MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Support for a securities transaction in the reference price of a stock. CR = closing price of the previous day – the amount of the dividend.

Open for the benefit of securities centralizing establishments whose issue amount is likely to vary regularly, it temporarily takes into account variations in the number of securities issued, and is purged periodically when the "Issue" account is updated. ", managed by Maroclear.

Account which contains the reproduction of the entries appearing on the account of the holders of registered securities held by the issuing legal entity. These same holders can obtain its creation from an authorized financial intermediary to facilitate the negotiation and management of their securities portfolios.

Correspond to the creation at the level of Maroclear of "Emission" and "Caisse nominative" accounts plus their movement at the time of dematerialization of a company’s securities.

It is issued by the Minister in charge of finance, after approval of the Central Depositary of an authorisation to exercise with Maroclear the profession of financial intermediary authorised to manage securities accounts on behalf of the general public.

Law promulgated by the Dahir n° 1-96-246 (29 chaabane 1417) on the creation of a Central Depositary and the institution of a general regime for the registration in account of certain values.

Value recorded in account, registered security whose administration has been entrusted to an authorised financial intermediary.

Usually a bank or stock exchange company. The authorized financial intermediary maintains securities accounts on behalf of their owners. It is empowered by order of the Minister responsible for finance after notice from Maroclear.

Legal entity designated by the principal for the management of its securities accounts with Maroclear and linked to it by the mandate contract.

The main accounting statements transmitted by Maroclear to its affiliates are: - the daily statement of movements and balances which only includes accounts that were active on the accounting day in question; - the quarterly balance sheet that summarises all the securities and rights accounts of the members at the end of the last day of each quarter.