Investor's Protection
Protection of the investor
The stock market is equipped with a set of institutions that ensure protection the investors in securities.
The Financial Market Council - CMF- is charged to take care of the protection of the saving invested in securities. Within this framework, it ensures the organization of markets and ensures their proper functioning to prevent manipulation that may hinder its proper functioning. It is also responsible for the control of financial information and the sanction of breaches or breaches of the regulations in force.
The protection of the savings invested in the securities is ensured by the CMF by the following means:
- It grants visas for prospectuses relating to public offerings
- He controls the stock market operations
- It controls intermediaries on the stock exchange and mutual funds
- He controls the financial information
- It ensures the respect and the application of the regulations
- He receives complaints from investors and other investors and investigates related files
- It pronounces sanctions in case of infringement
The Settlement of Stock Market Transactions
The payment of the cash (for the buyer) and the delivery of the securities (for the seller) is done simultaneously on the D + 3 date. Transactions are settled by the central depository: Tunisia Clearing.
The Market Guarantee Fund
It was established to ensure the completion of the transactions. The FGM intervenes between the intermediaries in stock market to eliminate any possible defects between them. It is funded by their various contributions to this fund.
The Customer Guarantee Fund
Guarantee fund of the customers of the market of the securities and the financial products, hereafter called “the fund”, intervenes to guarantee the customers against the non-commercial risks. The intervention of the fund is subordinated to the observation by the Financial Market Council of the failure of an intermediary in stock market.
Covered risks
Non-commercial risks are the failure of an intermediary to honor its commitments regarding:
- The return of funds deposited or transferred to him for the benefit of his clients in any capacity whatsoever
The payment of sums of money following a negotiation of securities that have been the subject of an order transmitted in accordance with the regulations in force
- The payment of sums of money following a transaction subject to registration on the Tunis Stock Exchange that have been paid or transferred by his co-contractor
The delivery of securities as a result of negotiation,
The delivery of securities following a transaction subject to registration on the Tunis Stock Exchange that have been delivered by its co-contracting party
The return of securities issued by public offering and recorded in the accounts of its customers.
The Declaration of Crossing of Thresholds
In order to ensure greater transparency for investors, stock market regulations require shareholders of a listed company whose participation exceeds certain thresholds set by law to make a declaration. Thus, a shareholder whose participation in the capital of a listed company reaches or exceeds the thresholds of 5%, 10%, 20%, 33.33% or 66.66% must inform the company, the Financial Market Council and the Tunis Stock Exchange of this crossing and these intentions. Failure to comply with this obligation entails the elimination of voting rights for the shareholder.
