The AMMC, affirmed its president, Nezha Hayat, has always reserved a special place for cooperation with its counterparts on the African continent in accordance with the High Royal Guidelines for the promotion of South-South cooperation.
The president of the AMMC spoke in the context of a panel on “The contribution of financial markets to the financing of economies”, organized as part of the work of an international symposium entitled “The regional financial market of WAMU, 25 years later…”.
Beyond the exchange of experiences, the close links established between the AMF-UMOA and the AMMC promote the convergence of national frameworks, which is likely to facilitate the integration of our markets and the creation of synergies between our economies. respectively, underlined Ms. Nezha Hayat.
She said she was delighted to see the evolution of CREPEMF/AMF-UMOA since the signing of the cooperation agreement with the AMMC in February 2017 on the sidelines of the working and friendship visit of His Majesty King Mohammed. VI in Ivory Coast.
The successful model of cooperation with the AMMC was also highly praised on this occasion by the President of AMF-WAMU, Badanam Patoki who wanted to express his gratitude and thanks to Morocco for its rich contribution in terms of experience and expertise in this area.
Ms. Nezha Hayat also recalled in her speech that Morocco has adopted a new development model to meet the challenge of socio-economic recovery of the country.
She specified in this sense that the new development model is one of the five bets for the future to make the capital market an important lever for financing the economy.
She thus emphasized the significant financing to be mobilized for this ambitious economic recovery plan, affirming that today it is therefore a question of putting the capital market at the service of the recovery, in line with of the new development model, strengthen confidence and open up to new, more innovative products.
Supporting figures, Ms. Nezha Hayat provided the audience with an overview of the AMMC’s 2021-2023 strategic plan, as well as the annual priorities aligned with this development model, in addition to the role and weight of the market for capital in the financing of the economy
According to her, the Moroccan capital market has regulations and an organization that meets international standards, the fruit of reforms initiated in the 1990s.
The capital market offers a wide range of financing and investment solutions adapted to the needs of different players. It allows the structuring of innovative financial arrangements such as real estate funds, the new alternative stock market dedicated to SMEs, sustainable bond loans, etc.
The major reforms carried out recently in the capital market are part of the national vision of economic recovery both in terms of facilitating access to financing via the market, and diversifying financing solutions complementary to traditional financing tools. .
Several other major developments are expected soon. In the short term, the imminent launch of the profession of Financial Investment Advisor and the activity of Crowdfunding with the aim of enriching the distribution channels of capital market products and offering project promoters new funding.
“In the short/medium term, we will open new markets including the futures market and that of exchange-traded funds (ETFs). These will complete the panoply of financial instruments by bringing an additional touch of sophistication to the Moroccan capital market”, indicated Mrs. Nezha Hayat, noting that these important developments should make it possible to improve the liquidity of the market and to propose a better risk coverage.
She also insisted on recalling that recent capital market reforms have placed SMEs at the heart of their concerns. The specificities of this category of companies, which represents the bulk of the Moroccan economic fabric, were taken into account during the overhaul of the legislative and regulatory frameworks governing financing by the capital market.
Thus, an alternative market, dedicated to SMEs and accompanied by simplified rules, was created on the Casablanca Stock Exchange. This market welcomes both equity securities and debt securities, with very flexible admission conditions, she underlined.
The AMMC, together with the Casablanca Stock Exchange, the central depositary and the Professional Association of Brokerage Firms, have set up an integrated and attractive “SME offer” with a view to facilitating market access by SMEs.
Of course, this SME offer has been designed to be scalable. Indeed, it will be enriched thanks to continuous listening to the needs of SMEs and the gradual integration of other partners and stakeholders who can make additional contributions, she added.
Also, the AMMC follows with great interest Fintech and the transformations it implies in the field of modern financial markets, further indicated Mrs. Mrs. Nezha Hayat, also President of the Africa and Middle East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO).
This international symposium, placed under the patronage of Presidents Mohamed Bazoum (Niger) and Alassane Ouattara (Côte d’Ivoire) was marked by an introductory conference on “Resilience of the economies of the WAMU zone in the face of successive crises: What impact on the regional financial market”, and panels on ”Contribution of financial markets to the financing of economies” and “Transformation in the finance and innovation sector”.