Comptes des non-résidents : compte en devises / compte étranger en dirhams convertibles (CEDC)

Foreign investors trade through an FX or convertible-dirham account plus a local securities account - no nominee structures.

Two account types are used to invest on the Casablanca Stock Exchange (BVC): (1) 'compte en devises' (FX account) and (2) 'compte étranger en dirhams convertibles' (foreign convertible-dirham account). Both may only be credited with funds of foreign origin, and both are freely transferable abroad. Purchases of listed shares are settled in MAD out of these accounts. A securities account (compte titres) is opened in parallel with a licensed account-keeper (teneur de comptes: bank or société de bourse), with securities held in book-entry form at Maroclear. Note: nominee/omnibus accounts have NO legal recognition in Morocco - a structural gap flagged by MSCI.