Decree No. 2001-2278 of September 25, 2001 Implementing Articles 15, 29, 35, 36 and 37 of the Collective Investment Undertakings Code Promulgated by Law No. 2001-83 of July 24, 2001

1 DECREE NO. 2001-2278 OF SEPTEMBER 25, 2001 IMPLEMENTING THE PROVISIONS OF ARTICLES 15, 29, 35, 36 AND 37 OF THE CODE ON COLLECTIVE INVESTMENT UNDERTAKINGS PROMULGATED BY LAW NO. 2001-83 OF JULY 24, 2001

The President of the Republic, On the proposal of the Minister of Finance, Having regard to Law No. 94-117 of November 14, 1994, reorganizing the financial market, Having regard to the Code on Collective Investment Undertakings promulgated by Law No. 2001-83 of July 24, 2001 and in particular Articles 15, 29, 35, 36 and 37 thereof; Having regard to the opinion of the Governor of the Central Bank of Tunisia; Having regard to the opinion of the President of the Financial Market Council; Having regard to the opinion of the Administrative Court, Decrees:

Article 1 (new) (Decree No. 2005-1976 of July 11, 2005, Art. 1) The securities investment fund may no longer issue new shares once the original value of the outstanding shares, as provided for in Article 15 of the Code on Collective Investment Undertakings, reaches fifty million dinars.

Article 2 (as completed by Decree No. 2002-1727 of July 29, 2002 and Decree No. 2006-1248 of May 2, 2006)) The assets of securities collective investment undertakings referred to in Article 29 of the Code on Collective Investment Undertakings shall consist, to a proportion of 80%, of securities, as follows: a - to a proportion of at least 50% of:

• securities listed on the stock exchange or shares or units of collective investment undertakings;
• bond issues that have been the subject of public offering operations;
• treasury bills assimilated to and bonds guaranteed by the State. b - to a proportion not exceeding 30% of:
• securities representing short-term debt instruments issued by the State,
• securities representing short-term tradable instruments on markets under the Central Bank of Tunisia. The remaining 20% proportion shall consist of cash and quasi-cash. Securities collective investment undertakings may not allocate more than 5% of their net assets to shares or units of securities collective investment undertakings. Securities collective investment undertakings are required to demonstrate, within twelve months from the date of establishment, the allocation of their assets according to the proportions indicated above. 1 As completed and amended by Decree No. 2002-1727 of July 29, 2002, Decree No. 2005-1976 of July 11, 2005, Decree No. 2006-1248 of May 2, 2006, Decree No. 2012-3415 of December 31, 2012, Government Decree No. 2018-748 of September 7, 2018, and Presidential Decree No. 2022-530 of June 3, 2022.

2 Nevertheless, securities collective investment undertakings may use at least 60% of their assets to acquire equity shares of listed companies and the remainder to acquire assimilated treasury bonds. This obligation is deemed satisfied if the unallocated amount under the aforementioned conditions does not exceed 2% of assets. The statutes or internal regulations of these undertakings must provide for the obligation to utilize subscription proceeds within a period not exceeding 30 business days from the business day following the subscription date. (Presidential Decree No. 2022-531 of June 3, 2022) Securities investment funds whose internal regulations provide for a guarantee of all or part of the invested capital are exempt from the obligation to reserve 20% of their assets in cash and quasi-cash. This derogation is granted by the Financial Market Council upon approval. (Added by Decree No. 2006-1248 of May 2, 2006, Art. 1) Nevertheless, securities collective investment undertakings are not required to comply with the conditions set forth in this article during the last two years of the period fixed in the internal regulations or statutes, as applicable. (Added by Decree No. 2006-1248 of May 2, 2006, Art. 1)

Article 2 bis (Added by Decree No. 2012-3415 of December 31, 2012 Art. 1) Securities collective investment undertakings may only conclude securities lending agreements for State debt instruments up to a limit of 10% of their assets.

Article 2 ter (Added by Decree No. 2012-3415 of December 31, 2012 Art. 1) Securities lending agreements may not be concluded between a securities collective investment undertaking and its depositary.

Article 2 quater (Added by Government Decree No. 2018-748 of September 7, 2018 Art. 1) The assets of securities collective investment undertakings whose weighted average portfolio life does not exceed twelve months shall consist as follows: a - to a proportion of 80% of:

• debt instruments issued or guaranteed by the State with a maturity at issuance or residual maturity not exceeding two years,
• bond issues that have been the subject of public offering operations with a residual maturity not exceeding two years,
• securities representing debt instruments tradable on markets under the Central Bank of Tunisia issued or guaranteed by a bank with a maturity at issuance or residual maturity not exceeding two years,
• shares or units of securities collective investment undertakings whose assets are invested in accordance with the provisions of this article, up to a limit of 5% of net assets. b - the remaining 20% proportion shall consist of cash. Securities collective investment undertakings whose assets are invested in accordance with the provisions of this article must demonstrate, within six months from the date of establishment, the allocation of their assets according to the proportions indicated in the first paragraph of this article. The weighted average portfolio maturity of securities collective investment undertakings whose assets are invested in accordance with the provisions of this article must not exceed twelve months.

Article 3. The debt fund may only acquire debts resulting from credit operations with a remaining term exceeding three years.

3 Acquired debts must not be immobilized, doubtful, or litigious within the meaning of the applicable banking regulations.

Article 4. The amounts referred to in Article 36 of the Code on Collective Investment Undertakings shall be invested in:

• treasury bills;
• shares or units of securities collective investment undertakings specialized in debt instruments;
• debt instruments admitted to trading on an organized market, excluding units of debt funds. The regulations of the debt fund shall expressly state the rules for the use of these amounts.

Article 5. The minimum value of the share issued by the debt fund, as provided for in Article 37 of the Code on Collective Investment Undertakings, is set at 100 dinars.

Article 6. The Minister of Finance, the Governor of the Central Bank of Tunisia, and the President of the Financial Market Council are each responsible, within their respective areas of competence, for implementing this decree, which shall be published in the Official Journal of the Tunisian Republic.