Legislative & regulatory texts

Dahirs/Laws

Dahir n°1-16-151 of 21 Dhu al-Qidah 1437 (25 august 2016) enacting law n°19-14 on the Stock Exchange, brokerage firms and financial investment advisors.

General Rules

General Regulations of the Stock Exchange

Decrees

Decree no. 2-16-411 of 19 Shaabane 1437 (26 May 2016) authorizing the Deposit and Management Fund (CDG), the Crédit immobilier et hôtelier (CIH) and the Crédit agricole du Maroc (CAM) to acquire a stake in the capital of the Casablanca Stock Exchange.

Orders

Order of the minister of economy and finance no.1530-18 of 1st Ramadan 1439 (17 May 2018) setting the maximum threshold of the registration fee charged by the managing company of the Stock Exchange.

Order of the minister of economy and finance no.2959-17 of 13 Jumada I 1439 (31st January 2018) approving the articles of Association of the Professional Association of Brokerage Firms.

Order of the minister of economy and finance no. 3299-17 of 17th Rabii I 1439 (6th December 2017) setting the composition and operating procedures of the “commission for monitoring the Stock Exchange concession".

Order of the minister of economy and finance no. 1705-17 of 28th Muharram 1439 (19th October 2017) establishing the composition and operating procedures of the "Capital Market Committee".

Orders concerning the Stock Exchange

Circulars

circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the obligations of vigilance and internal monitoring incumbent on organizations and persons subject to the control of the Moroccan Capital Market Authority

Circular of the Moroccan Capital Market Authority n°03/19 of 20 february 2019 concerning financial operations and informations

Moroccan Capital Market Code - Modified on October 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II

Dahirs/Laws

Dahir no. 1-13-21 of 1st jumada I 1434 (13 march 2013) enacting law no. 43-12 on the Moroccan Capital Market Authority.

General Rules

General Regulations of the Moroccan Capital Market Authority

Decrees

Decree No. 2-17-216 of 11 Rabii I 1439 (30 november 2017) adopted in implementation of article 31 of law no. 43-12 on the Moroccan capital market authority.

Decree No. 2-06-175 of 27 Safar 1427 (28 March 2006) setting the list of public institutions subject to the accompanying control.

Orders

Order of the minister of equipment, transport, logistics, and water, acting minister of economy and finance no. 832-18 of 1st Dhu al-Hijjah 1439 (13 August 2018) approving the circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the  Authority

Order of the minister of economy and finance n°1756-17 of 07 february 2018 establishing the list of functions whose exercice is subject to the authorization of the AMMC

Orders concerning the Securities Council Ethic (CDVM)

Circulars

Circular of the Moroccan Capital Market Authority n°02/19 concerning real estate collective  investment undertakings

Circular of the Moroccan Capital Market Authority n°01/19 concerning the authorization of management companies of undertakings for collective investment in capital and management institutions of collective investment funds in securitization

Circular of the Moroccan Capital Market Authority n°02/18 concerning management companies of real estate collective investment undertakings

Circular of the Moroccan Capital Market Authority n°03/19 of 20 february 2019 concerning financial operations and informations

Circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the obligations of vigilance and internal monitoring incumbent on organizations and persons subject to the control of the Moroccan Capital Market Authority

Moroccan Capital Market Code - Modified on October 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II

Dahirs/Laws

Dahir n° 1-96-246 of 29 chaabane 1417 (09 january 1997) enacting law n° 35-96 on the creation of a central depository and the establishment of a general book-entry system for certain securities (amended and completed by law 43-02)

General Rules

General Regulations of the Central Depository

Decrees

Decree no. 2-98-370 of 17 Ramadan 1419 (05 January 1999) adopted for the implementation of article 9 of the law no. 35-96 on the creation of a Central Depository and the establishment of a general account registration system for certain securities

Orders

Orders concerning the Central Depository

Circulars

Moroccan Capital Market Code - Modified on Octber 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II 

Dahirs/Laws

Dahir providing law n° 1-93-213 of (21 september 1993) on undertakings for collective investment in transferable securities (amended by law 53-01)

Orders

Order of the minister of economy and finance no. 2924-17 of 4 Safar 1439 (24th October 2017) adopted for the implementation of the provisions of articles 5, 7, 10, 17 and 25 of law no. 41-05 on undertakings for collective investment in capital.

