2017-12-06
The Tunisian Prime Minister, acting on the Finance Ministry's proposal, issued Government Decrees No. 2017-1333 and No. 2017-1334 on December 6, 2017. The first decree establishes the approval criteria, capital requirements, and Sharia compliance obligations for management companies operating common sukuk funds, while detailing early liquidation procedures. The second decree supplements existing customs regulations by defining the specific list of imported raw materials exempt from duties for local medicine manufacturing under tariff codes 30.03 and 30.04.
No. 99 Official Journal of the Tunisian Republic — December 12, 2017 Page 4217 The prospectus is subject to the approval of the Financial Market Council in accordance with Article 2 of Law No. 94-117 of November 14, 1994, concerning the reorganization of the financial market and with the provisions of the regulation relating to public fundraising. The Financial Market Council may request the inclusion in the prospectus of all relevant information concerning the sukuk issuance operation. Art. 23 - Prior to any subscription, the prospectus approved by the Financial Market Council must be made available to the public at the registered office of the management company for the common sukuk fund. Subscribers may obtain, free of charge, a copy of the aforementioned prospectus and the internal regulations of the common sukuk fund. Art. 24 - The distribution and advertising of the prospectus shall be carried out in accordance with the conditions set forth by the Financial Market Council's regulation on public fundraising. Advertising relating to the placement must meet the same conditions. Art. 25 - The management company must, within two weeks from the end of the subscription period, inform the Financial Market Council of the amount of subscriptions collected. The depositary of the common sukuk fund must send to the Financial Market Council a certificate of deposit for the funds corresponding to the subscriptions. Title II Early Liquidation of the Common Sukuk Fund Art. 26 - Approval for the early liquidation of the common sukuk fund, in cases other than those provided by its internal regulations, requires submitting a request to the Financial Market Council accompanied by the necessary documents in accordance with Article 1 of this Government Decree. The Financial Market Council establishes, by regulation, the list of documents to be attached to the approval request. The Financial Market Council processes the approval request in accordance with Article 2 of this Government Decree. Art. 27 - Upon obtaining the approval regarding liquidation, the name of the common sukuk fund must be followed by the designation "fund in liquidation". During the liquidation period of the common sukuk fund, only operations strictly necessary for its liquidation may be carried out in accordance with the fund's internal regulations. Art. 28 - Upon obtaining the approval regarding liquidation, the management company of the common sukuk fund must immediately notify the unit holders by individual letter and the public by publishing an information notice in two daily newspapers, one of which is in Arabic, and in the official bulletin of the Financial Market Council. The information must necessarily state the effective date of the liquidation. Art. 29 - Upon his/her designation, the liquidator of the common sukuk fund must evaluate the amount of the fund's assets and prepare a report on the liquidation procedures. This report is made available to sukuk holders and is also transmitted to the Financial Market Council. The liquidator must submit to the Financial Market Council a report every three months on the progress of liquidation operations and, upon completion of his/her mission, a detailed report on the liquidation. Art. 30 - The Minister of Finance and the President of the Financial Market Council are each responsible, within their respective areas, for executing this Government Decree, which will be published in the Official Journal of the Tunisian Republic. Tunis, December 6, 2017. For Counter-signature The Minister of Finance Mouhamed Ridha Chalghoum The Prime Minister Youssef Chahed Page 4218 Official Journal of the Tunisian Republic — December 12, 2017 No. 99 Government Decree No. 2017-1334 of December 6, 2017, supplementing Decree No. 2003-1258 of June 2, 2003, concerning the establishment of the list of raw materials and articles without locally manufactured equivalents intended for the production of medicines under tariff numbers 30.03 and 30.04 of the import customs duty schedule, and the conditions for benefiting from customs duty exemption. The Prime Minister, On the proposal of the Minister of Finance, Having regard to the Constitution, Having regard to Law No. 73-55 of August 3, 1973, organizing pharmaceutical professions, as amended and supplemented by subsequent texts and notably Law No. 2010-30 of June 7, 2010, Having regard to Law No. 78-23 of March 8, 1978, organizing veterinary pharmacy and notably its Articles 8, 10, 13 and 17, as amended and supplemented by subsequent texts and notably Law No. 2000-40 of April 5, 2000, Having regard to Law No. 85-91 of November 22, 1985, regulating the manufacture and registration of medicines for human medicine, as amended and supplemented by subsequent texts and notably Law No. 99-73 of July 26, 1999, Having regard to the new import customs duty schedule promulgated by Law No. 89-113 of December 30, 1989, as amended and supplemented by subsequent texts and notably Law No. 2017-8 of February 14, 2017, concerning the overhaul of the tax advantage system, Having regard to Law No. 91-63 of July 29, 1991, concerning health organization, Having regard to the Customs Code promulgated by Law No. 2008-34 of June 2, 2008, as amended and supplemented by subsequent texts and notably Law No. 2016-78 of December 17, 2016, establishing the finance law for the year 2017, Having regard to Decree No. 75-316 of May 30, 1975, defining the powers of the Ministry of Finance, Having regard to Decree No. 90-1400 of September 3, 1990, establishing the good manufacturing practice rules for medicines intended for human medicine, quality control, packaging, labeling, naming as well as the related advertising,