Maroclear is involved in the management of all securities transactions affecting the life of (transferable) securities
MAROCLEAR implements all procedures in order to enable its Affiliates to easily claim rights attached to the securities they hold and the cashing of the profits they generate. When the case arises, the Central Depository’s handling of such events (Corporate Actions) is carried out on the basis of the information provided by the issuer or its representative (centralizing/paying agent).
MAROCLEAR takes over the corporate actions in its reference system, publishes a detailed technical description of the transaction and ascertains the rights of each account holder, according to the assets held on the object value of the corporate action. At the same time, one or more exercise accounts of the coupons or rights detached are open with the Centralizing Agent or the Paying Agent of the corporate value, as appointed by the issuer.
The rights attached to the securities are claimed by presenting the rights to the issuing legal person or to the institution authorized by means of transfers recorded in the accounts of MAROCLEAR. The exercise of coupons or rights gives rise to a delivery of securities and/or cash as the case may be.
Securities are delivered through the Central Depository’s systems by transfers initiated by the centralizing agent in favor of members who have exercised coupons or claimed rights. In addition, the cash payment is made outside the Central Depository. When the technical details of such operations are allowed, the claiming of the rights may be automatically processed by MAROCLEAR without the intervention of any of its members.