Regulatory Alerts2005-10-18
Law No. 2005-96 of October 18, 2005 on Strengthening the Security of Financial Relations
The Tunisian President, acting on the Chamber of Deputies' adoption, issued Law No. 2005-96 to strengthen financial relations by regulating portfolio management for third parties through credit institutions, stock exchange intermediaries, and approved management companies. The legislation mandates strict operational independence, conflict-of-interest avoidance, client risk disclosure, and mandatory declarations to the Financial Market Council within specified timelines. It establishes a robust supervisory and disciplinary framework, imposing imprisonment or fines for unapproved operations, unauthorized use of management titles, or failure to declare activities, with penalties doubling upon recidivism.
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