• AMMC Circular No. 03/19, Chapitre II. Gouvernance, deontologie et rapport <>. Section 3: Rapport ESG

• Released Guide sur la Responsabilit Socitale des Entreprises et le reporting ESG (in French) on CSR and ESG reporting in May 2017, in conjunction with the AMMC.

• Development Market.

• There is a 30% mandatory minimum rule for women on boards (Source)

• Private company for profit.

• The Conseil Deontologique des Valeurs Mobilires (CDVM).

Limited Exchange Self-Regulatory Organization (SRO) Model

• Very few exchanges in the MENA region are entirely self-regulated. The Conseil Deontologique des Valeurs Mobilires (CDVM) is the primary regulatory authority in Morocco and is responsible for issuing listing requirements and overseeing the Casablanca Stock Exchange. Additionally, most regulatory laws adhered to in Morocco have come by royal decree. As a result, the Casablanca Stock Exchange has limited regulatory power.

Location: Casablanca, Morocco

• The Casablanca Stock Exchange was established in 1929. At that time, it was known as the Office de Compensation des Valeurs Mobilires (Office for Clearing of Transferable Securities). The growing importance of the securities market and the introduction of foreign exchange controls prompted the authorities at that time to improve and regulate the Stock Exchanges organisation and operations. The markets organisational shortcomings hindered however its attractiveness at a time when domestic investors showed a growing interest in stock market investment. To overcome such shortcomings, reforms were undertaken in 1967, providing Moroccos financial markets with a well-organised legal and technical framework. Following these reforms, in 1986, Morocco embarked on a Structural Adjustment Programme which was completed ten years later. This Programme enabled Morocco to consolidate its fundamentals and successfully bring under control its high level of debt and inflation. (Source)