Authorizations issued by BAM

The license for banking activities carried out in Morocco is issued by the Wali of Bank Al-Maghrib. The decision to grant or refuse approval is taken after consulting the Credit Institutions Committee, which includes representatives of Bank Al-Maghrib and the Ministry of Finance. This decision must be taken  within a maximum period of 120 days from receipt of all  the documents and information required to examine applications for authorization to carry out banking activities. Such documents and informationare listed in Bank Al-Maghrib circular n°5/W/15 of 20 May 2015.

In addition, applications for approval to carry on a participative banking activity must be accompanied by information relating to the system for complying with the opinions of the Conseil Supérieur des Ouléma, as well as the system for managing investment deposits and handling their holders.

Bank Al-Maghrib may request any additional information or documents relating to the approval application and the characteristics of the targeted activity or operation.

Authorizations issued by the AMMC

• For a brokerage firm:

  Only companies that are incorporated as public limited companies with their registered office in Morocco and whose principal activity is the execution of transactions in financial instruments and, where applicable, the exercise of related activities, may be approved as brokerage companies. The AMMC shall set up an Approval Committee, chaired by the AMMC Chairman, to give its opinion on applications for approval submitted by brokerage firms. Applications for approval must be sent to the AMMC by the founding members or directors of the brokerage firm for examination. The application must be accompanied by a file containing the following information:

  • A copy of the draft articles of association
  • The related activities envisaged
  • The amount and distribution of share capital
  • A list of the founders or directors
  • The human and material resources and a description of the planned organization for the business of the brokerage company.

  The submission of the complete file accompanying the application for authorization is evidenced by a receipt duly dated and stamped by the AMMC. The AMMC may require applicants for authorization to submit any document or additional information it deems useful for examining the application for authorization within the time limits it sets. These additional requests suspend the deadline for examining the application for authorization.

   

• For a management company of Undertakings for Collective Investment in Capital (OPCC):

  All management companies of OPCCs must first be authorized by the AMMC before carrying on business. Applications for authorization must be submitted to the AMMC, which will issue a duly dated and signed receipt, together with a file containing the documents and information set out in an AMMC circular. When examining the file, the AMMC may request any additional documents or information relating to the documents and information contained in the file. Such additional documents and information must be filed with the AMMC within the time limit set by the AMMC. The AMMC will notify the management company of the OPCC of its decision to grant or refuse authorization by registered letter with acknowledgment of receipt or by any other means that ensures receipt, within 60 days from the date of filing of the file or the date of filing of the last document or additional information requested by the AMMC, provided that this maximum period for granting or refusing authorization does not exceed 120 days from the date of filing of the file. Reasons must be given in case of refusal. A copy of the application must be sent by the AMMC to the authorities for information.

  Before setting up an OPCC, the management company must submit to the AMMC an application for approval of the draft management regulations. The application must be accompanied by a file containing various documents required by the AMMC.

  The authorization application, together with the draft management regulations of the OPCC, must be filed by the management company with the AMMC, which will issue a duly dated and signed receipt within seven days of such filing.

  When examining the application, the AMMC may request any additional documents or information relating to the documents and information contained in the application. These additional documents and information must be filed with the AMMC within the time limit set by it.

  The AMMC will decide whether to grant or refuse authorization on the basis of the documents' compliance with the provisions of the law.

  The AMMC will notify the management company of the OPCC of the grant or refusal of authorization of the draft management regulations by registered letter with acknowledgment of receipt, or by any other means that provides proof of receipt within 30 days from the date of filing of the application or from the date of filing of the last document or additional information requested by the AMMC, provided that the maximum period for granting or refusing authorization does not exceed 90 days from the date of filing of the application. Reasons must be given in case of refusal.

   

• For management company of Real Estate Investment Schemes (OPCI):

  All OPCI management companies must be duly authorized by the AMMC prior to commencing business. The complete application file must be submitted by the management company to the AMMC, which will issue a duly dated and signed receipt.

  When examining the application for approval, the AMMC may, within a period of thirty 30 clear days from the date shown on the application receipt, request the applicant company to produce any additional documents deemed necessary by the AMMC.

  AMMC must notify the applicant company of the granting or refusal of approval by registered letter with acknowledgment of receipt or by any other means that provides proof of receipt within 30 clear days from the date shown on the application receipt or from the date of submission of the last additional document submitted after a request from the AMMC.

   

• For an institution managing securitization mutual funds (FPCT):

The application for authorization must be sent in duplicate by the founders of the managing establishment to the administration for information and to the AMMC for examination. It must be accompanied by a file containing the information listed by the AMMC, including in particular the declarations and undertakings of its directors to comply with the legal provisions in force.

Filing of the application is evidenced by a receipt duly dated and signed by the AMMC.

The AMMC may require applicants to provide any additional information it deems useful for examining the application for approval. It may carry out documentary and on-site checks to ensure compliance with the declarations and undertakings set out in the application file.

The AMMC examines the application and forwards its opinion to the authorities within a maximum period of two months from the date of submission of a complete application. A request for additional information suspends this time limit.

The administration notifies the applicant company of the granting or refusal of approval by registered letter with acknowledgment of receipt.

Reasons must be given in case of refusal.