2024-04-12 20:00:13
The result of collaborative work involving the Authority’s internal resources and the capital market ecosystem to be as close as possible to its expectations and needs, this third strategic plan of the AMMC is part of the continuity of progress recorded during the implementation of the Authority’s two previous plans, Ms. Hayat said at a press conference.
Aiming to achieve an efficient and innovative capital market, serving the development of savings and financing of the economy, this new plan is based on 4 major thematic pillars and 1 transversal pillar broken down into several priority actions, she added.
These four strategic pillars include the development of an efficient and accessible capital market, support for financial innovation and sustainability issues, strengthening financial education, and adapting the supervision system to a growing market. evolution. The transversal pillar concerns, for its part, the continued establishment of a more efficient internal organization.
And to note that the new strategic plan takes into account important issues, such as the mobilization of savings, the acceleration of technological innovations and the financing of the energy transition and sustainability challenges.
“The objective is to achieve a market where savings are directed towards the productive sector and where companies can access the capital necessary to develop new projects, thus stimulating economic growth,” she said.
According to the President of the AMMC, innovation is seen as a key factor for introducing new methods of financing, facilitating market access for new players such as crowdfunding, supporting the development of fintechs and establishing a framework regulatory for active cryptos.
Recalling the context of the previous strategic plan, designed to be brief and focused on the post-Covid economic recovery over three years, Ms. Hayat shared some important achievements of this plan, notably the opening of the private debt market to new players , facilitating access to alternative financing instruments, and extending control to management companies of Collective Capital Investment Organizations (OPCC).
She also recalled that, since 2019, the AMMC has taken several initiatives such as the publication of guides, the development of digital content in financial education, the organization of awareness sessions for real estate appraisers, as well as the publication of a half-yearly report on Real Estate Collective Investment Organizations (OPCI).
In terms of strengthening the protection of savings and consolidating the new supervision approach, Ms. Hayat said that the number of control missions doubled between 2019-2020 and 2021-2022, going from 18 to 35 , with the objective of reaching 50 missions between 2023 and 2024.
Concerning the fight against money laundering and the financing of terrorism, as well as corruption, the AMMC continues to ensure that the obligations of vigilance and internal monitoring are respected, particularly after Morocco’s exit from the gray list of the Financial Action Task Force (FATF).
As for the modernization and digital transformation of the AMMC, Ms. Hayat noted that the Authority has developed a roadmap including the use of collaborative solutions and the implementation of an ERP system, adding that an application for the management of complaints and a solution for the management of legal requests were developed in partnership with the Digital Development Agency (ADD).
Over the period 2024-2028, the Authority will continue its efforts to strengthen the efficiency and accessibility of the market through broadening the investor base, diversifying the range of financial instruments and creating new markets.
The AMMC will also reaffirm its commitment to promoting the financial education of savers and particular attention will be paid to the modernization of the supervisory system aimed at protecting savings invested in financial instruments.
2024-04-12 20:00:13