The 1993 founding legislation served Morocco’s emerging financial market adequately during an era of limited actors and relatively simple financial instruments. However, as markets became more sophisticated, products diversified, and international standards evolved, the original framework revealed significant limitations. Law 03.25 introduces clearly organized thematic blocks covering general provisions, fund establishment, prudential rules, investor information, oversight, and sanctions. The law strengthens risk management provisions, legally defining liquidity, global risk, and counterparty risk concepts. All preliminary communications require oversight, substantial modifications need new approval, and continuous investor information becomes central obligation.

Source: The North Africa Journal December 27, 2025 11:25 UTC