Abus de marché - délit d'initié, manipulation de cours, fausse information (loi 43-12 et loi 19-14)

Insider dealing, price manipulation and dissemination of false or misleading information are prohibited and sanctioned by the AMMC (administrative and pecuniary sanctions - e.g. up to 1% of transaction value capped at MAD 200,000 for certain trading breaches) and by criminal law. Issuers must maintain insider lists and disclose price-sensitive information without delay. Enforcement visibility has increased since 2019 but remains a scored variable for foreign allocators.