WORLD TRADE GATS/SC/87/Suppl.2
26February 1998
ORGANIZATION(98-0708)
Trade inServices
TUNISIA
Schedule ofSpecific Commitments
Supplement 2
(This isauthentic inFrench only)
_______________
Thistextreplaces thefinancial services section onpages 6to19ofdocument GATS/SC/87.GATS/SC/87/Suppl.2
Page2TUNISIA
SCHEDULE OFSPECIFIC COMMITMENTS
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 of
21January 1976, asamended byLawNo.93-48 of
3May 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 of
capital invested bytheimportation offoreign currency,
even where these proceeds aregreater thantheamount
initially invested, inthecaseofinvestments made
within thecontext oftherelevant legislation;
-anyexportation ofcapital andanytransaction or
commitment thatgives ormaygiverisetoatransfer,
relating totransactions other thanthose mentioned
above, aswellasanyforeign debtoffsetting, are
subject tothegeneral authorization oftheMinister of
Finance after consultation withtheCentral Bank of
Tunisia.
Thisauthorization does notapply inthecaseofnon-resident
enterprises setupinTunisia, which arefreetocarry out
anycapital transactions withorinaforeign country.GATS/SC/87/Suppl.2
Page3Modes 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 of10MD
percalendar yearforfinancial institutions and
3MDpercalendar yearforother enterprises, in
thecontext oftheir 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 a
voting right orofequity incompanies established
inTunisia issubject toapproval bytheInvestment
Commission iftheproportion oftotal foreign
holdings insuch companies, including thepurchase
transaction concerned, amounts to50percentor
more ofthecompany 'sequity. However, such
approval does notapply toforeign acquisition of
holdings when thecompany isinitially setupor
when itsshare capital isincreased inaccordance
withthelegislation inforce andintheabsence of
horizontal limitations.
- Investment made intheform ofacontribution in
kindissubject toauthorization, which isgranted
after anexpert appraisal todetermine thenature of
thecontribution anditsvalue.
- Deposits: Non-residents mayfreely open foreign
currency accounts andaccounts inconvertible
dinars.
- TheCentral Bank ofTunisia hasamonopoly with
respect tomonetary goldtransactions.GATS/SC/87/Suppl.2
Page4Modes 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
7. FINANCIAL
SERVICES
(A) Allinsurance and
insurance-related
services
Direct insurance
(CPC 8121-8129)(1) Risks situated inTunisia andpersons domiciled there
maybeinsured onlyunder contracts concluded with
resident insurance enterprises (Insurance Code,
Article 44)(1) Unbound
Theair,seaandlandtransport ofgoods forimport
must beinsured inTunisia
(2) None, fornatural andlegal persons resident abroad
(3)(a) Commercial presence offoreign supplier inthe
form ofasubsidiary company:
-Setupinaccordance withTunisian law;
-asapublic limited company ormutual
society;
-minimum capital requirements(2) Unbound
(3) Unbound
(b) Commercial presence oftheforeign supplier in
theform ofabranch office:
-Work withnon-residents
(4)Unbound, expect asindicated inthehorizontal section (4)UnboundGATS/SC/87/Suppl.2
Page5Modes 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
C.Reinsurance and
retrocession services
(CPC 81299)(1)Prior approval ofreinsurers wishing toaccept
reinsurance operations from theTunisian market
(Insurance Code, Article 68)
Appointment ofarepresentative accepted bythe
Minister ofFinance (Insurance Code, Article 68)
(2)None
(3)-Approval prior toacceptance ofreinsurance
operations
-Appointment ofaresponsible officer accepted by
theMinister ofFinance
(4)Unbound, except asindicated inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
Insurance
intermediation
(a)Insurance agents for
lifeinsurance
(CPC 81401)(1)Tunisian nationality required (Insurance Code,
Article 73)
(2)None
(3)Tunisian nationality required (Insurance Code,
Article 73). Approval oftheMinister ofFinance
(4)Unbound, except asindicated inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundGATS/SC/87/Suppl.2
Page6Modes 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
(b)Insurance broking (1)None, except forhorizontal limitations
(2)None
(3)Tunisian nationality required. Approval oftheMinister
ofFinance
(4)Unbound, except asindicated inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
Other auxiliary
services
Claim assessment
(CPC 81403)(1)Tunisian nationality required (Decree No.92-2260 of
31December 1992)
(2)None
(3)Tunisian nationality required (Decree No.92-2260 of
31December 1992)
(4)Unbound, except asindicated inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
B.Financial services
other thaninsurance
(CPC 811)(1),(2)None other thanhorizontal limitations
(3)(i) "Resident" banks (Law No.67-51 of
7December 1967):(1)and(2)Unbound
(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 onits
application;GATS/SC/87/Suppl.2
Page7Modes 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 isgranted inparticular depending onthe
applicant 'sprogramme ofactivity, thetechnical
andfinancial resources itplans toinvest, thestatus
oftheinvestors, andwhere appropriate their
guarantor, aswellasthegood repute ofits
directors.
- When applying forapproval, establishments
engaged inthebanking profession must indicate
whether theybelong 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)(ii) "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;
- approval oftheMinistry ofFinance following
consultation withtheNational Credit Council and
after receiving areport from theCentral Bank of
Tunisia which issubsequently responsible for
informing theapplicant ofthedecision taken inthis
respect.
