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This conference was attended by many market professionals, representing the various stakeholders concerned by this new system (professional associations, financial advisors, stockbroking companies, etc.), the AMMC said in a press release.
Organised with the aim of facilitating the process of obtaining the new CIF status and clarifying the conditions for carrying out this activity, this conference was also an opportunity to present the main components of the system and to raise awareness among stakeholders about the challenges of this profession, underlines the same source.
The aforementioned AMMC circular no. 01/20, issued in application of the provisions of law no. 19-14 relating to the stock exchange, brokerage firms and financial investment advisers, specifies the new requirements applicable to CIFs.
Firstly, it clarifies the scope of the activities covered by the new system, namely, on the one hand, investor advisory activities (Advice on the acquisition and sale of financial instruments, Advice on portfolio management of financial instruments and Advice and assistance in wealth management) and, on the other hand, advisory activities for companies making a public appeal for savings (Advice on financial transactions, Advice on IPOs and support after said IPO, Advice and assistance in financial management and financial engineering).
The said circular also specifies the conditions for exercising the CIF activity and the procedures for registration with the AMMC. In this respect, the CIF must mainly equip itself with the human, material, organizational and financial resources adapted to the activities that it exercises or plans to exercise.
In addition, it subjects CIFs to rules of ethics and good professional practice, particularly with regard to the identification, prevention and management of conflicts of interest as well as compliance with the principles of fairness, transparency, market integrity and primacy of the client’s interest.
All the rules and principles provided for in the AMMC Circular No. 01/20 mentioned above were inspired by international best practices, and were developed in consultation with the capital market ecosystem through two periods of public consultations and discussion meetings with stakeholders. Thus, the new framework applicable to CIFs aims to structure this profession and improve the ability of its players to meet the requirements of their clients by strengthening transparency and trust between them.
This conference was also an opportunity to announce the publication of a guide on CIFs, to explain the different aspects of the system and the main concepts relating to it, and to answer frequently asked questions.
In particular, it will support the professionals concerned in their registration procedures with the AMMC and in the deployment of the resources necessary for the exercise of CIF activities.
The guide relating to financial investment advisors is published on the AMMC website “www.ammc.ma/fr/guides-et-formulaires” and will be open to a public consultation period from March 15 to April 15, 2023, in order to collect suggestions from market players before its final adoption, the press release concludes.
2024-08-08 02:07:38