Autorité Marocaine du Marché des Capitaux (AMMC)

Overview

The Autorité Marocaine du Marché des Capitaux (AMMC) is Morocco's independent regulatory authority for securities and capital markets, established as the successor to the Conseil Déontologique des Valeurs Mobilières (CDVM). The transition from CDVM to AMMC was formalized under Law 43-12 (2013), with operations beginning on February 7, 2016, when His Majesty King Mohammed VI appointed Ms. Nezha Hayat as the inaugural AMMC Chairperson.

The AMMC's fundamental mandate is twofold: to protect savers and investors, and to ensure the proper functioning, integrity, and transparency of Morocco's capital markets. Unlike its predecessor CDVM, which focused narrowly on securities markets, the AMMC operates with an expanded scope encompassing all capital market instruments and activities.

Current Leadership: Mr. Tarik SENHAJI was appointed as Chairperson and Chief Executive Officer of the AMMC, taking office on October 21, 2025. Prior to this appointment, Mr. SENHAJI served as Chief Executive Officer of the Bourse de Casablanca (Casablanca Stock Exchange) since April 2020, bringing significant capital markets operational experience to the regulatory role.

The AMMC is a public establishment with legal personality and administrative and financial autonomy, organized according to modern governance structures comparable to international best practices in securities regulation.

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

The AMMC exercises primary supervision over Morocco's capital markets infrastructure and participants:

Casablanca Stock Exchange Oversight

The Bourse de Casablanca (CSE), Africa's second-largest stock exchange by market capitalization, operates under comprehensive AMMC oversight and regulation. The Exchange currently hosts 78 listed companies with total market capitalization exceeding 1.043 trillion MAD (approximately USD 116 billion as of August 2025), and operates with 17 licensed brokerage firms.

The AMMC's supervisory authority over the CSE encompasses:

• Market operations and trading system integrity
• Listed company governance and disclosure compliance
• Trading rules and participant conduct standards
• Market surveillance and abuse detection
• Real-time and post-trade transparency requirements
• Index methodology and calculation standards

Broker-Dealer Licensing and Regulation

Investment service providers, including brokerage firms, investment advisors, and portfolio managers, must obtain AMMC approval to operate. The licensing process includes:

• Evaluation of technical, human, and organizational capacity
• Capital adequacy and solvency standards
• Compliance infrastructure assessment
• Conflict-of-interest management procedures
• Client asset protection and segregation requirements
• Ongoing compliance monitoring and periodic inspection

The AMMC maintains an updated list of licensed intermediaries and publishes enforcement actions against non-compliant firms.

Market Operator Regulation

Entities seeking to operate trading platforms, clearing houses, or settlement systems must obtain AMMC authorization. Regulatory requirements include:

• Trading system design and functionality standards
• Participant eligibility and conduct rules
• Safeguarding of market integrity
• Technological resilience and business continuity
• Risk management for systemic importance

Securities Issuance and Disclosure

The AMMC regulates the issuance of securities to the public and maintains continuous disclosure requirements:

Public Offering Oversight

Any offer of securities to the public in Morocco requires AMMC authorization. The AMMC reviews prospectuses and offering documents to ensure:

• Completeness and accuracy of material information
• Effective risk disclosures
• Proper description of the issuer's business, financials, and management
• Use-of-proceeds clarity
• Underwriting and distribution arrangements

The prospectus review process balances investor protection with capital formation efficiency, typically taking 15-30 days depending on complexity and document quality.

Prospectus Requirements and Standards

AMMC prospectus standards align with CESR (Committee of European Securities Regulators) guidance and European regulatory models, reflecting Morocco's integration into Mediterranean capital markets networks. Requirements include:

• Executive summaries in simplified language
• Risk factor hierarchization by materiality
• Five years of audited financial statements
• Management discussion and analysis of financial condition
• Corporate governance structures and related-party transactions
• Share capital and voting rights descriptions

Continuous Disclosure Obligations

Listed companies and issuers of traded securities must maintain ongoing AMMC disclosure compliance:

• Annual financial statements within four months of fiscal year-end
• Semi-annual interim financial reports
• Material event notifications (transactions, leadership changes, litigation, regulatory actions)
• Related-party transaction disclosures
• Significant shareholder notifications

Non-compliance with disclosure obligations triggers administrative sanctions ranging from fines to suspension of trading.

