2023-07-10 13:00:21
This 61-page document reveals in three parts the actors of the sanction procedure, the course of the procedure and the rights of the person in question.
Meeting: The Moroccan Capital Market Authority (AMMC) organized a meeting on Thursday 6 July between its Sanctions College and capital market professionals. This meeting was dedicated to the presentation of the College’s activity report for the years 2017-2022. The occasion was also to highlight the guide relating to the sanction procedure.
Provide the public and professionals with a basic document enabling them to understand how the AMMC’s coercive power is exercised in practice with regard to the persons and entities subject to its control. This is the main objective of the guide presented on July 6, 2023 by the AMMC during a meeting between its Sanctions College and capital market professionals.
This 61-page document reveals in three parts the actors of the sanction procedure, the course of the procedure and the rights of the person in question. It therefore relates to the sanction procedure applicable before the AMMC, which may be triggered when acts likely to constitute breaches of the legal and/or regulatory provisions in force have been committed on the capital market.
We learn, for example, that the disciplinary and pecuniary sanctions pronounced by the presidency of the AMMC are administrative sanctions. In this sense, disciplinary sanctions include a warning, a warning or a reprimand, the suspension or withdrawal of authorisation, the withdrawal of authorization or proposal to withdraw authorization to the minister in charge of finance, the suspension of a member( s) administrative, management or management bodies, the restriction or prohibition of the exercise of an activity, or a proposal to this effect, where applicable to the Minister in charge of finance. Financial penalties are for example capped at 200,000 dirhams.
In addition, late penalties are calculated on the days of delay. Thus, the ceiling of 3,000 DH per day is applicable in the event of late communication of information to the AMMC, while the ceiling of 5,000 DH per day is applicable in the event of late dissemination of information to the public. Concerning the rights of the person in question, he benefits during the sanction procedure from two types of rights (the rights to information and the rights to the defence). At the end of the procedure, she has the right to lodge an appeal once morest the sanction decision choosing between an administrative appeal and a judicial appeal.
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