General Decision No. 4 of April 24, 2000 on the Statute for Stock Exchange Intermediaries

General Decision No. 4 of April 24, 2000 in application of the statute for stock exchange intermediaries 1 GENERAL DECISION OF THE FINANCIAL MARKETS COUNCIL NO. 4 of April 24, 2000 regarding the list of activities whose exercise requires holding a professional card for persons placed under the authority of a stock exchange intermediary or acting on its behalf, as well as the conditions for issuing and withdrawing these cards

The College of the Financial Markets Council, convened on February 24, 2000, Having regard to Law No. 94-117 of November 14, 1994 on the reorganization of the financial market and in particular Articles 28, 31, 48 and 58 thereof; Having regard to Decree No. 99-2478 of November 1, 1999 on the statute for stock exchange intermediaries and in particular Articles 26, 27 and 28 thereof; Decides,

Article 1
Natural persons placed under the authority of or acting on behalf of a stock exchange intermediary must hold a professional card when they exercise the following activities:

• securities and financial products trader;
• counterparty;
• market maker;
• portfolio manager in securities;
• financial solicitor.

Article 2
The issuance of the professional card is subject to a favorable result in a professional aptitude examination.
This examination is organized by the Association of Stock Exchange Intermediaries, which establishes its syllabus and success conditions. The Financial Markets Council is informed of the examination syllabus and success conditions.

Article 3
Persons exercising, on the date of publication of this general decision, a function requiring a professional card and who have more than 8 years of experience in the field of stock exchange intermediation benefit from the automatic issuance of the professional card corresponding to their function.

Article 4
The issuance of a professional card to a person is reflected by an entry in the registers maintained for this purpose by the Association of Stock Exchange Intermediaries. The Association of Stock Exchange Intermediaries must promptly inform the Financial Markets Council and the Tunis Securities Exchange.

Article 5
Holding a professional card implies the effective exercise of the activity for which it was issued with the stock exchange intermediary that made the request.
In the event of an impediment preventing a professional card holder from exercising their activity, they may be replaced by a person holding a card of the same category or, if necessary, of another category. In the latter case, the replacement may not exceed 30 days. The Financial Markets Council is immediately informed thereof.

General Decision No. 4 of April 24, 2000 in application of the statute for stock exchange intermediaries 2

Article 6
The withdrawal of a professional card by the Association of Stock Exchange Intermediaries occurs in the following cases:

1. when the Financial Markets Council decides, as a sanction, to temporarily or permanently prohibit the cardholder's activity;
2. when the stock exchange intermediary suspends the cardholder for a period exceeding one month;
3. when the person to whom the card was issued has not exercised the activity requiring the holding of this card within three months from its issuance or has ceased exercising it for a period exceeding three months.
   The withdrawal of the professional card is reflected by an erasure in the registers provided for in Article 4 above.
   The Financial Markets Council and the Tunis Securities Exchange are promptly informed of any withdrawal of a professional card.

Article 7
A stock exchange intermediary cannot claim the nullity of acts performed in its name by a person placed under its authority, should that person exercise an activity without holding the required card.

Article 8
This general decision shall be published in the Official Bulletin of the Financial Markets Council after countersignature by the Minister of Finance.

Tunis, April 24, 2000
For the College of the Financial Markets Council Visa The Minister of Finance The President Taoufik BACCAR Béchir EL YOUNSI