The AMMC maintains detailed regulatory oversight of Morocco's collective investment fund industry, encompassing UCITS/OPCVM and alternative fund structures:

OPCVM (Mutual Fund) Regulation

Organismes de Placement Collectif en Valeurs Mobilières (OPCVM), Morocco's UCITS-equivalent instruments, are subject to AMMC comprehensive regulation. The AMMC regulates both the fund structures and their management companies:

Fund Authorization Process:

• Detailed fund prospectus and regulatory rules review
• Investment objective, strategy, and restrictions evaluation
• Portfolio composition and risk profile assessment
• Fee structure and cost transparency requirements
• Depository and custodian arrangements verification

Management Company Licensing:

The AMMC collaborates with the Ministry of Finance in licensing management companies. The process involves:

• AMMC evaluation of the firm's technical, human, and organizational capacity
• Provision of an opinion notice to the Minister of Finance
• Final approval and licensing by the Minister following favorable AMMC opinion
• Ongoing compliance monitoring by the AMMC

Asset Management Regulation

Recent regulatory reforms have significantly strengthened asset manager oversight:

• Mandatory AMMC approval for all asset management activities
• Requirement for asset managers to establish, maintain, and regularly update risk, valuation, and liquidity policies
• Investor communication and transparency mandates
• Segregation of assets under management
• Conflicts-of-interest management procedures

The AMMC has been granted enhanced sanction authority, including power to withdraw approvals for non-compliance with regulatory standards.

Collective Investment Scheme Classification

The AMMC supervises multiple OPCVM categories:

• Equity Funds: Investing primarily in equities listed on AMMC-regulated markets
• Fixed Income Funds: Investing in debt securities, bonds, and money market instruments
• Mixed Funds: Diversified strategies combining equities and fixed income
• Money Market Funds: Short-duration, high-liquidity instruments
• Sectoral Funds: Concentrated positions in specific industries or themes
• Real Estate Funds: Collective investment in real property and real estate enterprises

OPCVM Investor Protection

The AMMC ensures investor protection through:

• Independent external audit requirements
• Depository oversight and asset custody standards
• Valuation methodologies and net asset value calculation procedures
• Investor prospectus and periodic reporting
• Complaint and dispute resolution mechanisms

Islamic Finance

Morocco has emerged as a significant Islamic finance center, and the AMMC has developed specialized regulation for Sharia-compliant capital market instruments:

Sukuk Regulation

Sukuk (Islamic bonds) are regulated by the AMMC within the securitization framework. The legal and regulatory regime treats sukuk as a distinct asset class with specific requirements:

• Sukuk prospectuses must include Sharia compliance certification
• Assets eligible for securitization were expanded to include Sharia-compatible assets
• Separate regulatory treatment from conventional securitization structures
• Investor protection standards equivalent to conventional debt securities

Recent Developments: Morocco successfully issued its first sovereign sukuk in 2018 and has announced plans to resume sovereign Islamic bond issuance, with additional issuances planned through 2025-2026. The Central Bank of Morocco (Bank Al-Maghrib) coordinates with the AMMC on sovereign sukuk program parameters.

Sharia-Compliant Instruments

The AMMC oversees Sharia-compliant investment funds, Islamic equity indexes, and Islamic structured products. Regulatory requirements include:

• Sharia board or Sharia compliance officer certification
• Screening methodologies for Islamic stock selection
• Prohibition on interest-based (riba) transactions
• Compliance with Islamic contract principles
• Regular Sharia compliance audits

Islamic Finance Market Development

The AMMC has contributed to the development of Islamic finance rules and market infrastructure through:

• Establishment of standards for Sharia compliance certification
• Guidance on Islamic fund distribution and marketing
• Coordination with Bank Al-Maghrib on Islamic banking regulation
• International engagement on Islamic finance standardization through IOSCO

Regulatory Stringency: Morocco's regulation of Islamic finance operations is recognized internationally as among the toughest globally, featuring mandatory separate IT systems, dedicated capital allocation, dedicated human resources, dedicated governance structures, and limitations on branch expansion.

The AMMC operates multiple mechanisms to protect investors and maintain market confidence:

Investor Complaints Mechanism

The AMMC receives and investigates investor complaints concerning:

• Suspicious or unauthorized trading in securities
• Fraudulent conduct by intermediaries
• Violations of suitability and know-your-customer standards
• Unauthorized trading in client accounts
• Misappropriation of client assets

Important Limitation: The AMMC is not competent to award compensation for investor damages. The AMMC's role is to investigate violations and impose sanctions on wrongdoers. Investors seeking monetary compensation must pursue remedies through civil courts or arbitration.

