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HomeNewsTunisia: draft regulation for "Crowdfunding" activity lands at CMF

Tunisia: draft regulation for “Crowdfunding” activity lands at CMF

The Financial Market Council is launching a public consultation on its draft regulation on the conditions of exercise of “Crowdfunding” activity in investment in securities.

This is a new means of financing projects promoted by start-up companies as well as by small and medium-sized enterprises, given its specificities and the techniques used to facilitate the meeting between investors and project holders, particularly those in the start-up or development phase or who have not been able to access traditional financing channels.

Funds are collected from the public (contributors) via a dedicated internet platform that allows them to invest in ordinary shares, sukuks or bonds.

It is within this framework that the law No. 2020-37 of August 6, 2020 relating to the “Crowdfunding” as well as the decree No. 2022-765 of October 19, 2022, relating to the regulation of the activity of “Crowdfunding” in investment in securities, referred to a regulation of the Council of the Financial Market, to provide the provisions governing the exercise of the activity and granting approval.

In preparing the draft of that regulation, the CMF was inspired by the best international practices in force. Likewise, particular attention was paid to the rules allowing to protect the interests and funds of the contributors and to ensure the smooth running of the “Crowdfunding” operations.

In an inclusive approach, the CMF is launching a public consultation on its draft regulation relating to the conditions of exercise of the activity of “Crowdfunding” in investment in securities.

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