Decree No. 2012-2945 of November 27, 2012, implementing the provisions of Article 23 of Law No. 88-92 of August 2, 1988 on investment companies and Article 22 quinquies of the Collective Investment Schemes Code

No. 96 Official Journal of the Tunisian Republic — December 4, 2012 Page 3087 Decree No. 2012-2945 of November 27, 2012, implementing the provisions of Article 23 of Law No. 88-92 of August 2, 1988 on investment companies and Article 22 quinquies of the Collective Investment Schemes Code. The Head of Government, on the proposal of the Minister of Finance, having regard to Constitutive Law No. 2011-6 of December 16, 2011 on the provisional organization of public powers, having regard to Law No. 88-92 of August 2, 1988 on investment companies, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011 modifying the legislation on venture capital investment companies and risk collective investment funds and easing the conditions for their interventions, having regard to the Collective Investment Schemes Code promulgated by Law No. 2001-83 of July 24, 2001, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011 modifying the legislation on venture capital investment companies and risk collective investment funds and easing the conditions for their interventions, having regard to the Code on Financial Services to Non-Residents promulgated by Law No. 2009-64 of August 12, 2009, having regard to Decree No. 75-316 of May 30, 1975 fixing the powers of the Ministry of Finance, having regard to Republican Order No. 2 of December 24, 2011 on the appointment of the Head of Government, having regard to Decree No. 2011-4796 of December 29, 2011 on the appointment of members of the Government, having regard to the opinion of the Administrative Court, after deliberation by the Council of Ministers and notification to the President of the Republic. Decrees as follows: Article 1 - A qualified investor is an investor who possesses the expertise, knowledge, and skills necessary to make investment decisions and evaluate the inherent risks thereof, and who belongs to one of the investor categories mentioned in Articles 2 and 3 of this Decree. Art. 2 - The following are considered qualified investors in accordance with Article 1 of this Decree: I. The following investors when acting on their own account:

1. The Tunisian State,
2. International and regional financial institutions,
3. The following investors as defined by current legislation: the Deposit and Consignment Fund, credit institutions, investment companies, collective investment schemes in securities, insurance and reinsurance companies, stockbrokers, portfolio management companies for securities, expert funds, non-resident financial service providers, and non-resident companies exercising one of the activities provided for in Article 147 of the aforementioned Code on Financial Services to Non-Residents.
4. Any company meeting at least two of the following three conditions: average annual workforce exceeding 200 persons, total balance sheet exceeding 20 million dinars, net turnover or revenue exceeding 40 million dinars. (This applies based on the consolidated accounts of the last financial year and, failing that, published financial statements and, where applicable, certified by the statutory auditor.)
5. Any natural person investor who has made an initial subscription of at least 100,000 dinars and meets at least one of the following two conditions: having held a position in the financial sector for at least two years and presenting proof of acquiring knowledge of portfolio management strategies for securities, or holding a portfolio of securities or deposits with a total value equal to or greater than one million dinars.
6. Any natural person investor who has made an initial subscription equal to or greater than one million dinars. II. The following are also considered qualified investors: management companies, credit institutions, venture capital investment companies, and non-resident financial service providers, as defined by current legislation, when acting on behalf of the investors mentioned in point 1 of this Article, and who may waive their status as qualified investors at any time under the management agreement. Art. 3 - The following are also considered qualified investors: any natural or legal person recognized as a qualified investor in their country of origin, and investors having the same objects as the investors mentioned in point 1-3 of Article 2 of this Decree under foreign legislation. Art. 4 - The Minister of Finance is charged with the execution of this Decree, which shall be published in the Official Journal of the Tunisian Republic. Tunis, November 27, 2012. Head of Government Hamadi Jebali

Page 3088 Official Journal of the Tunisian Republic — December 4, 2012 No. 96 Ministerial Order of the Minister of Finance dated November 27, 2012, fixing the list of accounting posts that have been subject to fires and acts of looting. The Minister of Finance, having regard to Constitutive Law No. 2011-6 of December 16, 2011 on the provisional organization of public powers, having regard to the Public Accounting Code promulgated by Law No. 73-81 of December 31, 1973, together with the texts that have modified and supplemented it, notably Law No. 2012-18 of September 25, 2012, having regard to Law No. 2011-7 of December 31, 2011 on the Finance Act for the year 2012 and notably its Article 44, having regard to Decree No. 75-316 of May 30, 1975 fixing the powers of the Ministry of Finance, having regard to Decree No. 91-556 of April 23, 1991 on the organization of the Ministry of Finance, together with the texts that have modified and supplemented it, notably Decree No. 2011-2856 of October 7, 2011, having regard to Decree No. 99-630 of March 22, 1999 on the reorganization of public accounting posts under the Ministry of Finance, together with the texts that have modified and supplemented it, notably Decree No. 2006-995 of April 3, 2006, having regard to Decree No. 2011-4796 of December 29, 2011 on the appointment of members of the Government, having regard to Decree No. 2012-959 of August 1, 2012 entrusting Mr. Slim Besbes, Secretary of State attached to the Minister of Finance, with the functions of Minister of Finance and management of the Ministry's affairs. Orders as follows: Article 1 - In application of the provisions of the last paragraph of Article 44 of the aforementioned Finance Act for the year 2012, the list of accounting posts that have been subject to fires and acts of looting causing the destruction of debt securities and supporting documents for public expenditures, as well as other documents, is fixed as follows: