Regulatory Alerts2020-06-05
Code of Collective Investment Schemes
The Tunisian Chamber of Deputies and President promulgated Law No. 2001-83 establishing the Code of Collective Investment Schemes, which consolidates and updates regulations for investment companies and securities funds. The Code mandates strict capitalization, governance, and reporting standards for variable capital investment companies (SICAVs) and securities investment funds (FCPs), while introducing specialized risk/venture capital funds, fund-of-funds structures, and simplified subscription procedures for sophisticated investors. It further enforces mandatory asset inventories, statutory audits, Financial Markets Council oversight, and specific redemption or liquidation timelines to ensure market stability and investor protection.
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