Investor Education Initiatives

The AMMC maintains an investor education program including:

• Educational Guides: Published on the AMMC website covering investment basics, OPCVM selection, risk assessment, and regulatory frameworks
• Public Awareness Campaigns: Educational materials on market function, investment risks, and investor rights
• Investor Portal: Information resources on regulated products, intermediaries, and complaint procedures
• Fraud Awareness: Warnings regarding unauthorized investment schemes and fraudulent operators

Regulatory Safeguards

Investor protection mechanisms include:

• Prospectus Review: AMMC prospectus approval ensures completeness and accuracy of disclosure
• Continuous Disclosure: Ongoing reporting requirements maintain investor information
• Segregation of Assets: Intermediaries must segregate client assets from proprietary accounts
• Capital Adequacy: Intermediaries maintain minimum capital to cover operational risks
• Client Agreements: Standardized terms for investment services with clear fee disclosures
• Dispute Resolution: Investor complaints to the AMMC are investigated and, where violations are found, enforcement action is initiated

Compensation Mechanisms

AMMC Direct: The AMMC does not operate a direct compensation fund. Instead, investor compensation relies on:

• Wrongdoer restitution (ordered by the Sanctions Committee or courts)
• Civil litigation against intermediaries or issuers
• Insolvency procedures if intermediaries fail

Broader Financial System: Bank Al-Maghrib operates a collective deposit guarantee fund compensating depositors of member credit institutions up to specified limits, but this applies to banking deposits rather than securities.

Regulatory Powers

The AMMC possesses comprehensive enforcement authority to investigate violations and impose administrative sanctions:

Investigation Authority

The AMMC maintains a dedicated investigation and surveillance function with authority to:

• Conduct inspections of regulated entities (market operators, issuers, intermediaries, fund managers)
• Issue information requests and document subpoenas
• Conduct interviews with employees and management
• Analyze trading data and communications for market abuse detection
• Coordinate with other regulatory and law enforcement authorities

Sanctions Committee Authority

The independent Sanctions Committee, chaired by a judge and composed of additional qualified members, possesses authority to:

• Issue administrative decisions finding violations of capital markets law
• Impose financial penalties (amendes) proportionate to violation severity
• Order suspension of trading in securities or fund units
• Revoke or suspend licenses and approvals
• Issue cease-and-desist orders
• Publicly disclose sanctions decisions (subject to legal confidentiality exceptions)
• Order disgorgement of ill-gotten gains

Violation Categories

The AMMC investigates and sanctions:

• Market Abuse: Insider trading, market manipulation, and dissemination of misleading information
• Disclosure Violations: Failure to file required periodic or material event disclosures
• Licensing Violations: Operation without required AMMC approval
• Fee and Service Violations: Charging unauthorized fees, unsuitable investment advice
• Record-Keeping Violations: Failure to maintain required compliance documentation
• Conflict-of-Interest Violations: Inadequate disclosure or management of conflicts

Sanction Penalties

Administrative penalties include:

• Financial fines (amendes administratives), ranging from thousands to millions of MAD depending on violation gravity
• Suspension of authorization or licenses
• Revocation of regulatory approvals
• Trading suspensions
• Publication of violations in official bulletins
• Disgorgement and restitution orders

Decisions are subject to administrative appeal before Moroccan administrative courts.

Regulatory Role and Function

Legal Foundation

The AMMC's regulatory authority derives from multiple legislative instruments and constitutional frameworks:

Primary Legislative Foundation

Law 43-12 (2013) represents the cornerstone legal framework establishing the AMMC. This comprehensive legislation reformed Morocco's securities regulatory regime by replacing the CDVM framework with a modern, internationally aligned authority. The law established the AMMC as an independent public authority with significantly expanded regulatory scope and enforcement powers.

The transition was formalized through a Dahir (Royal Decree) issued by His Majesty King Mohammed VI, conferring upon the AMMC statutory powers and responsibilities across the capital markets landscape. This Dahir grants the AMMC constitutional standing as a binding regulatory authority whose decisions carry legal effect.

Organizational Structure

The AMMC operates under a dual-body governance model:

Board of Directors: The Board serves as the primary decision-making and policy body, comprising six members plus a President appointed by His Majesty the King for an indefinite term. The Board is responsible for establishing regulatory policies, approving rules and circulars, and setting organizational strategy.

Sanctions Committee: An autonomous adjudicatory body independent from the Board, chaired by a judge and composed of two additional highly qualified members. This committee structure reflects international best practices by separating investigative and enforcement functions from policy-making. The committee has authority to investigate alleged violations and impose administrative sanctions, including fines, suspension of activities, revocation of licenses, and publication of violations.

