Regulatory Alerts2000-03-21
Law No. 2000-35 of March 21, 2000 on the Dematerialization of Securities
Tunisia's Chamber of Deputies enacted Law No. 2000-35 to dematerialize securities by mandating their registration in accounts maintained by issuing entities or approved intermediaries. The legislation requires holders of previously issued bearer securities to present them within one to two years for account registration, after which unregistered holders forfeit attached rights unless the securities are sold and proceeds are held in trust for owners. It further guarantees title transfer upon intermediary suspension or bankruptcy, establishes a shortage-claim procedure under Article 497 of the Commercial Code, and repeals all conflicting prior provisions.
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