Definition and information document
- A legal entity is deemed to make a public offering when it has its securities admitted to the stock exchange, or issues or transfers securities by appealing to the public or through solicitation and advertising.
- An information document approved by the AMMC must first be prepared and made available to the public.
- The document describes the issuer, its business, its financial position, the characteristics of the securities and the risk factors.
Ongoing and periodic disclosure
- Publication of annual and half-yearly accounts and of quarterly indicators.
- Immediate disclosure of any information likely to affect the price of the securities.
- The AMMC may request explanations, conduct investigations and impose financial penalties.
Key articles
A lawyer's points to watch
- Disseminating false or misleading information engages the liability of the company's managers and may constitute a stock market offence.
- Solicitation and advertising around a fundraising may be enough to amount to a public offering, even without a listing.
- The AMMC's approval covers the consistency of the information, never the merits of the investment.
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.