General Decision of the Financial Markets Council No. 22 of November 9, 2016 on Issuing Professional Cards for Persons Processing Operations with the Central Securities Depository

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General Decision of the Financial Markets Council No. 22 of November 9, 2016, setting the conditions for issuing professional cards to persons involved in processing operations with the Central Securities Depository and their withdrawal.

The College of the Financial Markets Council, convened on November 9, 2016,

Having regard to Law No. 94-117 of November 14, 1994, on the reorganization of the financial market, as amended and supplemented by subsequent texts, particularly Articles 28, 31, and 48;

Having regard to the Financial Markets Council Regulation concerning the central securities depository, as referenced by the Minister of Finance's decree of January 12, 2016, particularly Articles 8, 11, and 12.

Decides,

Article 1: Natural persons operating under the authority of stockbrokers, banks, and issuers whose securities are admitted to operations with the Central Securities Depository, and who have not appointed one or more approved intermediaries (hereinafter referred to as "employing institutions"), must hold a professional card when they participate in processing operations with the Central Securities Depository.

For the purposes of this general decision, "processing operations with the Central Securities Depository" refers to post-market operations, namely the handling of all administrative or accounting tasks related to securities admitted with said depository.

Article 2: The professional card is issued to employing institutions on behalf of the natural persons referred to in Article 1 of this general decision by the Stockbrokers Association, following a favorable result from a professional aptitude examination.

This examination is organized by the Stockbrokers Association, which prepares the syllabus and success conditions in collaboration with the Central Securities Depository. The Financial Markets Council is informed beforehand of the examination syllabus and success conditions.

Candidates for the examination must hold at least a bachelor's degree (licence) in an economic or legal field, or an equivalent qualification.

To take the examination, employing institutions must submit to the Stockbrokers Association, under their responsibility and on behalf of each candidate, an application containing a copy of the candidate's national identity card as well as a copy of their university diploma.

Article 3: The issuance of a professional card is recorded in a register maintained and updated by the Stockbrokers Association. The latter must promptly inform the Financial Markets Council and the Central Securities Depository of each registration in the register and any modifications thereto.

The Stockbrokers Association publishes on its website and in a private area a permanently updated list of persons holding a professional card, indicating for each person the employing institution.

Article 4: Holding a professional card implies the effective exercise of the activity for which it was issued at the employing institution that submitted the application.

Article 5: Employing institutions must promptly inform the Stockbrokers Association and the Central Securities Depository of the cessation of activity by a professional cardholder or that such person is no longer part of their staff.

By March 30 each year, employing institutions must submit to the Stockbrokers Association and the Central Securities Depository a list of persons participating in processing operations with the Central Securities Depository.

The Central Securities Depository must promptly inform the Stockbrokers Association of the termination of an employing institution's participation.

Article 6: The withdrawal of a professional card by the Stockbrokers Association occurs in the following cases:

1. when the Financial Markets Council decides, as a sanction, the temporary or permanent prohibition of activity for a professional cardholder;
2. when the employing institution informs the Stockbrokers Association of the cessation of activity by a professional cardholder or that such person is no longer part of their staff;
3. when the employing institution loses its status as a participant in the Central Securities Depository.

The withdrawal of a professional card results in the deregistration of its holder from the register provided for in Article 3 of this general decision. The Financial Markets Council and the Central Securities Depository are promptly informed of any withdrawal of a professional card.

In the event of withdrawal following a temporary activity prohibition sanction decided by the Financial Markets Council against its holder, or due to the cessation of that person's activity for a period exceeding three years, the issuance of a new professional card is subject to the provisions of Article 2 of this general decision.

Article 7: Natural persons, operating under the authority of employing institutions and performing the tasks set forth in Article 1 on the date of publication of this general decision, may benefit, by way of derogation, from the issuance of a professional card without taking the examination referred to in Article 2, provided they meet one of the following conditions:

• having effectively performed said tasks for at least three years.
• having effectively performed said tasks for at least one year and holding at least a bachelor's degree in an economic or legal field, or an equivalent qualification.

To obtain the professional card, employing institutions transmit, under their responsibility and on behalf of each candidate, an application to the Stockbrokers Association accompanied by the following documents:

• A copy of the national identity card,
• A copy of the obtained university diploma,
• A detailed curriculum vitae outlining performed tasks. The CV must be signed by the candidate and include the statement: "I, the undersigned (name & surname), declare that the information contained in this curriculum vitae is accurate and acknowledge that any false declaration will result in the cancellation of my application,"
• Any document justifying the employment relationship with the current employing institution and previous employing institution(s), where applicable. This document must outline the tasks and missions performed by the candidate.

The Stockbrokers Association processes the application within a period not exceeding one month from its receipt.

The Stockbrokers Association may require the employing institution to provide any additional information or documents for processing the application. In this case, the one-month period is suspended until receipt by the Stockbrokers Association of the requested information or document.

The exceptional measure provided for in this article remains valid for three months following the publication of this general decision in the Official Bulletin of the Financial Markets Council.

Article 8: Employing institutions that, on the date of publication of this general decision, employ natural persons participating in processing operations with the Central Securities Depository have a 12-month period, from the date of publication, to regularize their status.

Article 9: In the event of permanent or temporary cessation of activity by a person participating in processing operations with the Central Securities Depository, they may be replaced by a person holding a professional card from another category, provided that the replacement period does not exceed six months. The Financial Markets Council and the Central Securities Depository must be informed beforehand.

Article 10: The employing institution cannot claim the nullity of acts performed in its name by a person operating under its authority, if that person performs the activity of processing operations with the Central Securities Depository without holding a professional card.

Article 11: The files referred to in Articles 2 and 8 of this general decision are retained by the Stockbrokers Association for a period of 15 years.

Article 12: This general decision takes effect from the date of its publication in the Official Bulletin of the Financial Markets Council.

Visa of the Minister of Finance Lamia BOUJNAH ZRIBI

For the College of the Financial Markets Council The President of the Financial Markets Council Signed: Salah ESSAYEL