actors of the money market in Morocco

The companies of bourse

companies of purse are only entitled to directly exert the trade of intermediation and negotiation out of purse. The companies of purse profit from a monopoly of negotiation of the transferable securities registered with the Stock Market. The creation of a company of purse is subjected to authorization of the Ministry for Finances. In addition, before exerting sonactivity, any company of purse must present sufficient guarantees from an organisational point of view, technical etfinancier. The authorized capital of the company of purse must be of at least of 1,5 million Dirhams, when its activity relates to the execution of the stock exchange transactions; it must be higher than 5 million dirhams when it also ensures the guard destitres and the counterpart. The companies of purse have as a role: • to carry out the stock exchange transactions; • to place the titles emitted by people morals calling public upon the saving; • to ensure the guard of the titles; • to undertake the canvassing of the customers (for the acquisition of the transferable securities); The transactions carried out via the companies of purse give place to the payment of commissions by the purchasing salesman etl' with the administrative profit of the company.

The Déontologique Council of the Transferable Securities the Déontologique Council of the Transferable Securities (CDVM) is a publicly-owned establishment of monitoring and control of the operators of purse. It has the principal roles of: to protect the saving invested in transferable securities or other placements following a public call to the saving; to take care of the respect of the law by the financial intermediaries (companies of purse, banks and OPCVM). to inform the investors by the delivery of a visa to the notes of information which are availability of the public. These notes are published when there is a public call to the saving, (introduction out of purse, movable issue of securities, new issue of capital…); to inform the applications of the SICAV and the investment funds (CPF) .

The banks the banks do not profit from a direct access to the stock exchange market. Their intervention in the field of the titles is centered around the conservation of transferable securities and the collection of the orders of the customers to forward them to the companies of purse