Regulatory Alerts2017-09-13
CMF Guide for Issuers on the Application of Preventive Measures under the Market Misconduct Regulation
The Tunisian Financial Market Council (CMF) issued this September 2017 guide to clarify the practical application of preventive measures against market misconduct regarding inside information. Issuers are required to establish written procedures, maintain updated lists of insiders and persons with close links, define mandatory trading blackout periods, and ensure timely declarations of securities holdings, monthly operations, and significant transactions. These obligations apply to directors, senior management, and affiliated individuals, who must be formally notified of their status and the associated sanctions to prevent improper use or disclosure of privileged information.
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