The Morocco is overhaul its system of financial regulation. The Dahir related the Regulatory and Public Offering Authority was approved by the Council of the Government on April, 11 2012. The Conseil déontologique des valeurs mobilières (CDVM) - Council for the Code of Ethics in Securities is now called l’Autorité Marocaine du marché des Capitaux (AMMC) (the Moroccan Authority of capital markets). The Bill justifies the change of name and the use of the word "authority" by the wish expressed to ensure the independence of the Regulatory Authority and the reference to its monitoring power. This is takes the form of new powers for the Regulatory Authority which allows it to require information and sanction infringements. The Regulatory Authority establishes the standard form that any corporation interest in conducting a public offering must complete to receive the approval from the Regulatory Authority. The use of inside information is prohibited. The Bill organises the regular dissemination of information on the initiative of companies which conducted a public offering.
The Moroccan capital market remains relatively underdeveloped. It’s often says that is not possible to develop a capital market without an independent Regulatory Authority (whereas it’s possible to develop a banking sector without necessarily included an independent Regulatory Authority).
What we find in this Bill it’s the heart of the financial regulation: an Independent Regulatory Authority in the form of independent administrative authority with a repressive power (concerning here the insider misconduct).
Its control occasionally covers investment proposal. We find then the primary function of the financial regulatory authority: the protection of savings.
But by the meticulous attention sets by the Bill to detail the information that companies which conduct a public offering have to make available, often permanently, either on a regular basis (for example draw up consolidated accounts), or in detailed (any information on which has an impact on the situation of the company, except that the Regulatory authority allows that the dissemination of information be deferred), here we find the other function, linked to the regulation: the market information.