Stock exchange intermediaries must be natural persons with Tunisian nationality, or legal persons of Tunisian nationality, i.e. 50% of the capital must be held by Tunisians.
"First article. - Natural persons wishing to exercise the activity of stock market intermediary must:
1 - have Tunisian nationality, [...]
Art. 2. - Counterparty, market making and performance guarantee activities can only be carried out by stock market intermediaries specialized public limited companies.
Art. 3. - Public limited companies wishing to exercise the activity of stock market intermediary must:
1 - have Tunisian nationality, [...]" (Decree on  the  status  of  stock  exchange intermediaries (n° 99-2478  of  1  November  1999), as amended by Decree n° 2007-1678 of 05 July 2007, Articles 1, 2 and 3 [google translation])
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"CHAPTER ONE: STOCK EXCHANGE INTERMEDIARIES
Section 55:
Stock market intermediaries are the agents in charge, to the exclusion of any other person, of the negotiation and registration of securities on the Tunis Stock Exchange, rights relating thereto and financial products. They can also perform operations related to these missions.
The activity of stock market intermediary must be exercised on a permanent basis. It is incompatible with any other activity carried out on a professional basis.
Section 56:
Stock market intermediaries may, under the conditions set by decree establishing the status of stock market intermediaries, engage in the following activities:
− financial advice;
− financial canvassing;
− individual portfolio management;
− portfolio management for Undertakings for Collective Investment in Transferable Securities;
− the placement of transferable securities and financial products;
− the guarantee of successful completion of issues for public or private companies;
− the consideration;
− market making;
− the carrying of shares.
The individual management of portfolios and the carrying of shares can only be ensured by virtue of a written agreement. [...]" (Law N° 94-117 of November 14, 1994, Reorganizing The Financial Market, as amended, Article 55-56).
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"Art. 2. - Natural and legal persons, who do not have Tunisian nationality, may directly or indirectly exercise a commercial activity only under the conditions defined by the texts in force and the provisions of this decree-law.
Art. 3. - Legal persons have Tunisian nationality when they meet all of the following conditions:
1. be constituted in accordance with the laws in force and have their registered office in Tunisia;
2. have their capital represented at least 50% by registered securities held by Tunisian natural or legal persons;
3. have their board of directors, management or supervision, made up in majority by natural persons of Tunisian nationality;
4. have their presidency, their general direction or their management ensured by natural persons of Tunisian nationality.
For public limited companies, and in the event of dissociation between the functions of chairman of the board of directors and those of managing director, the managing director must have the status of resident within the meaning of the foreign exchange regulations in force.
In addition, Tunisian companies having their head office in Tunisia and in which the State or local public authorities directly or indirectly hold a capital participation.
[...]
Art. 8. - The exercise of the following activities, in any form whatsoever, and whatever the mode of their taxation [...] is, except exemption granted by the Secretary of State for Planning and Finance, prohibited to natural or legal persons, not possessing Tunisian nationality:
1- building manager;
2- commission agent, broker, commercial agent;
3- general or special agent of insurance companies;
4- concessionaire, consignee, general representative, general or sales agent, whatever the name under which this activity is carried out;
5- traveler, usher, sales representative.[...]" (Decree-Law on the conditions for exercising certain commercial activities (n° 61-14 of 30 August 1961), as amended by Law n° 85-84 of 11 August 1985, Articles 2, 3 and 8 [google translation])
Decree on  the  status  of  stock  exchange intermediaries (n° 99-2478  of  1  November  1999), as amended by Decree n° 2007-1678 of 05 July 2007, Articles 1, 2 and 3
Law N° 94-117 of November 14, 1994, Reorganizing The Financial Market, as amended, Article 55-56
Decree-Law on the conditions for exercising certain commercial activities (n° 61-14 of 30 August 1961), as amended by Law n° 85-84 of 11 August 1985, Articles 2, 3 and 8
[<a href="https://www.pist.tn/record/88519?ln=fr">Decree</a>],[<a href="https://www.pist.tn/record/112733?ln=en">Law</a>],[<a href="https://www.pist.tn/record/106431?ln=fr">Decree-Law</a>]