Supervisory Bodies

The Moroccan Capital Market Authority Chairperson and CEO

Among the duties of the AMMC Chairperson and CEO, the following:

  • Ensure the function of the Board of Directors Chairperson and CEO;
  • Pronounce, the assent of Enforcement Committee, disciplinary and financial penalties;
  • Conduct open investigation on his own initiative or pursuant to a decision of the board;
  • Represent the AMMC against third parties, institute legal proceedings and defend them;
  • Seize the competent judicial authority, after the assent, for all statements identified by the AMMC likely to constitute an infringement of the law provisions.

The AMMC Chairperson and CEO also prepares annual budget proposals and amendments made during the year.

Board of Directors

Subject to the powers vested in the AMMC Chairperson and CEO and the tasks assigned to the Enforcement Committee, the Board of Directors is vested with all the powers necessary for the administration of the AMMC and the fulfillment of tasks assigned to it under the Law related to the Moroccan Capital Market Authority. The duties of the Board of Directors are established by Article 16 of the said Law.

The Board of Directors includes, in addition to its Chairperson and CEO:

  • Two representatives of the competent administration,
  • A representative of Bank Al-Maghrib duly appointed by the government,
  • Three persons appointed on an intuitu personae basis by the administration for their expertise in the financial and legal fields and known for their integrity.

The Board of Directors is chaired by the AMMC Chairperson and CEO, whose powers are defined by Article 18 of the Law on the Moroccan Capital Market Authority.

Enforcement Committee

The Enforcement Committee shall fulfill the following tasks:

  • Examine facts that could lead to sanctions issued by the AMMC Chairperson and CEO;
  • Advise on the possible criminalization of facts and propose, if necessary, to the AMMC Chairperson and CEO, referral to the competent judicial authority;
  • Propose to the Chairperson and CEO a disciplinary action following an investigation procedure.

The Enforcement Committee is composed of a magistrate, who chairs the Board and two members appointed by the Board of Directors on the basis of their competence. The mandate of the Enforcement Committee members is four years renewable once.

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