Regulatory Alerts2020-08-06
Law No. 2020-37 of August 6, 2020, on Crowdfunding
The Assembly of Representatives of the People, promulgated by the President of Tunisia on August 6, 2020, enacted Law No. 2020-37 to legally regulate the Crowdfunding sector by establishing dedicated service providers, standardized contracts, and segregated funding accounts. The legislation mandates that Crowdfunding activities operate through specialized Tunisian companies under the oversight of the Financial Market Council, the Central Bank of Tunisia, and the Microfinance Control Authority, depending on whether they facilitate securities investment, loans, or donations. It further imposes strict governance, qualification, and reporting obligations on service providers while exempting platform projects from traditional prospectus requirements to stimulate investment and entrepreneurship.