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You are here :   Home > MARKETS > Settlement > Buy-in and resale procedures

Last modified date : 21/06/2011
 MARKETS

Buy-in and resale procedures


Procedure for resolving defaults

  •  Non-settlement due to a securities 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

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 quantity of securities. The fine cannot be lower than 2000 dirhams net of tax and exceed 10.000 dirhams net of tax, by value in suspense 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+6

Buy-in procedure triggered in the event of non-settlement by S+6

 S+7

Organizing a second meeting of redemption in case of failure of the first.
Termination clause in case of unavailability of titles.

 S+8  

  • 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


 

 

   


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