RETROSPECTIVE 2024 REGULATION OF THE TUNISIAN FINANCIAL SECTOR
I. Banks
In 2024, the Central Bank of Tunisia issued 14 circulars and 23 notes to banks and financial institutions, compared with 8 circulars and 24 notes in 2023.
The main topics covered in 2024 and the related circulars were as follows:
1.Banks’ obligations with regard to cheque transactions (BCT circular no. 2024-14 of November 21, 2024): The circular in question sets out the obligations and procedures incumbent on banks with regard to cheque transactions and the management of related payment incidents in accordance with the provisions of the Commercial Code, as amended and supplemented by Law no. 2024-41 of August 2, 2024.
2. Declaration of transfers from abroad to non-profit associations or organizations (BCT circular no. 2024-07 of March 11, 2024): This circular reinforces the monitoring and control of money transfers received from abroad by associations and non-profit organizations.
3.Distribution of dividends for the 2023 financial year (BCT circular no. 2024-04 of February 8, 2024): The circular in question defines the conditions for the distribution of dividends by banks and financial institutions to their shareholders in respect of the 2023 financial year. These conditions are set with the aim of maintaining or even strengthening their financial solidity.
4. Revision of certain banking commissions (BCT circular no. 2024-03 of January 29, 2024): The circular in question limits the commissions that banks can charge on certain banking operations for certain categories of the population, in particular for individual customers whose net monthly income is less than or equal to 1,500 dinars. For this category of customers, the issue of a national bank card is free, and account maintenance fees are limited to 3 TND/month.
5. Conditions for marketing and pricing financial products and services (BCT circular no. 2024-02 of January 29, 2024): This circular sets out the requirements that banks and financial institutions must meet before and during the marketing of any financial product or service, as well as the pricing requirements to be observed. The aim of the circular is to provide better protection for consumers of financial services.
6. Division, risk coverage and monitoring of commitments (BCT circular no. 2024-01 of January 19, 2024): This circular introduces changes to the calculation of collective provisions for class 0 and 1 receivable.
II. Microfinance
In the microfinance sector, the regulatory framework was stable.
There were no new regulations, nor any new notes issued by the Microfinance Control Authority (ACM)
1] According to the ACM website https://www.acm.gov.tn
III. Financial market
In the Financial Market sector, we should mention the Conseil du Marché Financier’s new regulation of November 11, 2024, relating to the conditions of exercise of the crowdfunding activity concerning investment in transferable securities.
IV. Insurance
Finally, the Insurance sector did not record any new specific regulatory texts in 2024.