Kiosk360. This is a new step for crowdfunding. After the adoption of the decree on crowdfunding at the Council of Government on May 19, the central bank unveils a first circular, giving the starting signal. This article is a press review taken from the daily newspaperAujourd’hui le Maroc.
The crowdfunding framework is taking shape. After the regulatory framework, the Wali of Bank Al-Maghrib (BAM) unveils a first circular relating to the conditions and procedures for carrying out collaborative financing operations in the “loan” or “donation” category, as reported Morocco today in its May 30 issue.
This circular contains the list of documents and information necessary for an application for approval. For example, article 2 of the circular stipulates that the file must contain information relating to the “nature of the authorization requested (management of a collaborative financing platform in the “loan” category, “donation” category or both time), the legal form (SA or limited liability company), the company name and the address of the registered office”. It is also requested information on the shareholding of the projected SFC, as well as the presentation of the providers of capital and groups of belonging.
The newspaper specifies that the BAM has included a mechanism for the fight once morest money laundering and the financing of terrorism for the creation of SFCs through, in particular, a descriptive note retracing the mechanism for the fight once morest money laundering and the financing of terrorism. , a device that will be implemented by the SFC.
Other elements to be detailed by the project leader: “the characteristics of the financing operation, namely the amount of the loan, the interest rate if applicable, the duration of the loan and the terms of its repayment; the business plan of the project over a multi-year horizon highlighting the revenues, expenses and forecast results, as well as the cash flows, their ability to ensure the reimbursement of the resources raised via the platform and the main forecast financial indicators of profitability and reimbursement of the loan obtained via the platform”, as indicated in the circular.