Nezha HAYAT, President of the Moroccan Capital Market Authority (AMMC): “I am pleased with the evolution of AMF-UEMOA”
The former Conseil Déontologique des Valeurs Mobilières (CDVM) was transformed in February 2016 into the Financial Markets Authority with a wider scope and greater independence, which could not fail to take part in the transition of CREPMF to AMF-UEMOA. “I am pleased to see the evolution of CREPEMF/AMF-UMOA since then signature of our contract On cooperation within the Business and Friendship visit of His Majesty King Mohammed VI to Ivory Coast in February 2017″.
AMMC has always reserved a special place for cooperation with its colleagues from the rest of the African continent. Apart from the exchange of experience, the close relations established between AIF UMOA and AKMC convergence of national frameworksMs. HAYAT continues, “it is expected to facilitate the integration of our markets and the creation of synergies between our respective economies.”
In her speech on the sidelines of the symposium, Ms. HAYAT returned to the Moroccan context and specifically to the new development model. There is this model that is accepted at the highest level
fixed between 5 bets for the future
make capital market is an important lever for financing the economy. “Indeed, this ambitious economic recovery plan will require the mobilization of significant financial resources. Therefore, it is a question to be asked today the capital market is in recovery serviceTo be in line with the new development model the Kingdom has recently adopted, to strengthen confidence and be open to new, more innovative products.”
AMMC’s strategic plan and annual priorities for 2021-2023 are consistent with this development model.
The last reading of Ms. Neja HAYAT’s speech was devoted to the role and weight of the capital market in financing the economy. In 2022, the Moroccan market mobilized 6.6 billion dollars to finance the economy. With a market capitalization of $56 billion or 59% of GDP, the Casablanca Stock Exchange has introduced 4 companies since the pandemic.
Collective management shows good momentum with UCITS net assets of $50 billion or half of bank deposits (2nd place at the continental level). Expatriates and Moroccans account for about 30% of the market capitalization.
In constant regulatory evolution, the Moroccan capital market has regulations and organization that meet international standards, the result of reforms initiated in the 1990s.
The capital market offers a wide range of financial and investment solutionsadapted to the needs of different actors. This includes real estate funds, a new alternative stock market dedicated to SMEs, sustainable bond loans and more. enables the structuring of innovative financial mechanisms.
A number of other major developments are expected soon. In the short term, the soon launch of the Financial Investment Consultant profession and the Crowdfunding activity will enable, respectively, to enrich the distribution channels for capital market products and offer new financial solutions to project promoters. “In the short/medium term, we will open new markets, including the futures market and listed index funds (ETFs), which will complement the breadth of financial instruments, bringing an additional touch of sophistication to the Moroccan capital market. “.
These important developments should allow for improved market liquidity and better hedging of risks.
Like the BRVM, there is also the Casablanca Stock Exchange alternative market Dedicated to SMEs and accompanied by simplified regulations, this market welcomes both equity securities and debt securities with very flexible admission terms.
Indeed, it is sufficient for a company to meet one of the three criteria of turnover (less than 500 million dirhams), balance sheet size (less than 200 million) and workforce size (less than 300 employees). ) for it to be recognized as an SME and to be able to finance itself in the alternative market. Of course, other prerequisites are required, such as certification of accounts, but they retain their advantages over the main market.
In addition, SMEs whose securities are listed on this market benefit release from ongoing liabilities. They cannot, for example, publish quarterly figures or certain other annual or semi-annual data.
AMMC, together with the Casablanca Stock Exchange, the central depository and the Professional Association of Stock Exchange Companies, has created an integrated and attractive “SME offer” to facilitate market access for SMEs, in particular:
– Reducing the cost of access to the alternative market reserved for SMEs by giving a 50% discount on our respective commissions;
– Creation of a single window at the AMMC level for the optimization of market access procedures, in particular for the centralization of administrative procedures;
– Creation of a training and support system for SMEs that want to raise financing in the capital market.
This proposal is intended for SMEs scalable. Indeed, it will be enriched by continuous listening to the needs of SMEs and the gradual integration of other partners and stakeholders who can provide additional contributions. “I believe that this current framework strikes a good balance between flexibility and market safety and reliability in favor of SMEs.”
In addition, AMMC follows with great interest Fintech and the transformations it envisions in the field of modern financial markets. “We have allocated an important place to this in our strategic plan for 2021-2023, which is one of the 4 pillars of the said plan called “promotion of regulation adapted to innovation”.
The view of the Moroccan regulator is also focused on crowdfunding. Based on a more flexible framework than traditional financing, crowdfunding companies will offer electronic platforms, consulting services and online placement of pre-selected projects to a wide range of contributors (individuals, business angels, legal entities, etc.). This long-awaited alternative financing method will enrich the range of financing solutions and meet needs that are generally not met by traditional financing schemes. The device will come into force soon.
Currently, a portal dedicated to “FinTech” is being prepared. The idea is to give project promoters an opportunity to discuss with AMMC and get information about the legal framework applicable to their companies. It also allows AKMK to better understand the needs of operators in order to provide appropriate responses.
On the legislative side, a draft legislation and normative legal framework It was initiated at the national level with the participation of the Moroccan Capital Markets Authority, the Ministry of Finance, the Central Bank and the Regulatory Authority of the insurance sector.
Moreover, AMMC is committed to sustainable funding since 2016 With the organization of COP22 in Morocco.
“Indeed, in recent years we have implemented a number of structuring measures, including the publication guides The principles were widely consulted and tested in the market, especially before becoming mandatory rules governing the issuance of sustainable financial instruments such as green, social or sustainable bonds, as well as reporting on ESG factors. We are committed to the promotion of sustainable finance on a regional and international scale as well.”
AMMC started its activity in 2016 Marrakesh Pledge, a continental initiative that aims to federate African capital markets to promote green financing mechanisms. Today it brings together representatives of 35 African countries, 6 of whom joined us at the annual meeting of IOSCO (International Organization of Securities Commissions) held in Morocco on October 19.
AMMC is also involved The work of IOSCO related to sustainable finance. Thus, the Moroccan Government leads a working group dedicated to sustainable finance at the AMERC level and is an active member of the Working Group on Sustainable Finance established by the IOSCO Board.