Market organisation
- The stock exchange is run by a managing company under specifications approved by the administration.
- The market is divided into segments according to the size and age of issuers, including a segment dedicated to small and medium-sized enterprises.
- Admission to listing and delisting are subject to conditions relating to capital, free float and disclosure.
Intermediaries
- Brokerage firms hold the monopoly on trading listed securities; they are licensed and supervised by the AMMC.
- Financial investment advisers are subject to registration and to duties of transparency and fair dealing towards their clients.
- Breaches give rise to disciplinary and financial penalties.
Key articles
A lawyer's points to watch
- Orders placed outside a licensed brokerage firm offer none of the safeguards of the regulated market.
- Check that a financial investment adviser is registered with the AMMC before signing any agreement.
- The issuer's disclosure obligations continue after the IPO: failure to comply may lead to suspension of trading.
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.