Terms of use

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Terms and conditions of use of the Casablanca Stock Exchange website

The present Terms and Conditions of Use apply whenever you use the web pages available at the following addresses:,, and other selected domains, including the pages indicated by a link owned and operated by the Casablanca Stock Exchange or any of its assignees, or any application made available by the Casablanca Stock Exchange for use on a tablet, cell phone or any other portable device (alone or jointly, the "Website").


The Casablanca Stock Exchange is a public limited company with a Board of Directors, having a capital of MAD 387,517,900, registered in the Trade Register under number 79057, whose registered office is located at the corner of Avenue des FAR and Rue Arrachid Mohamed, Casablanca 20000, whose legal representative is Mr Tarik SENHAJI, Managing Director.

1. Definitions

Each term hereafter beginning with a capital letter has the meaning given to it in its definition which appears in the present article:

"General Terms and Conditions of Use" or "General Conditions": means this document.

" Website ": means the institutional website of the Casablanca Stock Exchange accessible at the address

"User" means any person using the Site.

"The Stock Exchange": refers to the Casablanca Stock Exchange.

2. Purpose of the Site

The site is a presentation site, the purpose of which is to provide information on the Stock Exchange. The User also acknowledges having been informed that the Site is provided on the basis of a "state of the art" service and is accessible according to its availability, 24 hours a day and 7 days a week, except in the event of force majeure, computer difficulties, difficulties linked to the telecommunications network or other technical difficulties.

For maintenance reasons, the Stock Exchange may interrupt access to the site and shall notify users in advance. The Stock Exchange shall not be held liable for the impossibility of accessing this site.

3. Opposability

The Stock Exchange reserves the right to make any changes to these General Terms and Conditions that it deems necessary and useful, and the possibility of modifying all or part of the contract in order to adapt it, in particular, to changes in its operations and/or to changes in legislation.

The present General Terms and Conditions shall apply throughout the period of use of the Site and until new general terms and conditions of use replace the present ones.

The Stock Exchange shall inform the User of the new general conditions of use by any means, as soon as they come into force.

4. Website access

The User is informed that the Website is accessible 24 hours a day, 7 days a week, except in cases of force majeure, computer difficulties, difficulties related to the structure of the telecommunications network or technical difficulties. For maintenance reasons, the Stock Exchange may temporarily interrupt the site. The Stock Exchange shall not be held liable for the impossibility of accessing this site. Moreover, the Stock Exchange reserves the right to unilaterally refuse access to any User without prior notice or notification in the event of violation by the latter of one of the navigation rules. Access to and use of password-protected and/or secure areas of this Site, if any, are limited to authorized Users. Unauthorized persons attempting to gain access may be subject to legal action.

5. Personal Data

5.1. Collection and purpose 

The personal data collected by the Stock Exchange, as data controller, in the forms on the Site are mainly processed and recorded for the following purposes 

  • Management of subscribers' data.
  • Management of complaints.

If you do not fill in the mandatory fields, the Stock Exchange will not be able to satisfy your request.

Said information is collected in accordance with the provisions of Law 09-08 of February 18, 2009 on the Protection of Individuals with regard to the Processing of Personal Data and is intended for the sole use of the Stock Exchange. Under no circumstances shall they be made available to third parties.

The User expressly consents to the collection of personal data concerning him/her in this context.

Users' contact information is only used to better inform them and, possibly, to send them information that they wish to receive.

In addition, the User agrees to provide accurate, complete and up-to-date information. In case the information provided is inaccurate, incomplete or obsolete, the Stock Exchange will take any measure it deems useful to suspend the User's access to the Site, permanently or temporarily.

The Stock Exchange uses all necessary means to ensure the confidentiality and security of recorded personal data in order to prevent them from being destroyed, distorted, damaged or accessible to unauthorized third parties, in particular by making its employees aware of their obligations and by restricting access in accordance with the duties and responsibilities of each employee, by using secure computer systems and, if necessary, by encrypting certain data during storage and/or transmission.

The Stock Exchange undertakes to keep personal data for no longer than is necessary for the purposes for which they are collected or processed.

5.2. User's rights

In accordance with Law 09-08 on the protection of individuals with regard to the processing of Personal Data, the User has the right to access, rectify and object to the personal data concerning him/her.

To exercise these rights, the User must comply with the following procedure:

The Casablanca Stock Exchange collects and processes Personal Data for :

  • The management of complaints. This processing has been declared to the CNDP under the number ...

To exercise your rights of access, rectification and opposition, you can send an e-mail to

Market Data Department

Casablanca Stock Exchange

Angle avenue des FAR et rue Arrachid Mohamed. Casablanca.

E-mail :

  • The management of the Website subscribers. This processing has been declared to the CNDP under the number ...

To exercise your rights of access, rectification and opposition, you can send an e-mail to

Digital Services Department

Casablanca Stock Exchange

Angle avenue des FAR et rue Arrachid Mohamed. Casablanca.

E-mail :

6. Security 

The Site is an automated data processing system. Any fraudulent access, in particular to personal spaces within it, is prohibited and punishable by law.

The Stock Exchange makes its best efforts, in accordance with the rules of the art, to secure the Site but, given the complexity of the Internet, it cannot guarantee absolute security.

The User declares that he/she accepts the characteristics and limits of the Internet and, in particular, acknowledges that he/she is aware of the nature of the Internet network and, in particular, of its technical performance and response times for consulting, querying or transferring data.

The User is aware that the data circulating on the Internet is not necessarily protected, particularly against possible misappropriation.

The User agrees to take all appropriate measures to protect his/her own data and/or software from contamination by any viruses on the Internet network.

