing purchases and liquidity contract operations from being classified as market abuses.
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