General Decision No. 15 of the Financial Markets Council (November 25, 2011) on Exceptional Professional Card Rules for Stockbroker Representatives

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General Decision of the Financial Markets Council No. 15 dated November 25, 2011, laying down exceptional application measures for the General Decision of the Financial Markets Council No. 4 dated April 24, 2000, regarding the list of activities whose exercise requires holding a professional card for persons placed under the authority of or acting on behalf of a stockbroker, as well as the conditions for the issuance and withdrawal of these cards.

The Council College of the Financial Markets Council, convened on November 25, 2011,

Having regard to Law No. 94-117 of November 14, 1994, reorganizing the financial market as amended by subsequent texts and notably its Articles 28, 31, 48, and 58;

Having regard to Law No. 2005-96 of October 18, 2005, on strengthening the security of financial relations;

Having regard to Decree No. 99-2478 of November 1, 1999, establishing the status of stockbrokers as amended by Decree No. 2007-1678 of July 5, 2007, and notably its Articles 26, 27, and 28;

Having regard to the General Decision of the Financial Markets Council No. 4 dated April 24, 2000, regarding the list of activities whose exercise requires holding a professional card for persons placed under the authority of or acting on behalf of a stockbroker, as well as the conditions for the issuance and withdrawal of these cards;

Decides,

Article 1:

Stockbrokers who, on the date of publication of this general decision, employ persons exercising the activity of securities portfolio management for third parties and who do not hold cards to exercise said activity, have a period of 12 months to regularize their status.

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Article 2:

Natural persons placed under the authority of a stockbroker or acting on its behalf and exercising, on the date of publication of this general decision, the activity of securities portfolio management for third parties, may obtain a specific professional card corresponding exclusively to the management of categories of securities traded on the Tunis Securities Exchange on the date of publication of this general decision, provided they meet one of the following conditions:

• having effectively exercised the activity of securities portfolio management for third parties for at least eight years during the last ten years, or

• having effectively exercised the activity of securities portfolio management for third parties for at least five years during the last seven years and holding a master’s degree or equivalent diploma;

To obtain this card, the stockbroker transmits, under its responsibility, to the Association of Stockbrokers on behalf of each candidate, an application for the issuance of a professional card signed by the candidate and accompanied by a file comprising:

• A copy of the candidate’s identity document;

• A detailed curriculum vitae of the candidate outlining the tasks performed as well as achievements in terms of the number and volume of accounts managed, as well as the management strategies used. The curriculum vitae must be signed by the candidate and include the statement: “I, the undersigned (name & surname), declare that the information contained in this curriculum vitae is accurate and I acknowledge that any false declaration will result in the cancellation of my application”;

• Any document justifying the employment relationship with the current employer and previous employers, where applicable, outlining the tasks and missions performed by the candidate.

The Association of Stockbrokers may require the candidate to provide any additional information or documents for the processing of the file.

The exceptional measure provided by this article remains valid for three months after the publication of this general decision in the Official Bulletin of the Financial Markets Council.

Any stockbroker that has submitted an application for card issuance within the aforementioned three-month period is eligible to benefit from this exceptional measure, subject to meeting the granting conditions set forth in this article.

Article 3:

This general decision shall be published in the Official Bulletin of the Financial Markets Council after the visa of the Minister of Finance.

Visa of the Minister of Finance
The Minister of Finance
Jalloul AYED

For the Council College of the Financial Markets Council The President of the Financial Markets Council Signed: Mohamed Ferid EL KOBBI

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