Collective investment schemes, known in Morocco as OPCVM, manage more than 840 billion dirhams, according to the figure recorded on 24 July 2026. Law 03-25, published in the Bulletin officiel (Official Gazette) together with its implementing decree, is described as the sector's biggest reform in more than thirty years. It introduces exchange-traded index funds (ETFs), participative OPCVM and foreign-currency OPCVM. Not everything applies yet, however: several texts are still awaited.
A renewed framework, not yet complete
Law 03-25 and its implementing decree have been published. Still awaited are ministerial orders, issued on a proposal from the Moroccan Capital Market Authority (AMMC) and published through the General Secretariat of the Government, as well as AMMC circulars, announced for the end of 2026. These are the texts that will make the main innovations of the reform operational.
This layered structure is usual in financial law: the statute lays down the principles, the decree and orders set out how they apply, and the regulator's circulars fix the practical details. Until those texts are published, some innovations remain theoretical. One must therefore distinguish what the law allows from what will actually be offered to savers, and when.
ETFs: listed index funds
An ETF (exchange-traded fund) is a fund that seeks to replicate the performance of an index and whose units are traded on the stock exchange, like shares. For investors, the appeal usually lies in the diversification it offers and in the ability to buy or sell units during the trading session. The first Moroccan ETFs are hoped for at the end of 2026 or early 2027, once the regulatory framework is complete. How they work in practice, including the rules on their listing and management, will depend on the implementing texts and stock market rules.
Participative and foreign-currency funds
The law creates a category of participative OPCVM, designed within the logic of participative finance (Islamic finance). They are aimed at savers who wish to invest in products consistent with these principles. The detailed rules will come from implementing texts still awaited. The reform also provides for OPCVM denominated in foreign currencies, as well as new investment and management possibilities for asset managers. These tools widen the range available on the Moroccan market, subject to the rules to be set by the orders and by the AMMC.
What investors should anticipate
New products do not change the basic rules of prudence. Before subscribing, it remains essential to understand what you are buying, the fees charged and the risks involved, especially for fund categories that are new to the Moroccan market. A recent product has no performance history yet from which to judge how it behaves.
- Read the documentation of each new fund: index tracked, investment policy, fees, risks.
- Do not mistake an ETF's listing for a guarantee: its value follows the index and the market.
- For a foreign-currency fund, take exchange-rate risk into account.
- Check the status of the fund and its management company with the AMMC, the market regulator.
What professionals should prepare
For asset management companies and institutions that distribute investment funds, the current period is a preparation phase. The task is to adapt internal procedures, client documentation and contracts to the new fund categories, while fitting these products into the rules on the stock exchange and public offerings, and training the teams that will explain them to clients.
Our advice: prepare flexible draft documents and contracts now, which can be adjusted as soon as the orders and circulars are published, rather than waiting until the last minute. Those ready first will be able to launch their products as soon as the framework is complete, with documentation already reviewed and consistent.
Sources
- Médias24, F. E. Rachidi, 28 July 2026: « Réforme des OPCVM : les premiers ETF espérés avant fin 2026 ou début 2027 »
Maître Mouad Lahfaia
Lawyer at the Rabat Bar
This article reflects the author's views as at the date of publication. It does not constitute legal advice and is no substitute for an analysis of your particular situation.