Banking activities
In Morocco, a license is required from any moral person considered as a credit institution, a microfinance association, an offshore bank or a payment institution that would like to carry on its business within the national territory.
Institutions are considered to be credit institutions carrying on business in Morocco, irrespective of the place of their registered office, the nationality of the contributors to their share capital or endowment, or that of their directors, where they carry on one or more of the following activities on a regular basis:
Any legal entity that carries on microfinance activities is considered to be a microfinance association. Such activities include the provision of services to low-income individuals for the creation or development of production or service activities and income-generating activities that create jobs. Microfinance services include the granting of micro-credit, the receipt of funds from the public, and micro-insurance.
The following are considered to be offshore banks:
Institutions that provide the following services are considered to be payment institutions:
In addition, a new license is required for any operation involving the following:
Finally, the changes affecting the nationality or control of a credit institution or the nature of the operations it usually carries out are subject to the granting of a new license.
Financial activities
In order to carry out certain capital market activities, participants must first obtain specific authorization in the form of a license issued by the AMMC or the Minister of Finance, as the case may be, on the advice of the AMMC.
The following are subject to approval: