Market Operators

By Law n° 19-14 relating to the Stock Exchange, Brokerage firms and financial investment advisers, stock exchange companies hold the monopoly of the negotiation of financial instruments registered on the Casablanca Stock Exchange.

Brokerage firms are service providers with a monopoly on stock market intermediation. They may only operate after approval by the Minister of Finance on the advice of the AMMC. Any duly approved brokerage company is required to join the Professional Association of Stock Exchange Companies (APSB).

In addition, in the case of initial public offerings,  Brokerage firms assist legal entities making public offerings in the drafting of information documents intended for the public, as well as in the collection of subscriptions.

Asset Management Companies include any commercial company that creates and manages investment products on an exclusive basis, in compliance with regulatory and legal constraints, and with internally defined investment policies, in order to obtain the best possible return.

Asset management companies include management companies of Undertakings for Collective Investment in Transferable Securities (UCITS), management companies of Undertakings for Collective Investment in Capital (UCI), management companies of Funds for Collective Investment in Securitization (FPCT) and management companies of Undertakings for Collective Investment in Real Estate (OPCI).

Maroclear was founded by virtue of Law n° 35-96 of July 9, 1997 instituting the dematerialization of securities, and it represents the central securities depository in Morocco.

As administrator of the current accounts of securities opened on behalf of its Affiliates, MAROCLEAR's mission is to :

• Ensure the dematerialization of securities and their conservation                                                                                          
• Ensuring the Settlement/Delivery system for stock exchange and OTC transactions, by adopting standardized schemes, largely automated processes and settlement security through Bank Al-Maghrib's payment system. 
• Provide the necessary security and fluidity for the proper functioning of back-office processes

APSB, the Professional Association of Stock Exchange Companies, is the organization that represents all the stock exchange companies that operate on the Moroccan stock market.

Its mission is, inter alia, to:

• Contribute to the implementation of the regulatory framework and the regulatory mechanisms best suited to the financial market.
• Participate in the implementation of reforms by improving the regulatory framework governing the capital market and diversifying the financial instruments available to issuers and investors.
• Defend the interests of members ahead of the regulatory process by providing analysis and studies to explain its position to the authorities.