MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Compendium of legal provisions relating to the principles of operation of Maroclear and the obligations of its affiliates, to registration on account, to the conditions for exercising the function of account keeper as well as certain financial provisions.

Payment infrastructure that allows for secure and efficient transfers between participating financial institutions and helps facilitate the execution of monetary policy through ongoing monitoring of flows and liquidity by Bank Al-Maghrib.

An OPCVM management company is a company that manages collective investment undertakings, such as Mutual funds or SICAVs. It integrates portfolio management, mutual fund marketing and administrative functions such as legal services or accounting management of funds.

Public authority charged with a market regulation mission, endowed with important powers (quasi-regulatory power, power of control and investigation and power of sanction) applicable both to markets and to professional or non-professional participants and benefiting from a certain independence, both from the State and from the regulated sector. In Morocco, it is the Securities Ethics Council (CDVM) which represents the market authority.

As the Moroccan Codification Agency (AMC), Maroclear assigns codes to the values ​​admitted to its operations which are obligatorily used by affiliates. In this context, Maroclear uses the ISIN (International Securities Identification Number) coding, in accordance with international standards.