Regulatory Alerts2005-07-27
General Decision of the Financial Market Council No. 9 of July 27, 2005
The Financial Market Council issued General Decision No. 9 of July 27, 2005 to establish a standardized liquidity contract model for newly listed and existing companies on the Tunis Stock Exchange. This decision mandates major shareholders to utilize approved liquidity contracts that require intermediaries to maintain dedicated accounts, execute trades exclusively during market hours via non-block transactions, and report monthly on cash and security positions to ensure price stability without influencing market trends. The framework further defines the intermediary's independence, information confidentiality, remuneration calculation, suspension and termination triggers, and establishes Tunis courts as the competent jurisdiction for any contractual disputes.