7. Liability 

The Stock Exchange declines all responsibility for any damage or loss related to the use or impossibility of using the Stock Exchange’s website or its content. It shall not be held liable for errors or delays in updating the information available on this site. The Stock Exchange implements the necessary means to ensure the security of the Stock Exchange’s website but does not guarantee its security and does not take responsibility for it. You acknowledge that any information sent may be intercepted. The Stock Exchange does not guarantee that the site or the servers that allow access to this site or the electronic communications it sends are not infected by viruses or any other dangerous element.

The Stock Exchange is subject only to an obligation of means with regard to the integrity, completeness, quality or accuracy of the information and market data provided on the Web site. 

In particular, the Stock Exchange shall not be held liable for any direct or indirect damages, losses, costs, claims and expenses of any kind:

  • that would result from any error or omission in the collection, recording, processing, storage, or provision for the supply of market data ;
  • caused to subscribers, or to any other third party to whom market data from the Stock Exchange is made available; that such subscribers or third parties may suffer, as a result of, or in connection with, the market data provided or to be provided by the Stock Exchange, or in any other way related hereto.

The Casablanca Stock Exchange is subject to an obligation of means in the calculation, management and dissemination of the Indices, in particular as regards the integrity, exhaustiveness, quality and availability of the Index and of the documents and data relating thereto. 

The Stock Exchange will perform integrity checks and, whenever possible, will promptly make appropriate corrections to any material errors or omissions detected.

Users who choose to follow the Casablanca Stock Exchange Indexes or to purchase products based on these Indexes must evaluate the methodology of calculation of the Index and take advice from independent consultants and experts if necessary before investing their funds or those of their clients. 

The Casablanca Stock Exchange shall not be liable for any damages, losses, costs, claims and expenses of any kind arising from, among others:

  • any use of these business rules, and/or
  • any error or inaccuracy contained in these business rules, and/or
  • any failure to apply or improper application of the policies and/or procedures described in these rules, and/or
  • any error or inaccuracy contained in the compilation or data relating to the Indices of the Stock Exchange.

8. Intellectual property 

The presentation and content of the Stock Exchange’s website constitute a work protected by the laws in force on intellectual property, of which the Stock Exchange is the owner. No reproduction and/or representation, whether partial or complete, may be made without the prior written consent of the Casablanca Stock Exchange.

The name "Stock Exchange", the logos "Bourse de Casablanca", "École de la Bourse de Casablanca" and "Champions de la Bourse", the names of the products in its range as well as the slogans are, unless otherwise specified, registered trademarks of the Casablanca Stock Exchange.

Any reproduction, use and/or modification made without the prior written consent of the Casablanca Stock Exchange is likely to constitute an infringement thereof.

The drawings, photographs, images, texts, animated sequences with or without sound, and other documentation represented on this Internet Site are subject to industrial and/or intellectual property rights and are, as the case may be, the property of the Casablanca Stock Exchange or of third parties who have authorized the Casablanca Stock Exchange to use them. In this respect, any reproduction, representation, adaptation, translation and/or transformation, in part or in full, or any transfer to another site, is prohibited.

The reproduction of any document published on the Site is only authorized for the exclusive purpose of information for personal and private use, provided that the mentions relating to copyright or other mentions concerning intellectual property rights are not removed. This private use in no way confers any right to these documents.

Moreover, any reproduction, transmission, use of the Site for commercial purposes, or any creation of links with it, without the prior written authorization of the Casablanca Stock Exchange, is strictly prohibited.

The User acknowledges the intellectual property rights of The Stock Exchange in the Data in its entirety as well as for any part of these rights and acknowledges those incorporated in any information that can be shown to be based on them and/or derived from them, regardless of the fact that this information based on them and/or derived from them is also the product of processing, updating or the performance of a task by any party other than The Stock Exchange.

9.  Hypertext links

This Site includes information made available by external companies or hypertext links to other sites that have not been developed by the Stock Exchange. The existence on this Site of a hypertext link leading to another site does not constitute validation of this other site or its content. The Stock Exchange therefore assumes no responsibility for these sites, their content, advertising, products or services available on or from these sites. The Stock Exchange may in no case be held liable for any damage caused by the use of these sites. Any complaints regarding third-party sites should be directed to the administrators of said sites. 

10. Cases of Force Majeure

The Stock Exchange shall not be held liable for the non-performance of any of its obligations hereunder, particularly in the following cases

When the non-performance is due to an impediment beyond its control.

When it could not reasonably foresee such impediment or its effects or its ability to perform the contract at the time of its conclusion.

Where it could not reasonably have avoided or overcome the impediment, or at least its effects.

An impediment within the meaning of the preceding paragraph may result, inter alia, from events such as, but not limited to, destruction of machinery, installations, boycotts, strikes or lockouts of any kind, occupations of premises, work stoppages, failure of the power supply, failure of networks or transmission lines, unavailability of systems.

11. Good Faith

The parties agree to perform their obligations in good faith.

12. Nullity

If one or more provisions of this contract are held to be invalid or declared as such in application of a law, a regulation or following a decision of a competent court, the other provisions shall retain all their force and effect.

13. Agreement of Proof

The acceptance of the General Conditions by electronic means has, between the parties, the same evidential value as the agreement on paper.

The computerized registers kept in the computer systems are kept in reasonable conditions of security and considered as proof of the communications between the parties.

14. Applicable Law and Jurisdiction

This contract is governed by Moroccan law.

It is so for the rules of substance and the rules of form and this, notwithstanding the places of execution of the substantial or accessory obligations. Any dispute relating to the interpretation or execution of the present contract shall be submitted to the exclusive jurisdiction of the Commercial Court of Casablanca.