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Management firms

Management companies are legal entities established as an incorporated company whose sole purpose is to manage mutual funds.

Management companies include Management companies include Undertakings for Collective Investment in Transferable Securities (UCITS), Venture Capital Investment Vehicles (OPCC), Securitization Vehicles (FPCT) and Real Estate Investment Schemes (OPCI) and venture capital funds management companies.

Exception made to UCITS management companies. Management companies are subject to approval of the Ministry of Finance, after obtaining the AMMC opinion.

 

OPCC management companies

OPCC management companies are legal entities whose main and customary purpose is the management of Undertakings for Collective Investment in Transferable Securities as well as the associated transactions and/or the management of Undertakings for Collective Investment in Transferable Securities under foreign law.

OPCC management companies:

  • Establish the management agreements of OPCCs;
  • Initiate the constitution of the FPCCs and SPCCs;
  • Invest the funds of the OPCCs managed in accordance with the law and the investment policy of the OPCCs as provided for in their respective management agreements
  • Are responsible for informing investors and the public.

 

FPCT management companies:

FPCT management companies are commercial companies whose purpose is to originate and structure securitization transactions carried out by the Funds for Collective Investment in Securitization (FPCT).

FPCT management companies:

  • Acquire eligible assets on behalf of FPCTs or manage the related investments;
  • Issue securities on behalf of  FPCTs, which may be either units, shares, debt securities or sukuk certificates;
  • Manage the FPCT's receivables and payments as well as its liquidity;
  • Are responsible for informing investors and the public.

 

OPCI management companies

 

OPCI management companies are public limited companies whose main and customary activity is the management of OPCIs and/or the management of real estate investment funds under foreign law originating from countries with agreements of exchange of information and cooperation with Morocco, as well as the transactions relating to the management of the said OPCIs.

OPCI management companies:

  • Acquire and manage, and transfer assets for and on behalf of OPCIs;
  • Take ownership of any security or document representing or constituting the said assets or being accessory to them;
  • Issue debt securities on behalf of OPCIs in accordance with the provisions of the law relating to OPCIs