Financial Market Council Launches New Consultation Cycle to Modernize Regulatory Framework
The Financial Market Council (CMF) has launched a new consultation cycle to modernize the regulatory framework governing issuance prospectuses, with the aim of strengthening transparency, digitalization, and efficiency in the Tunisian financial market.
Background
This initiative is part of the CMF's participatory approach, which aims to involve sector professionals and stakeholders in the development of reforms. A working meeting was held on Monday, October 13, 2025, at the CMF headquarters, attended by representatives of the Stock Exchange Intermediaries Association and several brokerage firms. The objective was to examine a draft amendment to the regulatory provisions governing issuance prospectuses.
Discussion and Proposals
The discussions focused on several areas for improvement, including:
- Simplifying the preparation of prospectuses and reducing their requirements, while maintaining a high level of protection for investors
- Streamlining the approval process and making it more efficient through digitalization of procedures The participants also emphasized the need to make the approval process faster and more efficient through digitalization.
Adoption of XBRL Standard
In this context, the CMF is studying the possibility of adopting the XBRL (eXtensible Business Reporting Language) standard, an internationally recognized language for improving the quality, reliability, and exchange of financial data between market players.
Consolidating Dialogue and Cooperation
This meeting also helped to consolidate the dialogue between the regulator and sector professionals, in a spirit of cooperation aimed at identifying concrete solutions adapted to the reality of the Tunisian market. The exchanges highlighted the importance of encouraging companies to use public savings, a key lever for financing the national economy.
Next Steps
At the end of the meeting, the participants agreed to continue the consultations and deepen the technical examination of the proposals. The CMF reaffirmed its commitment to organizing periodic meetings to develop a comprehensive and coherent project to amend the regulatory framework, adapted to economic and technological developments.
