Regulatory Alerts2012-09-20
Code for the Provision of Financial Services to Non-Residents
The Tunisian President promulgated Law No. 2009-64, which establishes the Code for the Provision of Financial Services to Non-Residents to regulate financial products and services provided by non-resident service providers to both resident and non-resident persons. The Code introduces a dedicated non-resident compartment on the Tunis Securities Exchange, defines financial instruments and expert funds (including OPCVM ARIA and SICAV ARIA), and sets out capital, governance, custody, and regulatory cooperation requirements. It repeals prior banking laws for this sector, establishes a two-year transitional period with specific tax and regulatory benefits, and empowers the Financial Market Council to oversee admission, supervision, and cross-border information exchange.