Order  of the minister of economy and finance no. 96-16 of 23 Rabii I 1437 (4 January 2016) approving the accounting rules applicable to undertakings for collective investment in capital

Orders concerning undertakings for collective investment in capital

Circulars

Circular of the Moroccan Capital Market Authority n°02/19 concerning real estate collective  investment undertakings

Circular of the Moroccan Capital Market Authority n°01/19 concerning the authorization of management companies of undertakings for collective investment in capital and management institutions of collective investment funds in securitization

Circular of the Moroccan Capital Market Authority n°02/18 concerning management companies of real estate collective investment undertakings

Circular of the Moroccan Capital Market Authority n°03/19 of 20 february 2019 concerning financial operations and informations

Circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the obligations of vigilance and internal monitoring incumbent on organizations and persons subject to the control of the Moroccan Capital Market Authority

Moroccan Capital Market Code - Modified on October 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II 

Dahirs/Laws

Dahir n°1-16-130 of 21 kaada 1437 (25 august 2016) acting law n°70-14 on real estate collective investment undertakings

Decrees

Decree no. 2-18-511 of 17 Dhu al-Qidah 1439 (31 July 2018) completing decree no. 2-17-420 of 9 Shaaban 1439 (26 April 2018) adopted in implementation of law no. 70-14 on real estate collective investment undertakings.

Decree no. 2-18-32 of 9 Shaabane 1439 (26 April 2018) adopted in implementation of articles 31 and 33 of law no. 70-14 on real estate collective investment undertakings.

Decree no. 2-17-420 of 9 Chaabane 1439 (26 April 2018) adopted in implementation of law no. 70-14 on realestate collective investment undertakings.

Circulars

Circular of the Moroccan Capital Market Authority n°02/19 concerning real estate collective investment undertakings  

Circular of the Moroccan Capital Market Authority n°01/19 concerning the authorization of management companies of undertakings for collective investment in capital and management institutions of collective investment funds in securitization

Circular of the Moroccan Capital Market Authority n°02/18 concerning management companies of real estate collective investment undertakings

Circular of the Moroccan Capital Market Authority n°03/19 of 20 february 2019 concerning financial operations and informations

circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the obligations of vigilance and internal monitoring incumbent on organizations and persons subject to the control of the Moroccan Capital Market Authority

Moroccan Capital Market Code - Modified on October 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II 

Dahirs/Laws

Dahir n°1-15-07 of 29 rabii II 1436 (19 february 2015) enacting the law no. n°18-14 amending and completing law n°41-05 on venture capital investment bodies.

Dahir n° 1-06-13 of 15 muharram 1427 (14 february 2006) enacting law no. 41-05 on venture capital investment bodies.

Decrees

Decree no. 2-15-374 of 2 Muharram 1437 (16 October 2015) amending and completing Decree no. 2-07-1300 of 3 Jumada II 1430 (28 May 2009) adopted for the implementation of law no. 41-05 on venture capital investment bodies.

Decree no. 2-07-1300 of 3 Jumada II 1430 (28 May 2009) implementing law no. 41-05 on venture capital investment undertakings.

Orders

Orders concerning venture capital investment body

Circulars 

Circular of the Moroccan Capital Market Authority n°02/19 concerning real estate collective investment undertakings

Circular of the Moroccan Capital Market Authority n°01/19 concerning the authorization of management companies of undertakings for collective investment in capital and management institutions of collective investment funds in securitization

Circular of the Moroccan Capital Market Authority n°02/18 concerning management companies of real estate collective investment undertakings

Circular of the Moroccan Capital Market Authority n°03/19 of 20 february 2019 concerning financial operations and informations

Circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the obligations of vigilance and internal monitoring incumbent on organizations and persons subject to the control of the Moroccan Capital Market Authority

Moroccan Capital Market Code - Modified on Octber 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II

Dahirs/Laws

Dahir n°1-14-96 of 20 may 2014 (20 rajeb 1435) enacting the law no. 42-12 on the futures market of financial instruments.

Decrees

Decree n°2-18-827 of 3 ramadan 1440 (9 may 2019) fixing the composition and operating methods of the Futures Co-ordination Authority

Dahirs/Laws

Dahir no. 1-12-55 of 14 safar 1434 (28 december 2012) enacting law no. 44-12 on public offering and information required of legal entities and bodies making public offering.

Dahir n° 1-04-21 of 1st rabii i 1425 (21 april 2004) enacting law no. 26-03 on public offerings on the stock market (amended and completed by law 46-06)

Dahir n° 1-96-124 of (14 rabii ii 1417) enacting law n° 17-95 related to public limited companies(Amended and completed by the laws 81-99, 23-01, 20-05, 78-12)

Decrees

Decree no. 2-18-306 of 6 Shawwal 1439 (20 June 2018) setting the percentage of capital that a company may own, either directly or through a person acting in their own name on behalf of the company.

