Law No. 2016-35 of April 25, 2016, Establishing the Statute of the Central Bank of Tunisia

Law No. 2016-35 of April 25, 2016, Establishing the Statute of the Central Bank of Tunisia In the name of the people, The Chamber of Deputies and the Chamber of Councillors having adopted, The President of the Republic promulgates the law whose text follows:
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TITLE V
MACRO-PRUDENTIAL SURVEILLANCE AND FINANCIAL CRISIS MANAGEMENT COMMITTEE Art. 85 - A macro-prudential surveillance and financial crisis management committee is established within the Central Bank, designated by this law as the "macro-prudential surveillance committee". Its mission consists of:

• issuing recommendations regarding measures to be taken by the financial sector regulatory authorities and their implementation, aimed at contributing to the stability of the financial system as a whole, notably by strengthening the resilience of the financial system, preventing systemic risks, and limiting the effects of potential disruptions to the economy.

• coordinating measures related to financial crisis management.
  Art. 86 - The macro-prudential surveillance committee is composed of:

• the Governor of the Central Bank,

• one representative from the Ministry responsible for finance,

• the President of the Financial Market Council,

• the President of the General Insurance Committee,

• the Director General of the Microfinance Supervision Authority.
  Art. 87 - The macro-prudential surveillance committee is chaired by the Governor of the Central Bank.
  The Chair convenes the committee to meet at least once every six months, and whenever circumstances require or upon the request of three of its members.
  The Central Bank provides the secretariat for the macro-prudential surveillance committee.
  The macro-prudential surveillance committee establishes its internal regulations.
  Art. 88 - 1°) Members of the macro-prudential surveillance committee, as well as persons assisting in carrying out its missions, are prohibited from disclosing secrets they become aware of due to the exercise of their functions. Anyone who violates the provisions of the preceding paragraph shall be subject to the penalties provided for in Article 254 of the Penal Code. 2°) The macro-prudential surveillance committee may conclude cooperation agreements with competent foreign authorities in the field of macro-prudential surveillance. Art. 89 - The recommendations of the macro-prudential surveillance committee are adopted by a majority of its present members. In case of an equal division of votes, the Chair's vote is decisive. Art. 90 - The macro-prudential surveillance committee may publish its recommendations. It must keep the Assembly of People's Representatives informed of its activities.

Art. 91 - The regulatory authorities for the financial sector and the insurance sector are responsible, each within their respective areas of competence, for implementing the recommendations issued by the macro-prudential surveillance committee. Art. 92 - The regulatory authorities for the financial sector and the insurance sector inform the macro-prudential surveillance committee of the measures they intend to take to implement its recommendations. In cases where the concerned authorities do not apply the recommendations, they are required to notify the macro-prudential surveillance committee, via a reasoned opinion justifying the reasons for delay or refusal to apply the recommendations. ---