Financial Institutions Reminded to Declare Dormant Financial Assets and Securities
The Financial Market Council (CMF) reminded banks, stockbrokers, and issuing companies yesterday, May 7, of their obligation to declare financial assets and securities that have remained inactive for 15 consecutive years, by February 15 of each year. These amounts will then be transferred to the current account of the Public Treasury.
This measure stems from Articles 43 to 48 of the 2025 Finance Law (Law No. 2024-48 of December 9, 2024). It aims to better regulate unclaimed or forgotten securities and assets. Affected are: traded securities, shares of collective investment schemes, and securities accounts with no movement, claim, or dispute for 15 years. Once this deadline has passed, institutions must proceed with the declaration and transfer of the concerned amounts.
Identified shares and securities must be redeemed, and the amounts paid to the Treasury via the Central Bank of Tunisia. Furthermore, these institutions must use a declaration model provided by the administration and publish, before April 30, 2025, the list of concerned holders in the Official Journal of Legal Announcements. They must also inform them of their right to claim until the end of June 2025.
If no claim is made, the amounts will be definitively transferred to the State. A similar procedure applies to inactive accounts since 5 years, including those closed without withdrawal, life insurance policies that have matured, or accounts belonging to individuals who have become of age or regained their legal capacity.
It is specified that these obligations do not apply to accounts belonging to minors, incapacitated, or prohibited persons as long as their legal status has not changed.
Any failure to comply with these obligations or delay exposes institutions to penalties provided for in Article 47 of the 2025 Finance Law. For any subsequent restitution request, they must comply with the modalities set forth.
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