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The Moroccan Capital Market Authority (AMMC) has intensified its efforts to address irregularities in the stock market,unveiling a series of investigations, sanctions, and complaints in its latest annual report. The measures aim to ensure market transparency and uphold its integrity.
The AMMC referred a case involving alleged stock price manipulation to the judiciary based on recommendations from its Disciplinary Council. The council also imposed financial and disciplinary sanctions on two collective investment management companies over the past year.
The AMMC opened two new investigations and closed two others in 2021. These cases involved behaviour potentially disruptive to capital market operations. One ongoing investigation focuses on suspected price manipulation attempts by an individual, while another examines questionable actions by market participants. Two cases have been forwarded to judicial authorities, one to the Disciplinary Council, and one dismissed due to insufficient evidence. The AMMC’s surveillance teams initiated the investigations after detecting irregular trading patterns and unusual order executions.
The authority reported receiving approximately 700 assistance requests from national authorities in 2023, a 22% year-over-year increase. Most requests came from the Regional Judicial Police Brigades (44%), followed by the National Brigade of Judicial Police (34%) and the Royal Gendarmerie (19%). These inquiries typically sought information on securities accounts linked to individuals under investigation.
In addition, the AMMC handled 67 complaints in 2023, marking a 68% rise from the previous year. While 53 complaints fell outside its jurisdiction, they were forwarded to appropriate authorities. The average complaint resolution time was 40 days. Common issues included disputes with investors over delayed stock order processing, difficulties accessing online trading accounts, and insufficient communication about collateral deposits.
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The AMMC also lodged a complaint with judicial authorities regarding identity theft in a financial fraud case. The agency emphasised its commitment to a strict separation of roles between investigating irregularities and imposing sanctions. By adopting these measures, the AMMC seeks to reinforce trust in Morocco’s capital markets amid growing activity and complexity.
