RESTRICTED
WORLD TRADE S/FIN/W/12/Add.25
27October 1997
ORGANIZATION(97-4937)
Original: French Committee onTrade inFinancial Services
COMMUNICATION FROM TUNISIA
Initial Offer onFinancial Services
Addendum
ThefollowingcommunicationiscirculatedattherequestofTunisiatomembersoftheCommittee
onTrade inFinancial Services.
______________
Thisofferincludes thevarious changes made inTunisian legislation relating tofinancial services
since Tunisia 'saccession totheWTO. These concern inparticular:
- Therevision ofthelegislation governing thebanking profession with, inparticular,
theintroduction ofanewbankcategory, namely merchant banks (banques d'affaires) ;
- theexercise oftheactivity ofstock-market intermediary;
- theintroduction ofanewcategory ofinvestment company, namely risk-capital
investment companies (SICAR);
- theliberalization offoreign equity holdings inTunisian enterprises uptoa50percent
ceiling.
With respect toinsurance, therevised offer doesnotimprove ontheinitial offer.
Thisimproved offerisconditional, andTunisia reserves therighttomodify orwithdraw all
orpartofitscommitments atanytimebefore thecompletion ofthenegotiations, aswellastheright
tomake corrections ortechnical modifications.S/FIN/W/12/Add.25
Page 2TUNISIA
Specific Commitments onFinancial Services
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
HORIZONTAL
COMMITMENTS
(applicable toallsectors)
Exchange controls (1),(2)Pursuant toArticle 1ofLawNo.76-18 of21January
1976, asamended byLawNo.93-48 of3May 1993, there
arenorestrictions ontransfers relating toforeign payments
made inconnection with:
-Current transactions undertaken inconformity withthe
legislation governing such transactions;(1),(2)Unbound
-thenetrealproceeds ofthetransfer ordisposal ofcapital
invested bytheimportation offoreign currency, even
where these proceeds aregreater thantheamount initially
invested, inthecaseofinvestments made within the
context oftherelevant legislation;
-anyexportation ofcapital andanytransaction or
commitment thatgives ormaygiverisetoatransfer,
relating totransactions other thanthose mentioned above,
aswellasanyforeign debtoffsetting, aresubject tothe
general authorization oftheMinister ofFinance after
consultation withtheCentral Bank ofTunisia.
Thisauthorization does notapply inthecaseof
non-resident enterprises setupinTunisia, which arefree
tocarry outanycapital transactions withorinaforeign
country.S/FIN/W/12/Add.25
Page 3Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Inthecaseofresident enterprises:
(a) Forborrowing: None uptoaceiling of10MDper
calendar yearforfinancial institutions and3MDper
calendar yearforother enterprises, inthecontext of
their activities.
(b) Forinvestment abroad: Tosupport their export
activities, exporting enterprises mayfinance liaison
offices andsubsidiaries abroad uptoamaximum of
D200,000, depending ontheir export turnover.
- Thepurchase ofTunisian stocks conferring avoting
right orofequity incompanies established inTunisia is
subject toapproval bytheInvestment Commission ifthe
proportion oftotalforeign holdings insuch companies,
including thepurchase transaction concerned, amounts
to50percentormore ofthecompany 'sequity.
However, such approval does notapply toforeign
acquisition ofholdings when thecompany isinitially set
uporwhen itsshare capital isincreased inaccordance
withthelegislation inforce andintheabsence of
horizontal limitations.
- Investment made intheform ofacontribution inkindis
subject toauthorization, which isgranted after anexpert
appraisal todetermine thenature ofthecontribution and
itsvalue.
- Deposits: Non-residents mayfreely open foreign
currency accounts andaccounts inconvertible dinars.
- TheCentral Bank ofTunisia hasamonopoly with
respect tomonetary goldtransactions.S/FIN/W/12/Add.25
Page 4Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
SECTOR-SPECIFIC
COMMITMENTS
Financial services other than
insurance (CPC 811)(1)and(2)None other thanhorizontal limitations (1)and(2)Unbound
(3) "Resident" banks (Law No.67-51 of
7December 1967):(3)None
- Approval oftheMinistry ofFinance, given after
consultation withtheNational Credit Council and
following areport bytheCentral Bank ofTunisia,
which issubsequently responsible forinforming the
interested party ofthedecision taken onitsapplication;
- Approval isgranted inparticular depending onthe
applicant 'sprogramme ofactivity, thetechnical and
financial resources itplans toinvest, thestatus ofthe
investors, andwhere appropriate their guarantor, as
wellasthegood repute ofitsdirectors.
- When applying forapproval, establishments engaged in
thebanking profession must indicate whether they
belong tothecategory ofdeposit banks, investment
banks (banques d'investissements) ormerchant banks
(banques d'affaires) .
- They must taketheform ofapublic limited company
under Tunisian laworanyother legal status accepted
forapproval purposes;
- Minimum capital requirements.
(3) "Non-resident" banks (Law No.85-108 of
6December 1985):(3)Unbound
- Foreign banks, branches oragencies offoreign banks
whose registered place ofbusiness isabroad;
- Public limited company under Tunisian law;S/FIN/W/12/Add.25
Page 5Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
- Approval oftheMinistry ofFinance following
consultation withtheNational Credit Council andafter
receiving areport from theCentral Bank ofTunisia
which issubsequently responsible forinforming the
applicant ofthedecision taken inthisrespect.
(3) Leasing companies (Law No.94-89 of26July1994):
- Approval oftheMinistry ofFinance, given after
consultation withtheNational Credit Council and
following receipt ofareport from theCentral Bank of
Tunisia, which issubsequently responsible for
informing theapplicant ofthedecision taken.
