Acting as the Financial Market Authority, the AMMC was established by “Dahir”, (Royal Decree) establishing Law No. 1-13-21 bearing Law No.43-12 and whose mission is to:
- Ensure the protection of savings invested in financial instruments;
- Ensure equal treatment of investors, transparency and integrity of the capital market and of the investors information;
- Ensure proper functioning of the capital market and ensure the implementation of legislative and regulatory provisions;
- Ensure control of the activity of different organizations and persons subject to its control;
- Ensure compliance with laws and regulations related to the fight against money laundering by individuals and institutions subject to its control;
- Contribute to promoting financial education for savers;
- Assist the government in the regulation of the capital market.
To fulfill these missions, The AMMC is empowered to the following:
Through circulars, the AMMC sets rules of professional practices, ethics codes and technical and practical applications of laws and regulations. The process of drawing up circulars is conducted in cooperation with professionals and relies on best practices with regard to international standards in regulating securities markets.
The circulars are approved by the government and published in the "Official Bulletin"
The AMMC empowers individuals to perform certain functions within legal persons subject to its control.
Empowerment takes form through granting a professional card following a review, and whose validity period is determined according to the nature of the function performed.
The AMMC keeps a register of authorized persons, the list of which is disclosed to the public.
Visa, accreditation and opinions related to products
As appropriate, the AMMC accredits collective savings products or issue an opinion in their regards and grants visa to prospectuses meant to investors. The products in question are UCITS, Venture capital funds and securitization trusts.
Through this prerogative, the AMMC ensures secure investment by ensuring compliance with legal and regulatory requirements for financial products and investors’ information, verifying the ability of stakeholders to manage those products.
Examination of stakeholders’ approvals files
Stakeholders subject to the approval procedure are brokerage firms, Venture capital funds and securitization trusts management companies. The AMMC examines approval files and sends a notice to the Minister of Finance that grants or denies the approval. The AMMC verifies that the stakeholders to be accredited offer sufficient guarantees, particularly with regard to their organization, technical and financial resources and their managers’ experience.
Financial transactions prospectuses Visa
The AMMC approves issuers’ prospectuses on public offerings, Buyback programs, after reviewing the adequacy and consistency of information issued to investors. The objective is to ensure that investors have all the relevant information to make informed decisions. The approved prospectuses by the AMMC are freely available to the public prior to the transaction start.
Control of issuers financial reporting
The objective of this control is to ensure that investors receive regular information about issuers. Thus, the AMMC ensures that issuers meet their obligations to publish annual, semiannual, and quarterly financial statements and disclose all material information that may affect the share price of their securities or affect the savings of Securities holders.
It ensures that information is concise, truthful, accurate and disclosed on a timely basis to the entire financial community.
Control of professionals
Professionals subject to the AMMC control are the brokerage firms, the stock exchange, the account holders, the central depository and the management companies.
This control comes in two complementary ways: On-site control, through inspections conducted in the premises of the intermediaries, and document control, through reportings whose content and frequency are fixed by the AMMC.
The main purpose of this control is to ensure that professionals have permanently adequate safeguards, particularly with regard to organization, technical, financial and human resources and to verify that the conditions for delivering Application approval are maintained.
The AMMC receives complaints from investors concerning suspicious trading transactions in securities, and verifies the consistency of the complaint and takes appropriate action accordingly.
Surveillance, investigations and sanctions
The AMMC ensures compliance of securities market transactions with the rules in order to guarantee market integrity. The AMMC conducts investigations when necessary.
When facts are proven, the AMMC is empowered to issue sanctions against parties that committed the violations or breached the rules regulating their activities or the functioning of the market. Sanctions are pronounced following a procedure that respects the rights of the concerned parties.