Forms and participants
- Three categories of transactions: lending, equity investment and donation, each subject to its own regime.
- Only licensed crowdfunding companies may operate a platform and connect project owners with contributors.
- The platform may neither receive the funds on its own account nor guarantee the outcome of the project.
Safeguards
- Caps limit the amount raised per project and each participant's contribution.
- The project owner publishes complete and accurate information on its business, its risks and the use of the funds.
- Platforms are subject to due diligence obligations in respect of anti-money laundering.
Key articles
A lawyer's points to watch
- Raising funds from the public without a licence exposes the organiser to penalties and may amount to an unlawful public offering.
- A contributor is not a preferred creditor: if the project fails, the risk of loss is total.
- The caps and implementing rules are set by regulation: check the texts in force before the fundraising.
The English text on this page, including the quoted articles, is an unofficial translation. Information sheet prepared by Maître Lahfaia Law Firm, Rabat. It does not constitute legal advice. Only the text published in the Official Bulletin of the Kingdom of Morocco is authoritative; the articles cited may have been amended since this sheet was written.