Regulatory Alerts2008-08-30
General Decision of the Financial Markets Council No. 12 Establishing the Conditions for Issuing the Professional Card for Market Surveillance Functions at the Tunis Stock Exchange
The Financial Markets Council of Tunisia issued General Decision No. 12 to establish the eligibility criteria and procedural requirements for obtaining a professional card mandatory for market surveillance personnel at the Tunis Stock Exchange. The decision mandates that designated officers possess appropriate technical resources and decision-making autonomy, submit detailed applications containing updated curricula vitae and sanction disclosures to the Council for approval within fifteen days, and comply with strict card withdrawal rules upon cessation of duties or disciplinary action. Additionally, it requires the designated market surveillance officer to prepare and transmit an annual operational report detailing organizational structure, task performance, observations, and corrective measures to both the Council and the Exchange's Board of Directors within three months of fiscal year-end.
1 General Decision of the Financial Markets Council No. 12 establishing the conditions for issuing the professional card for the market surveillance function within the Tunis Stock Exchange
The Council of the Financial Markets Council; Having regard to Law No. 94-117 of November 14, 1994, reorganizing the financial market as amended by Law No. 99-92 of August 17, 1999 on revitalizing 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 the General Regulations of the Tunis Stock Exchange, approved by the decree of the Minister of Finance dated February 13, 1997 and the amendments thereto approved by decrees of the Minister of Finance dated September 9, 1999, September 24, 2005, September 24, 2007 and April 15, 2008 and in particular Article 4 thereof; Decides:
Article 1: The Tunis Stock Exchange designates the persons responsible for the market surveillance function, qualified to act in this capacity on the exchange's trading markets, based in particular on their professional competence and knowledge of the operational rules of the electronic trading platform and over-the-counter market trading.
Article 2: Persons responsible for the market surveillance function must possess appropriate decision-making autonomy as well as the technical means necessary to perform their duties.
Article 3: The market surveillance function within the Tunis Stock Exchange requires holding a professional card. This card is issued by the Financial Markets Council, upon proposal from the Tunis Stock Exchange. To issue this card, the Tunis Stock Exchange transmits to the Financial Markets Council, for each concerned person, an application for issuance of a professional card signed by the relevant person and accompanied by a file containing the following elements:
- surname, first name and date of birth,
- a detailed and updated curriculum vitae,
- disclosure of any criminal conviction, administrative sanction or dismissal for cause, indicating whether such proceedings are pending.
2 The Financial Markets Council may request from the Tunis Stock Exchange or the concerned persons any clarification it deems useful. The Financial Markets Council rules within fifteen days from receipt of the application or, where applicable, supplementary information requested.
Article 4: When the holder of a professional card referred to in Article 3 ceases to exercise the market surveillance function, the Tunis Stock Exchange notifies the Financial Markets Council, which withdraws the card. When the professional card is withdrawn by the Financial Markets Council in application of a sanction decision, the Tunis Stock Exchange is notified thereof by the Financial Markets Council.
Article 5: The Tunis Stock Exchange designates a market surveillance officer. This officer prepares an annual report on the exercise of the market surveillance function. This report is transmitted simultaneously to the Financial Markets Council and the Board of Directors of the Tunis Stock Exchange, no later than three months after the close of the financial year. This report includes:
- a description of the surveillance organization,
- an inventory of tasks performed to exercise the surveillance mission,
- observations made by the surveillance officer,
- measures adopted following these observations.
Done in Tunis on August 30, 2008 Visa For the Council of the Financial Markets Council Minister of Finance President