(3) Resident public limited companies under Tunisian law (3)None
(3) Leasing companies maybesetupunder Law
No.85-108 of6December 1985 forthepromotion of
banking andfinance institutions working essentially with
non-residents.(3)Unbound
(3) Investment companies:
- Authorization oftheMinistry ofFinance:
(3) Resident public limited companies under Tunisian law
setupinoneofthefollowing categories:
(a)closed-ended investment company, withaminimum
capital requirement;
(b)open-ended investment company, withaminimum
capital requirement;
(c)risk-capital investment company, withaminimum
capital requirement.(3)NoneS/FIN/W/12/Add.25
Page 6Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(3)investment companies maybesetupunder
LawNo.85-108 of6December 1985 for
thepromotion ofbanking andfinance
institutions working essentially with
non-residents.(3)Unbound
(3)Stock-market intermediaries:
-Must beapproved bytheFinancial Market
Board andpossess Tunisian nationality,
andmaybenatural persons orpublic
limited companies specializing in
stockbroking activities
(4)Unbound, except fortheforeign
supervisory staffofnon-resident financial
institutions: none(3)Unbound
(4)Forresident financial institutions: the
Chairman-Managing Director ofabank
established under Tunisian lawmust beof
Tunisian nationality; ifthefunction of
Chairman oftheBoard oftheDirectors andthat
ofManaging Director areseparated, oneof
these positions must befilled byaTunisian
national.
TheChairman-Managing Director orthe
Managing Director ofabank established under
Tunisian lawmust have resident 'sstatus within
themeaning oftheexchange regulations. The
manager oftheTunisian establishments ofa
foreign bank must have resident 'sstatus in
Tunisia within themeaning oftheexchange
regulations. However, special exemptions may
begranted bytheCentral Bank ofTunisia. No
onemaysimultaneously manage, runorhave
authority tocommit twobanks, abank anda
financial institution, orabank andaninsurance
company.S/FIN/W/12/Add.25
Page 7Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Inter-bank (wholesale)
deposit services
(CPC 81115)(1)Unbound
(2)None fornon-resident banks established in
Tunisia. Resident banks mayfreely open
thecorresponding current accounts in
accordance withexisting regulations.
Other financial establishments aresubject
toauthorization bytheCentral Bank.
(3)None, butnon-resident institutions
established inTunisia areauthorized to
receive funds from residents. Such funds
must notexceed:(1)Unbound
(2)Unbound
(3)None forresident institutions
-Foreach non-resident institution
established inTunisia, thesubscribed
amount ofitsparticipation, outofits
ownforeign-currency shareholders '
equity, inthecapital ofresident
enterprises;
-forallnon-resident institutions
established inTunisia asawhole, the
ceiling of1.5percentofthedeposits
ofdeposit banks.
(4)Unbound (4)UnboundS/FIN/W/12/Add.25
Page 8Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Other bank deposit
services
(CPC 81116)(1)Unbound
(2)None, however residents aresubject to
authorization
(3)None, butnon-resident institutions
established inTunisia areauthorized to
receive funds from residents. Such funds
must notexceed:(1)Unbound
(2)Unbound
(3)None forresident institutions
-Foreach non-resident institution
established inTunisia, thesubscribed
amount ofitsparticipation, outofits
ownforeign-currency shareholders '
equity, inthecapital ofresident
enterprises;
-forallnon-resident institutions
established inTunisia asawhole, the
ceiling of1.5percentofthedeposits
ofdeposit banks.
(4)Unbound (4)Unbound
Mortgage loanservices
(CPC 81131)(1)Unbound
(2)Unbound
(3)None, butnon-resident institutions
established inTunisia aresubject to
authorization
(4)Unbound(1)Unbound
(2)Unbound
(3)None other thanhorizontal limitations
(4)UnboundS/FIN/W/12/Add.25
Page 9Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Personal instalment
loanservices
(CPC 81132) andcredit
cardservices
(CPC 81133)(1)Unbound
(2)Unbound
(3)None forresident institutions
(4)Unbound(1)Unbound
(2)Unbound
(3)None forresident institutions
(4)Unbound
Leasing services (1)Unbound
(2)Unbound
(3)None other thanhorizontal limitations
(4)Unbound(1)Unbound
(2)Unbound
(3)None forresident institutions
(4)Unbound
Intermediation services
(CPC 81199)(1)Unbound
(2)Unbound
(3)None, butstock market intermediaries must
possess Tunisian nationality andmaybe
natural persons orpublic limited companies
specializing instockbroking activities.
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundS/FIN/W/12/Add.25
Page 10Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Security broking
services(1)Unbound
(2)Unbound
(3)None, butstock market intermediaries must
possess Tunisian nationality andbeeither
natural persons orpublic limited companies
specializing instockbroking activities
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
Portfolio management
services(1)Unbound
(2)Unbound
(3)None, butstock market intermediaries must
possess Tunisian nationality andbeeither
natural persons orpublic limited companies
specializing instockbroking activities
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
Loan broking services
(CPC 81331)(1)None
(2)None
(3)None other thanhorizontal limitations
(4)Unbound(1)None
(2)None
(3)None other thanhorizontal limitations
(4)UnboundS/FIN/W/12/Add.25
Page 11Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Financial consultancy
services (excluding
exchange offices)
(CPC 81332)(1)None
(2)None
(3)None other thanhorizontal limitations
(4)Unbound(1)None
(2)None
(3)None other thanhorizontal limitations
(4)Unbound
N.B. Therestofthefinancial services commitments relating toinsurance remain unchanged (April 1994, GATS/SC/87).