Definition
The AMMC (Autorité Marocaine du Marché des Capitaux) is Morocco's official regulatory authority responsible for overseeing and supervising the country's capital markets.
Established under Law No. 52-01 and strengthened by Law No. 43-12, it replaced the earlier CDVM regulatory structure. The AMMC monitors securities transactions, enforces investor protection rules, and guarantees market transparency.
The AMMC oversees Morocco's capital markets through legal authority, monitoring securities transactions and enforcing rules that protect investors and ensure transparency.
It supervises stock brokerage firms, investment funds, and other financial intermediaries operating in Morocco's capital markets. The authority has legal powers to conduct audits, issue directives, investigate misconduct, and impose sanctions.
Think of it as the watchdog that guarantees Morocco's financial markets operate fairly and according to established rules, protecting both investors and market integrity.
While the AMMC regulates capital markets, Bank Al-Maghrib separately manages Morocco's foreign exchange policy and currency reserves.
In short: The AMMC is Morocco's primary capital markets regulator, guaranteeing fair trading practices, investor protection, and market transparency through oversight and enforcement powers.
Example in Action
Morocco's currency system offers a clear window into how AMMC's oversight works in practice. The dirham trades within a 2.5%-5% band tied to the euro and U.S. dollar.
Banks handle Forex transactions only when traders present proper documents, like import invoices. Prepayment's capped at 30% for most goods, rising to 50% for aeronautics.
The Foreign Exchange Office must authorize capital movements and profit repatriation. Moroccan traders seeking to access foreign exchange markets must navigate these strict regulatory requirements while ensuring compliance with both AMMC guidelines and currency control measures.
Why It Matters
Every year, thousands of African traders lose money to unregulated brokers who vanish overnight, taking deposits with them. AMMC's oversight protects Moroccan traders from these scams by enforcing strict licensing rules.
The regulator investigates violations, sanctions bad actors, and guarantees brokers follow clear capital and reporting standards. This creates a safer environment where traders know their rights and can verify who's legally allowed to operate.
Similar to South Africa's FSCA, AMMC serves as a regulatory body responsible for licensing forex brokers and ensuring market integrity within its jurisdiction.
« Back to Glossary Index
