• Non-settlement due to a cash shortfall

Action	Deadline
Theoretical settlement (S) of the movement	S
Directive sent to the defaulting brokerage firm in the event of an unsettled movement.	S+1
If the cash amount of the unsettled movement is greater than 50% of the initial contribution Then the Casablanca Stock Exchange makes a call for a cash amount of the unsettled movement - 0.5 x the initial contribution. In the event of non-payment, the Casablanca Stock Exchange momentarily suspends the brokerage firm.	S+2
Recycling of the unsettled movement   If the unsettled movement is settled within the regulatory deadline : The defaulting brokerage firm pays a fine calculated on the basis of 0,2% applied to the amount in suspense. The fine cannot be lower than 2000 dirhams net of tax and exceed 10.000 dirhams net of tax, by value outstanding and date of negotiation.  The defaulting brokerage pays damages and interest to the brokerage firm which is the victim. The amount of the damages cannot be lower than hundred dirhams.	No later than S+3
Resale procedure triggered in the event of non-settlement by S+3	S+4