Decree no. 2-17-227 of 28 Dhu al-Hijjah 1438 (19 september 2017) adopted in implementation of law no. 44-12 on public offerings and the information required of legal entities and organizations making a public offering.

Decree no. 2-04-546 of 8 Ramadan 1425 (22 October 2004) adopted in implementation of law no. 26-03 on public offerings on the stock market.

Decree no. 2-02-556 of 22 Dhu al-Hijjah 1423 (24 February 2003) setting the forms and conditions under which public limited companies may repurchase their own shares in the stock market in order to regularize the market.

Royal decree on law no. 194-66 of 7 Rajab 1386 (22 October 1966) on Investment Companies and the National Investment Company.

Orders

Order of the Minister of Economy and Finance no. 401-18 of 19 Ramadan 1439 (4 June 2018) setting the criteria to be fulfilled by financial intermediaries.

Order of the Minister of Economy and Finance no. 103-18 of 16 Rabi II 1439 (4 January 2018) adopted in implementation of article 3 of law no.44-12 on public offerings and the information required from legal entities and bodies making a public offering.

Order of the minister of economy and finance no.2137-17 of 3 Dhu al-Hijjah 1438 (25th August 2017) adopted in implementation of article 4 of law no. 44-12 on public offerings and the information required from legal entities and organizations making a public offering.

Orders concerning public offers

Circulars

Circular of the Moroccan Capital Market Authority n°02/19 concerning real estate collective  investment undertakings

Circular of the Moroccan Capital Market Authority n°01/19 concerning the authorization of management companies of undertakings for collective investment in capital and management institutions of collective investment funds in securitization

Circular of the Moroccan Capital Market Authority n°02/18 concerning management companies of real estate collective investment undertakings

Circular of the Moroccan Capital Market Authority n°03/19 of 20 february 2019 concerning financial operations and informations

circular of the Moroccan Capital Market Authority no. 01/18 of 8 March 2018 on the obligations of vigilance and internal monitoring incumbent on organizations and persons subject to the control of the Moroccan Capital Market Authority

Moroccan Capital Market Code - Modified on October 2014

Appendices :

Book I  Book II   Book III  Book V - title I     Book V - title II

Dahirs/Laws

Dahir n°1-12-56 of 14 safar 1434 (28 december 2012) enacting Law no.45-12 on securities lending.

Decrees

Decree no. 2-13-274 of 15 Ramadan 1434 (24 July 2013) adopted for the implementation of law no. 45-12 on securities lending.

Orders

Order of the minister of economy and finance no. 2840-13 of 22nd Safar 1435 (26th December 2013) approving the standard model framework agreement on securities lending operations.

Order of the minister of economy and finance no. 3367-13 of 22nd Safar 1435 (26th December 2013) approving the notification model for securities lending transactions.

Dahirs/Laws

Dahir n° 1-95-3 of 24 shaaban 1415 (26 january 1995) enacting law no. 35-94 on some marketable debt securities (amended and completed by laws 35-96 and 33-06)

Decrees

Decree no. 2-94-651 of 6 Safar 1416 (5 July 1995) adopted for the implementation of law n° 35-94 on some marketable debt securities

Orders

Orders Titres de créances négociables

Dahirs/Laws

Dahir n°1-08-95 of 20 chaoual 1429 (20 october 2008) enacting law no. 33-06 on the securitization of assets (amended by law 119-12 and by law no. 05-14)

Decrees

Decree no. 2-17-180 of 25 Shawwal 1438 (20 July 2017) completing decree no. 2-08-530 of 17 Rajab 1431 (30 June 2010) adopted in implementation of law no. 33-06 on asset securitization.

Decree no. 2-08-530 of 17 Rajab 1431 (30 June 2010) adopted in implementation of the asset securitization law no. 33-06 amended and completed by decree no. 2-13-375 of 26 Safar 1435 (30 December 2013)

Orders

Order of the minister of economy and finance no. 97-16 of 23 Rabii I 1437 (4 January 2016) approving the accounting rules applicable to asset securitization operations in the initiating institution.

Orders on securitization

Dahir n°1-04-04 of 1st rabii i 1425 (21 april 2004) enacting law no. 24-01 on repurchase transactions (modified and completed by law 33-06 and law 119-12)

Decree no. 2-04-547 of 16 Dhu al-Qidah 1425 (29 december 2004) adopted for the implementation of the law no. 24-01 on repurchase transactions, completed by the decree no. 2-13-376 of 27 Safar 1435 (31 december 2013)