Regulatory Alerts2021-08-19
Circular to Banks and Financial Institutions No. 2021-05 of August 19, 2021
The Central Bank of Tunisia issued Circular No. 2021-05 to mandate a comprehensive governance framework for banks and financial institutions, requiring governing bodies to formally define risk appetite, ensure independent control functions, and implement transparent remuneration and conflict-of-interest policies. The circular obligates institutions to align their governance structures with their size, systemic importance, and risk profiles while integrating social and environmental responsibility principles into their core strategies. It further enforces annual self-assessments, gender diversity in governing bodies, and confidential whistleblowing mechanisms to guarantee sound, prudent, and transparent financial management.
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