Important instructions - File a complaint

There are two cases

  • A complaint where you report suspected breaches of any rules related to market operations, to the professional rules of conduct or to market abuse (price manipulation, Insider trading, issuing false or misleading information) without invoking any form of loss as a result of the alleged facts.

       In this case, the complaint may be anonymous if you wish.

The AMMC will lead the necessary investigations to verify the allegations in your     complaint, and whether or not it falls within its competence. Should it be the case, the AMMC will initiate, if necessary, the investigations by lawful means.

  • A complaint against a professional institution under the AMMC control (stockbroker, a bank and securities custody services, management firms, etc...) which falls within the AMMC competence.

      In this case, the following steps should be taken:

Step 1: Identify the reasons of the problem and Reach a mutual agreement with your direct partners

Define your objectives:

You might want to seek clarifications, correction of an error that caused or may cause you financial loss due to a professional:

At first, you raise the matter with the professional of the company with whom you usually deal. Most of the time, it is possible to solve the problem by contacting the person who sold you the product or provided the service or in charge of the management of your accounts. This person knows your case and may dispel any misunderstanding.

However, this step might not give the expected outcome; in this case you can contact the internal controller of the company in question or entity responsible for handling complaints within that company.

For optimal management of this phase, it is recommended to:

  • Seek clarification on procedures for handling complaints of the company in question;
  • Contact the person responsible for your portfolio; clearly explain the nature of the problem.  Please have with you any reference numbers you may need, including your account number and any relevant transaction reference;
  • Take note of the content of your conversation, the name of the person to whom you spoke, and the date and time of your call. You may need this information later if you are intending to approach the AMMC or the courts.
  • If the person you have talked to recognizes that your complaint is valid and promised to solve the problem, then contact the company concerned via a registered letter with an acknowledgement of receipt, in which you state the outcome of your meeting with that person. If the problem is not solved at this stage, you can contact the AMMC:              
  • By regular mail at the following address: 6 rue Jebel Mousa, Agdal-Rabat
  • Or by email at the following address: Enquê

Standardized forms can be downloaded from the AMMC’s website. They are also available in the AMMC premises’ reception.

Step 2: Writing a proper complaint

Recommendations concerning the form

  • Mention the word "complaint" in the object of your letter, to allow direct transfer to the competent office. This is likely to reduce processing deadlines and ensure better confidentiality;
  • Identify any relevant account number, products details and operations reference, for a better identification;
  • Explain the problem in the chronological order of the events;
  • Attach a copy of all relevant documents, including account statements, confirmation of transactions and various correspondence exchanged in the context of this complaint;
  • Never send original copies, for safety reasons.

Recommendations concerning the contents of the complaint

Before writing your complaint, list the issues you wish to raise;

  • Describe what happened;
  • Indicate when it happened;
  • Who was involved;
  • Compile a list of documents you have in order to reinforce your objections, if any;
  • Be sure to include the following information: your name, address and telephone number and email address, the name of the company subject to the complaint, and the names of persons involved, if any;
  • Provide information about any conversation;
  • State, where appropriate, the damages suffered or the expected risks of damages;
  • Indicate whether the issue of the complaint is the subject of judicial or arbitral proceedings or whether there has already been a similar decision or a formalized amicable settlement; if appropriate, attach to the letter, all documents relevant to the subject;
  • State, in a clear and a precise language, your request from the AMMC;
  • List the steps you have already undertaken to solve the stated problem with the concerned parties.



  • Refrains from investigating complaints concerning issues/cases that are subject to judicial or arbitral procedure or have already undergone a similar decision.
  • Is not competent to rule on claims for compensation for damages.

Preventive tips for reducing the risk of conflicts with regard to your investments in transferable securities

  • Always ask questions about any aspect that you do not understand;
  • Read the notes in fine print: Read all documents submitted to you, the information prospectus, account statements and operations notices;
  • Do not sign a commitment if you do not receive a note or document information;
  • Sort carefully and place on all documents relating to your account after reading;
  • Take time to think. Do not take hasty decisions, because they have told you that any delay may make you miss a rare opportunity;
  • Take note of all your conversations with your financial advisor and do not hesitate to request written confirmation of all aspects that you think are important;
  • Keep your advisor informed of your situation. Be sure to notify your advisor of changes in your situation (address, major change in your financial situation or your relationship with someone before you have authorized to act on your behalf ...) or in your risk aversion.