Mechanism
- A securitisation mutual fund, which has no legal personality, acquires present or future receivables and issues securities representing them.
- The receivables are assigned simply by delivery of a transfer slip (bordereau), which makes the assignment enforceable against third parties without any further formality.
- A management company and a custodian are appointed for each fund.
Protection of holders and sukuk
- The fund's assets are allocated exclusively to paying the securities holders; they are shielded from proceedings brought against the originator.
- The law has been extended to sukuk certificates, which must comply with the opinions of the Higher Council of Ulema.
- The AMMC approves the information document and supervises the transactions.
Key articles
A lawyer's points to watch
- The quality of the transaction depends first and foremost on the quality of the receivables assigned: auditing the portfolio is decisive.
- Assignment by transfer slip is enforceable without formal notice, but the assigned debtors must be informed in the manner agreed.
- Sukuk structures require a prior conformity opinion, which must be factored into the transaction timetable.
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.