Moroccan Capital Market Authority
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| Arabic: الهيئة المغربية لسوق الرساميل French: Autorité marocaine du marché des capitaux | |
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| Abbreviation | AMMC |
|---|---|
| Predecessor | Securities Ethics Council (CDVM) |
| Formation | 2013 |
| Type | Public authority |
| Headquarters | Rabat, Morocco |
President | Tarik Senhaji[1] |
| Website | www |
The Moroccan Capital Market Authority (AMMC, Autorité marocaine du marché des capitaux, الهيئة المغربية لسوق الرساميل), formerly the Securities Ethics Council (Conseil déontologique des valeurs mobilières, CDVM), is a Moroccan public authority responsible for the regulation and supervision of capital markets.
Its mission is to protect savings, ensure the transparency and proper functioning of financial markets, and contribute to their development.
The Securities Ethics Council (CDVM) was established in 1993 to regulate the securities market.[2]
Law No. 43-12 created the Moroccan Capital Market Authority in 2013 as part of a broader reform of the Moroccan financial system. The transition from the CDVM to the AMMC became effective in 2016.[3]
This reform aimed to strengthen the authority's independence, notably through the appointment of its president by the King and the creation of a separate sanctions board. It also expanded its scope to cover all capital markets.[3][2]
Missions
The AMMC carries out several functions, including:[4][5]
- protecting savers and investors;
- supervising the functioning of capital markets;
- ensuring the transparency of financial transactions;
- regulating market participants and financial instruments;
- promoting financial education.
It oversees all capital markets, unlike the CDVM, whose scope was limited to securities.
Organisation
Board of directors
The board of directors is the main decision-making body. It is composed of six members in addition to the president, who is appointed by the King.[6]
The president holds significant powers, including the authority to impose sanctions on individuals and entities under the authority's supervision. These sanctions are made public in the interest of transparency.[7]
Since 2025, the AMMC has been chaired by Tarik Senhaji, appointed by King Mohammed VI.[8]
Sanctions board
The sanctions board is an independent body responsible for examining cases that may constitute violations or misconduct.[9]
It is composed of three members:
- a magistrate, who serves as chair;
- two members appointed by the board of directors.
It issues opinions proposing sanctions, which are then imposed by the president of the AMMC.[9]
Regulatory activity
As part of its supervisory role, the AMMC has sanctioning powers. Between 2010 and 2020, it issued 88 sanctions against market participants, including asset management companies, financial institutions and issuers. These sanctions range from warnings to financial penalties.[10]