Regulatory Scope Expansion

Unlike the CDVM, which supervised primarily securities and traditional financial instruments, the AMMC's scope under Law 43-12 encompasses:

• All categories of transferable securities and financial instruments
• Collective investment schemes in all forms
• Market operators and trading venues
• Investment service providers and intermediaries
• Issuers of securities offered to the public
• All capital market participants and activities

This expanded mandate positions the AMMC as the comprehensive capital markets regulator, with authority extending to emerging asset classes and financial innovations.

Licensing and Authorization Relevance

The Autorité Marocaine du Marché des Capitaux (AMMC) licenses and authorizes capital market participants in Morocco:

The licensing process involves assessment of capital requirements, competency of key personnel, compliance systems, and risk management frameworks.

Payments and Money Movement Relevance

The Autorité Marocaine du Marché des Capitaux (AMMC) oversees securities settlement and post-trade infrastructure in Morocco:

Payment Systems Governed or Overseen

The AMMC oversees securities settlement infrastructure in Morocco:

[Specific system names require verification from official sources]

Relationship to Other Regulators

The AMMC maintains active engagement with international securities regulators and participates in global regulatory cooperation:

IOSCO Membership

The AMMC has been a full member of the International Organization of Securities Commissions (IOSCO) since 1996. In 2007, the AMMC signed the IOSCO Multilateral Memorandum of Understanding (MMoU), making Morocco the 44th overall and 3rd African IOSCO MMoU signatory.

IOSCO Participation:

• Full compliance with IOSCO Principles of Securities Regulation
• Participation in IOSCO standing committees and working groups
• Adherence to IOSCO standards for capital markets regulation
• Technical assistance and capacity-building collaboration

Regional Leadership: The AMMC has held the presidency of IOSCO's Africa and Middle East Regional Committee (AMERC) since 2020, providing regional regulatory leadership. Ms. Nezha Hayat (former AMMC President) was re-elected as Chair of AMERC in 2025 in recognition of Morocco's regulatory prominence.

Bilateral Cooperation Agreements

The AMMC maintains formal bilateral cooperation agreements with major global regulators for enforcement coordination and information sharing:

• European Regulators: France (AMF), UK (FCA), and other European securities authorities
• United States: SEC and CFTC cooperation for cross-border investigations
• MENA Region: Bilateral agreements with Gulf, Levantine, and North African regulators
• African Authorities: Coordination with major African exchange regulators

These agreements facilitate investigation coordination, witness interviews, document production, and information sharing in cross-border violations.

Regional Cooperation Initiatives

The AMMC engages in multilateral regional cooperation through:

• Union of Arab Securities Authorities (UASA): Active membership in the Arab regulatory community
• IOSCO AMERC: Regional coordination on regulatory standards and capacity-building
• Mediterranean Capital Markets: Coordination with European and North African neighbors on regulatory harmonization
• World Bank Engagement: Participation in World Bank corporate governance and sustainability reporting initiatives

Recent International Activities

• IOSCO Corporate Sustainability Reporting Workshop: The AMMC hosted an IOSCO-World Bank workshop on corporate sustainability reporting for Growth and Emerging Market members in the Africa/Middle East region on June 4-5, 2025, in Rabat, demonstrating Morocco's regulatory leadership.
• Cryptocurrency Regulation Coordination: The AMMC is training other regulators on cryptocurrency and digital asset supervision as Morocco prepares a new legal framework for digital asset regulation.

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Official Contact Information

Autorité Marocaine du Marché des Capitaux (AMMC)

Headquarters Address:

Annakhil Street, Hay Riad

Rabat, Morocco

Telephone: +212 (0)537 68 89 00

Fax: +212 (0)537 68 89 46

Email: [email protected]

Primary Website and Online Resources

Main Website: https://www.ammc.ma/

English Portal: https://www.ammc.ma/en

Key Web Resources:

• Investor Protection Portal: https://www.ammc.ma/en/espace-epargnants/investor-protection
• OPCVM/Mutual Funds Information: https://www.ammc.ma/en/instruments-financiers/opc
• Casablanca Stock Exchange: https://www.ammc.ma/en/node/197
• Enforcement Actions/Penalties: https://www.ammc.ma/en/decisions/sanctions
• IOSCO Information: https://www.ammc.ma/en/node/92
• International Cooperation: https://www.ammc.ma/en/ammc/international-cooperation/

Complaint Filing Procedures

Investors may file complaints through:

• Online Complaint Form: Available on the AMMC investor portal
• Mail: AMMC headquarters address (above)
• Email: [email protected] with subject line "Plainte" (Complaint)

Instructions: The AMMC publishes specific instructions for complaint filing, including required documentation and supporting evidence.

Notes on Naming and Language