Regulatory Alerts2012-12-31
Decree No. 2012-3416 of December 31, 2012, fixing the conditions and procedures for the delivery of securities and commercial instruments in the context of repurchase agreements
The Tunisian Head of Government issued Decree No. 2012-3416 to establish the precise conditions and procedures for delivering securities and commercial instruments under repurchase agreements, mandating delivery upon registration or endorsement respectively. This decree repeals and replaces the prior 2003 regulations governing purchase transactions with resale obligations, streamlining compliance for financial market participants. Additionally, the official journal records supplementary appointments and extensions by the Ministry of Finance and Ministry of Agriculture to strengthen oversight and technical board representation.
No. 1 Journal Official of the Tunisian Republic — January 1, 2013 Page 203 Decree No. 2012-3416 of December 31, 2012, fixing the conditions and procedures for the delivery of securities and commercial instruments in the context of repurchase agreements.
The Head of Government, Upon proposal of the Minister of Finance, Having regard to Constituent Law No. 2011-06 of December 16, 2011, on the provisional organization of public authorities, Having regard to the Commercial Code promulgated by Law No. 59-129 of October 5, 1959, and the texts that have amended or supplemented it, Having regard to Law No. 94-117 of November 14, 1994, on the reorganization of the financial market, Having regard to Law No. 2000-35 of March 21, 2000, on the dematerialization of securities, Having regard to Law No. 2000-93 of November 3, 2000, on the promulgation of the Commercial Companies Code, Having regard to Law No. 2001-65 of July 10, 2001, on credit institutions, Having regard to Law No. 2001-83 of July 24, 2001, promulgating the Code for Collective Investment Undertakings, Having regard to Law No. 2012-24 of December 24, 2012, on repurchase agreements, particularly Article 7 thereof, Having regard to Decree No. 99-2478 of November 1, 1999, establishing the status of stock exchange intermediaries, Having regard to Decree No. 2001-2728 of November 20, 2001, on the conditions for listing securities and approved intermediaries for maintaining securities accounts, Having regard to Decree No. 2003-1983 of September 15, 2003, fixing the conditions and procedures for the delivery of securities and commercial instruments in the context of purchase transactions with an obligation to resell securities and commercial instruments, Having received the opinion of the Administrative Court, After deliberation by the Council of Ministers and notification to the President of the Republic. Decrees:
Article 1 - Securities subject to repurchase agreements shall be delivered on the date of their registration in the buyer's account with the issuing legal entity or an approved intermediary. Commercial instruments subject to repurchase agreements shall be delivered on the date of their endorsement.
Article 2 - The provisions of Decree No. 2003-1983 of September 15, 2003, fixing the conditions and procedures for the delivery of securities and commercial instruments in the context of purchase transactions with an obligation to resell securities and commercial instruments, are hereby repealed and replaced by the provisions of this Decree.
Article 3 - The Minister of Finance is charged with the execution of this Decree, which shall be published in the Official Journal of the Tunisian Republic.
Tunis, December 31, 2012. The Head of Government Hamadi Jebali
By Decree No. 2012-3417 of December 19, 2012. Mr. Borni Ouertani, Financial Services Controller, is retained in active service for one year, effective December 1, 2012.
MINISTRY OF AGRICULTURE By Order of the Minister of Agriculture dated December 21, 2012. Mr. Ibrahim Hajej is appointed as a member representing the Ministry of Agriculture on the corporate board of the technological hub for the enhancement of Saharan resources and the optimization of existing capacities, replacing Mr. Bahri Khalili, effective August 27, 2012.
By Order of the Minister of Agriculture dated December 21, 2012. Mr. Kamel Jarreil is appointed as a member representing the Ministry of Agriculture on the board of directors of the Potato and Artichoke Technical Center, replacing Mr. Messâoud Beguir, effective August 27, 2012.
By Order of the Minister of Agriculture dated December 21, 2012. Mr. Mehrez Chebil is appointed as a member representing the Tunisian Union of Industry, Commerce and Craftsmanship on the board of directors of the Potato and Artichoke Technical Center, effective May 4, 2012.