Decree No. 2012-890 of July 24, 2012

Page 1756 Journal of the Official Gazette of the Tunisian Republic — July 31, 2012 No. 60
By order of the Minister of the Interior dated July 24, 2012.
The functions of delegates are terminated, effective May 7, 2012, for the following gentlemen:

• Sami Jemmazi, delegate of Sbeitla, Kasserine Governorate,
• Mohamed Morjene, delegate of Sfax Sud, Sfax Governorate.
  MINISTRY OF FINANCE
  Decree No. 2012-890 of July 24, 2012, implementing the provisions of Article 22 of Law No. 88-92 of August 2, 1988, concerning investment companies, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011, modifying the legislation concerning venture capital investment companies and risk investment common funds and easing the conditions for their interventions. The Head of Government, Upon proposal of the Minister of Finance, Having regard to Constituent Law No. 2011-6 of December 16, 2011, providing for the provisional organization of public powers, Having regard to Law No. 88-92 of August 2, 1988, concerning investment companies, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011, modifying the legislation concerning venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to the Personal Income Tax and Corporate Tax Code, promulgated by Law No. 89-114 of December 30, 1989, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-100 of October 21, 2011, adapting fiscal advantages relating to reinvestment in venture capital with the intervention scope of venture capital investment companies and risk investment common funds, Having regard to the Commercial Companies Code promulgated by Law No. 2000-93 of November 3, 2000, as amended and supplemented by subsequent texts, Having regard to Decree No. 75-316 of May 30, 1975, defining the attributions of the Ministry of Finance, Having regard to Decree No. 2006-380 of February 3, 2006, implementing the provisions of the first paragraph of Article 22 of Law No. 88-92 of August 2, 1988, concerning investment companies, as amended and supplemented by subsequent texts, Having regard to Decree No. 2011-4796 of December 29, 2011, appointing members of the government, Having regard to the opinion of the Administrative Court, Having regard to the deliberation of the Council of Ministers and after notification to the President of the Republic. Decrees:
  Article 1 - The venture capital investment company may intervene, in favor of the companies referred to in Article 21 of Law No. 88-92 of August 2, 1988 (above), and in which it holds at least 5% of the capital, in the form of current account advances to shareholders, subscriptions or acquisitions of convertible bonds into shares, participatory securities and, in general, all other categories assimilated to equity funds in accordance with the legislation and regulations in force, provided that the total of these interventions does not exceed 30% of its paid-up capital and 30% of each amount made available to it in the form of venture capital funds,
  Art. 2 - To benefit from the fiscal advantage provided by the aforementioned Personal Income Tax and Corporate Tax Code, the intervention of venture capital investment companies through subscription to convertible bonds into shares is taken into consideration within a limit of 20% of the employment rate set by Articles 39 septies and 48 nonies of said Code and by Article 21 of Law No. 88-92 of August 2, 1988 (above), provided that the convertible bonds into shares are newly issued and their remuneration is linked to project results. Art. 3 - The provisions of Decree No. 2006-380 of February 3, 2006, implementing the provisions of the first paragraph of Article 22 of Law No. 88-92 of August 2, 1988, concerning investment companies, as amended and supplemented by subsequent texts, are repealed.

No. 60 Journal of the Official Gazette of the Tunisian Republic — July 31, 2012 Page 1757 Art. 4 - The Minister of Finance is charged with the execution of this decree, which will be published in the Journal of the Official Gazette of the Tunisian Republic.
Tunis, July 24, 2012.
The Head of Government Hamadi Jebali
Decree No. 2012-891 of July 24, 2012, implementing the provisions of Article 22 ter and Article 22 quater of the Collective Investment Scheme Code promulgated by Law No. 2001-83 of July 24, 2001, as completed and modified by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011, modifying the legislation concerning venture capital investment companies and risk investment common funds and easing the conditions for their interventions. The Head of Government, Upon proposal of the Minister of Finance, Having regard to Constituent Law No. 2011-6 of December 16, 2011, providing for the provisional organization of public powers, Having regard to Law No. 88-92 of August 2, 1988, concerning investment companies, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011, modifying the legislation concerning venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to the Personal Income Tax and Corporate Tax Code, promulgated by Law No. 89-114 of December 30, 1989, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-100 of October 21, 2011, adapting fiscal advantages relating to reinvestment in venture capital with the intervention scope of venture capital investment companies and risk investment common funds, Having regard to the Commercial Companies Code promulgated by Law No. 2000-93 of November 3, 2000, as amended and supplemented by subsequent texts, Having regard to the Collective Investment Scheme Code promulgated by Law No. 2001-83 of July 24, 2001, as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011, modifying the legislation concerning venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to Law No. 2005-58 of July 18, 2005, concerning seed funds as amended and supplemented by subsequent texts and notably Decree-Law No. 2011-99 of October 21, 2011, modifying the legislation concerning venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to Decree No. 75-316 of May 30, 1975, defining the attributions of the Ministry of Finance, Having regard to Decree No. 2006-381 of February 3, 2006, implementing the provisions of Article 22 bis of the Collective Investment Scheme Code, as amended and supplemented by subsequent texts, Having regard to Decree No. 2011-4796 of December 29, 2011, appointing members of the government, Having regard to the opinion of the Administrative Court, Having regard to the deliberation of the Council of Ministers and after notification to the President of the Republic. Decrees:
Article 1 - The risk investment common fund provided for in Article 22 bis of the aforementioned Collective Investment Scheme Code may not employ more than 15% of the subscribed amounts during each subscription period, in interventions provided for in Article 22 quater of said Code, with respect to the same issuer unless they are securities issued by the State or local authorities or guaranteed by the State, provided that the calculation base for this rate is the fund's assets at the end of the share release period.
Art. 2 - The risk investment common fund provided for in Article 22 bis of the aforementioned Collective Investment Scheme Code may intervene in favor of the companies referred to in said article and in which it holds at least 5% of the capital, in the form of current account advances to shareholders, subscriptions or acquisitions of convertible bonds into shares, participatory securities and, in general, all other categories assimilated to equity funds in accordance with the legislation and regulations in force, provided that the total of these interventions does not exceed 30% of the fund's assets.