February 4, 2023

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Cooperation between the Moroccan Capital Market Authority and AMF-UEMOA was highlighted in Abidjan

Thursday, January 19, 2023 at 8:59 PM

Abidjan – A close collaboration between the Moroccan Capital Markets Authority (AMMC) and the Financial Markets Authority of the West African Monetary Union (AMF-UMOA), formerly known as the Regional Council for Public Savings and Markets (CREPMF). , Cote d’Ivoire.

AMMC, its president Nezha Hayat affirmed, has always reserved a special place for collaboration with its counterparts on the African continent, in line with the high-ranking directives to promote South-South cooperation.

The Chairman of AMMC spoke on the sidelines of the panel “Contribution of Financial Markets in Financing Economies”, which was organized as part of the work of the international seminar on “Regional Financial Market of WAMU after 25 years…”. .

Beyond the exchange of experience, the close links established between AMF-UMOA and AMMC promote the integration of national infrastructure, which paves the way for the integration of our markets and the creation of synergies between our economies. Hayat.

He said he was pleased with the evolution of CRPEMF/AMF-UMOA since the signing of the cooperation agreement with AMMC in February 2017, aside from the work and friendly visit of His Majesty King Mohammed in Ivory Coast.

On this occasion, the President of AMF-WAMU highly appreciated the successful model of cooperation with AMMC, Pathanam Badoki, who wanted to express his gratitude and thanks for the excellent contribution of Morocco in terms of experience and expertise in this area.

In her speech, Ms. Neja Hayat recalled that Morocco adopted a new development model to meet the challenge of the country’s socio-economic recovery.

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In this sense, he noted that the new growth model is one of the five challenges for the future to develop the capital market as a key lever for financing the economy.

He emphasized the significant funding that needs to be raised for this ambitious economic recovery plan, so today it is a question of engaging the capital market in the service of recovery, strengthening confidence and opening up, in line with the new growth model. For new, more innovative products.

Supporting figures, Ms. Neja Hayat gave the audience an overview of AMMC’s 2021-2023 strategic plan and annual priorities aligned with this growth model, the share and weight of the market for capital in financing. economy

According to him, the Moroccan capital market has regulations and a system that meets international standards, which is the result of reforms initiated in the 1990s.

The capital market offers a wide range of financial and investment solutions to suit the needs of various players. This allows for the construction of innovative financial arrangements such as real estate funds, new alternative stock markets dedicated to SMEs, sustainable bond loans.

Recent major reforms in the capital market, facilitating access to financing through the market and diversifying financing solutions to complement traditional financing instruments, are both part of the national vision for economic recovery.

Some more major developments are expected soon. In the short term, the immediate launch of the financial investment advisory profession and the operation of crowdfunding with the aim of enriching the distribution channels of capital market products and providing new funds to project promoters.

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“In the short/medium term, we will open new markets including the futures market and exchange-traded funds (ETFs). These will complete the panoply of financial instruments by bringing more sophistication to the Moroccan capital market,” noted Ms. Neja Hayat, adding that these important developments will improve market liquidity and better risk. Noted that it is also possible to propose. Coverage.

He also emphasized to recall that recent capital market reforms have placed SMEs at the center of their concerns. The specificities of these types of companies, which represent a large part of the Moroccan economic structure, were taken into account when modifying the legislative and regulatory frameworks governing capital market financing.

Therefore, an alternative market was created on the Casablanca Stock Exchange, dedicated to SMEs and with simplified rules. The market welcomes both equity securities and debt securities, with very flexible admission conditions, he underlined.

AMMC, in collaboration with the Casablanca Stock Exchange, the Professional Association of Central Depository and Brokerage Companies, has set up an integrated and attractive “SME Offer” aimed at facilitating market access for SMEs.

Of course, this SME offering is designed to be scalable. In fact, he added, it will be enriched by continuing to listen to the needs of SMEs and the gradual integration of other partners and stakeholders who can make additional contributions.

Furthermore, AMMC follows with great interest the changes it is bringing to the field of Fintech and modern financial markets, and the Chairperson of the International Securities Commission’s Africa and Middle East Regional Committee (AMERC), Ms. Neja Hayat further pointed out. Commissions (IOSCO).

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Held under the auspices of Presidents Mohamed Bassoum (Niger) and Alassane Ouattara (Côte d’Ivoire), the international seminar was marked by an introductory conference entitled “Resilience of WAMU Zone Economies in the Face of Persistent Crises: What Impact”. Regional Financial Market”, and panels on ‘Contribution of Financial Markets to Financing of Economies’ and ‘Transformation in Finance and Innovation Sector’.