5 reviews delivered in 2021

AMMC/Sanctions Board: 5 opinions issued in 2021

The Sanctions College of the Moroccan Capital Market Authority (AMMC) received 5 cases in 2021 and issued 5 opinions.

It appears from the AMMC’s annual report for 2021, presented by the President of the Authority to the Head of Government, that of the five files, four relate to administrative shortcomings in connection with the activities of market participants. and one relating to facts likely to be qualified as a criminal offense and attributable to a non-professional.

Providing more details, the report underlines that of the opinions issued, four relate to assent recommending sanctions (disciplinary and/or pecuniary) against market participants (two UCITS management institutions (Organismes de collective investment in transferable securities), a brokerage firm and a depository institution for UCITS).

It is also an assent recommending a financial penalty against a shareholder, a natural person, of an issuer.

The report also underlines that the year 2021 was characterized by “a marked improvement in the time for examining files in comparison with previous years”. Indeed, the average investigation time was reduced to less than two months in 2021 compared to two months in 2020 and three months respectively in 2019, i.e. the maximum time allowed to the Sanctions Board by law to investigate the cases for which it is responsible. seized by the Presidency of the AMMC.

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