The Casablanca stock-market’s
principal operators are:
The
Casablanca Stock Exchange is a société
anonyme responsible for the organisation and management of the
stock-market.
It
falls under the supervision of the Ministry of Finance and
Privatisation and its share-capital is held in equal parts by
brokerage firms.
Its management is defined by a mission statement and mainly concerns
initial public offerings, management of trading sessions, publication
of share prices and indices and administration of a settlement and
clearing system. The extent and content of its responsibilities
are defined in a set of market rules, known as General
Rules
.
More generally, the
Casablanca Stock Exchange oversees the promotion and development of
the stock-market.
Authorised
by the Ministry of Finance and Privatisation, brokerage
firms'activities,
in addition to the execution of securities trades, include the custody
of securities, discretionary portfolio management, client advisory
services and liquidity provision for listed securities.
Brokerage
firms also participate in placing securities issued by corporate
entities making public offers and assist them in the preparation of
documentary information designed for the public.
The
CDVM
is a public institution with its own legal status and financial autonomy.
In its capacity as watchdog, it is responsible for :
- Protecting
investors in transferable securities or in any other investment
offered to the public.
- Monitoring
information aimed at investors in transferable securities by
ensuring that corporate entities making a public offer publish all
relevant legal and regulatory information.
- Monitoring
the sound functioning of the stock-market by ensuring its
transparency, integrity and safety.
- Ensuring
that the various legal and regulatory provisions governing financial
markets are respected.
Maroclear
is the
central depositary for securities in Morocco. It was created in accordance with the provisions of law N° 35-96 of 9
July 1997 which established a system of transferable securities in
non-physical form.
As
a société anonyme, Maroclear
acts as securities custodian on behalf of its affiliates as well as
managing the transfer and administration of securities.
Its
main functions include :
- Centralising
custody of securities in current accounts opened exclusively in the
name of professional organisations (banks, brokerage firms and
issuers), Maroclear has no relation with the general public.
- Ensuring
the system of payment and delivery of securities.
- Simplifying
the exercise of rights attached to securities.
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