(3)(iii) Leasing companies (Law No.94-89 of
26July1994):GATS/SC/87/Suppl.2
Page8Modes 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, given after
consultation withtheNational Credit Council and
following receipt ofareport from theCentral Bank
ofTunisia, which issubsequently responsible for
informing theapplicant ofthedecision taken.
Resident public limited companies under Tunisian
law(3) None
Leasing companies maybesetupunder Law
No.85-108 of6December 1985 forthepromotion
ofbanking andfinance institutions working
essentially withnon-residents.(3) Unbound
(3)(iv) Investment companies:
- Authorization oftheMinistry ofFinance:
- Resident public limited companies under Tunisian
lawsetupinoneofthefollowing categories:
(a) Closed-ended investment company, witha
minimum capital requirement;
(b) open-ended investment company, witha
minimum capital requirement;
(c) risk-capital investment company, witha
minimum capital requirement.(3) None
- Investment companies maybesetupunder Law
No.85-108 of6December 1985 forthepromotion
ofbanking andfinance institutions working
essentially withnon-residents.(3) UnboundGATS/SC/87/Suppl.2
Page9Modes 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)(v) Stock-market intermediaries:
- Must beapproved bytheFinancial Market Board
andpossess Tunisian nationality, andmaybe
natural persons orpublic limited companies
specializing instockbroking activities(3) Unbound
(4) Unbound, except fortheforeign supervisory staff
ofnon-resident financial institutions: none(4) Forresident financial institutions: the
Chairman-Managing Director ofa
bank established under Tunisian law
must beofTunisian nationality; ifthe
function ofChairman oftheBoard of
theDirectors andthatofManaging
Director areseparated, oneofthese
positions must befilled byaTunisian
national.
TheChairman-Managing Director or
theManaging Director ofabank
established under Tunisian lawmust
have resident 'sstatus within the
meaning oftheexchange regulations.
Themanager oftheTunisian
establishments ofaforeign bank must
have resident 'sstatus inTunisia within
themeaning oftheexchange
regulations. However, special
exemptions maybegranted bythe
Central Bank ofTunisia. Noonemay
simultaneously manage, runorhave
authority tocommit twobanks, abank
andafinancial institution, orabank
andaninsurance company.GATS/SC/87/Suppl.2
Page10Modes 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 inTunisia.
Resident banks mayfreely open thecorresponding
current accounts inaccordance withexisting
regulations. Other financial establishments are
subject toauthorization bytheCentral Bank.(1) Unbound
(2) Unbound
(3) None, butnon-resident institutions established in
Tunisia areauthorized toreceive funds from
residents. Such funds must notexceed:(3) None forresident institutions
- Foreach non-resident institution established in
Tunisia, thesubscribed amount ofitsparticipation,
outofitsownforeign-currency shareholders '
equity, inthecapital ofresident enterprises;
- forallnon-resident institutions established in
Tunisia asawhole, theceiling of1.5percentof
thedeposits ofdeposit banks.
(4) Unbound (4) Unbound
Other bank deposit
services
(CPC 81116)(1) Unbound
(2) None, however residents aresubject to
authorization(1) Unbound
(2) Unbound
(3) None, butnon-resident institutions established in
Tunisia areauthorized toreceive funds from
residents. Such funds must notexceed:(3) None forresident institutions
- Foreach non-resident institution established in
Tunisia, thesubscribed amount ofitsparticipation,
outofitsownforeign-currency shareholders '
equity, inthecapital ofresident enterprises;GATS/SC/87/Suppl.2
Page11Modes 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
- forallnon-resident institutions established in
Tunisia asawhole, theceiling of1.5percentof
thedeposits ofdeposit banks.
(4) Unbound (4) Unbound
Mortgage loanservices
(CPC 81131)(1) Unbound
(2) Unbound
(3) None, butnon-resident institutions established in
Tunisia aresubject toauthorization
(4) Unbound(1) Unbound
(2) Unbound
(3) None other thanhorizontal limitations
(4) Unbound
Personal instalment loan
services
(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
(CPC 81120)(1) Unbound
(2) Unbound
(3) None other thanhorizontal limitations
(4) Unbound(1) Unbound
(2) Unbound
(3) None forresident institutions
(4) UnboundGATS/SC/87/Suppl.2
Page12Modes 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
Intermediation services
(CPC 81199)(1) Unbound
(2) Unbound
(3) None, butstock market intermediaries must possess
Tunisian nationality andmaybenatural persons or
public limited companies specializing in
stockbroking activities.
(4) Unbound(1) Unbound
(2) Unbound
(3) Unbound
(4) Unbound
Security broking services
(CPC 81321)(1) Unbound
(2) Unbound
(3) None, butstock market intermediaries must possess
Tunisian nationality andbeeither natural persons
orpublic limited companies specializing in
stockbroking activities
(4) Unbound(1) Unbound
(2) Unbound
(3) Unbound
(4) Unbound
Portfolio management
services
(CPC 81323)(1) Unbound
(2) Unbound
(3) None, butstock market intermediaries must possess
Tunisian nationality andbeeither natural persons
orpublic limited companies specializing in
stockbroking activities
(4) Unbound(1) Unbound
(2) Unbound
(3) Unbound
(4) UnboundGATS/SC/87/Suppl.2
Page13Modes 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
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) Unbound
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).