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Changes in Banking Legislation

The Central Bank of Tunisia’s (BCT) 2015 Report on Banking Supervision highlights several key changes in banking legislation, governance, and supervision.

Accreditation Process

Strengthened Requirements

• The new law has introduced a two-step approach (prior approval and final approval) to the accreditation process.
• The BCT can request information from judicial authorities and national/foreign supervisory bodies as part of the authorization file investigation.

Minimum Equity Capital

Increased Levels

• The minimum equity capital levels have been increased for:
  • Banks
  • Leasing companies
  • Investment banks
  • Factoring companies

Strengthening Banking Governance

The law has enacted provisions regarding governance, including the appointment of independent directors, risk management, and remuneration committees.

Governance Provisions

Enhanced Requirements

• The law requires financial institutions to adopt a policy to appoint independent directors.
• Risk management and remunerated managers are also subject to enhanced requirements.

Remunerated Managers

Policy Adoption

• Financial institutions must adopt a policy to remunerate managers in line with fundamental indicators of financial soundness, solvency, and profitability.

Strengthening BCT’s Prudential Supervision

The BCT has extended its normative power regarding prudential matters to include risk management and anti-money laundering/terrorism financing risks.

Normative Power

Expanded Scope

• The BCT can now issue regulations on:
  • Risk management
  • Anti-money laundering/terrorism financing risks

Individual and Consolidated Supervision

Enhanced Requirements

• The law introduces individual and consolidated supervision, as well as additional supervision for financial conglomerates.

Preventive Intervention and Recovery

The BCT is vested with early intervention powers to react to financial or management difficulties in banks/financial institutions.

Preventive Intervention

Early Action

• The BCT can take action to address financial or management difficulties in banks/financial institutions.
• This includes submitting a recovery plan to address deficiencies and restore its financial balance.

Resolution and Liquidation Regime

The law endows the BCT with a central role in recognizing difficulties in banks under resolution.

Central Role of BCT

Recognizing Difficulties

• The BCT is responsible for recognizing difficulties in banks under resolution.
• This includes differentiating between dealing with banks under resolution and ordinary supervision of banks/financial institutions.