Verdict. The Moroccan Capital Market Authority (AMMC) informs the public of the withdrawal of approval from the management company “GLOBAL NEXUS”, a public limited company under Moroccan law registered in the Casablanca commercial register under number 303829, exercising the activity of management company of collective investment scheme (OPCC).
The withdrawal of approval was proposed by the AMMC to the Minister of the Economy, Finance and the Reform of the Administration as a disciplinary sanction following an investigation procedure, in accordance with the provisions of Law 43-12 relating to the AMMC.
It was made effective by order of the Minister of the Economy, Finance and the Reform of the Administration n ° 1681.20 (dated June 24, 2020) relating to withdrawal of approval from the management company in question, published in the Official Bulletin n ° 6898 (Arabic version of July 9, 2020).
It should be recalled that the sanctions pronounced by the AMMC are framed by the legislative and regulatory texts governing the capital market, which precisely define the procedures, the participants in the sanction process and their respective roles:
• The College of Sanctions: an autonomous and independent collegial body, it is composed of three members, the president of which is a magistrate appointed by the Minister of Finance on the proposal of the Minister of Justice and two persons appointed intuitu personae, after selection by the Council AMMC administration on the basis of their integrity and competence in the legal and financial fields.
• The investigation procedure: at the end of the investigation or inspection procedure conducted by sworn AMMC agents, specially commissioned for this purpose and bound by professional secrecy, the Authority applies sanctions to the College any shortcomings or infractions noted during the investigation or inspection.
The College examines the file in the context of a procedure covered by the secrecy of the investigation and guaranteeing the party concerned the right to information, the rights of defense, as well as the right to be assisted or represent by counsel of their choice at hearings before the College.
The College gives its opinion and notifies it to the President of the AMMC and proposes as appropriate:
– the closure of the file when the alleged facts have not been proven after the investigation;
– a disciplinary and / or pecuniary sanction or a delay penalty;
– and / or referral to the competent judicial authorities, on the facts which can be qualified as criminal offenses.
• The pronouncement of the sanction: the President of the AMMC pronounces the sanction according to the assent of the College.
In the case of withdrawal of approval, the AMMC President pronounces the said sanction only after having previously heard or duly summoned the person concerned, who may be assisted by the counsel of his choice. The President of AMMC notifies the sanctioning decision to the party concerned. The sanction decision is then made public by any means deemed appropriate by the AMMC, in particular its website.
The pronouncement of this decision to withdraw accreditation, the highest level in terms of administrative sanctions provided for by legislative texts, meets the specific provisions of article 9 of the aforementioned Law 43-12 which provides that the withdrawal of accreditation is made on a proposal by the President of the Authority to the Minister in charge of finance who proceeds, if necessary, to withdraw approval by decree published in the Official Bulletin.
The process leading to the pronouncement of this sanction is part of the accomplishment of the main mission of AMMC which is to protect savings invested in financial instruments and to ensure the proper functioning of the market.
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