Regulatory Alerts2012-07-24
Decree No. 2012-890 of July 24, 2012
The Tunisian Ministry of Finance, under the Head of Government, issued Decrees No. 2012-890 and No. 2012-891 on July 24, 2012, to implement specific provisions of investment company and collective investment scheme laws. Decree 890 expands the permissible intervention methods for venture capital investment companies, allowing up to 30% of paid-up capital and fund amounts in current account advances, convertible bonds, and participatory securities, while clarifying fiscal advantages for newly issued bonds linked to project results. Decree 891 sets a 15% cap on risk investment common funds' investments in single issuers during subscription periods and permits up to 30% of fund assets for similar equity-assimilated interventions, thereby easing regulatory constraints on venture capital and risk fund operations.