Regulatory Alerts2021-01-01
BCT Circular 2021-09 on Foreign Currency Subscription to Assets of Investment Funds and Specialized Investment Funds
The Central Bank of Tunisia issued Circular 2021-09 to establish the authorization conditions for residents to subscribe in foreign currency to assets of fund of funds and specialized investment funds. Residents must obtain prior approval through an approved intermediary by submitting Form No. 2 along with specific documentation, including information sheets, sworn declarations, tax returns, financial statements, and legal files, though exemptions apply to state entities, banks, and investment companies. The circular further mandates that management companies verify subscribers' status as informed investors, dictates the collection of proceeds in either dinars or foreign currency depending on funding sources, and enters into force upon notification.