MAROCLEAR Glossary: Key Terms in Finance and Securities Management

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.

Current account holder at Maroclear being authorized to maintain the accounts of its customers with Maroclear. Banks and stock exchange companies.

Nominative reference statement which takes into account transactions in securities between the date of transaction indicated by the intermediary on the statement and the date of recording the transaction in its own accounts.

Nominative reference slip which distinguishes two categories of slips depending on whether the transaction in question must give rise to the parallel transmission of a transfer order to Maroclear.

Bank Al-Maghrib is the central bank of Morocco. It is a public establishment with a legal entity and financial autonomy created in 1959 to replace the former “State Bank of Morocco”. It includes several directions including Dar As-Sikkah which mints Moroccan currency.