Loi n° 19-14 relative à la Bourse des valeurs, aux sociétés de bourse et aux conseillers en investissement financier (Dahir n°1-16-151)

The core statute governing the Casablanca Stock Exchange, brokers and investment advisors.

The market's constitution. Repeals the 1993 dahir. Creates a Main Market and an Alternative Market with compartments (incl. SME and collective-fund compartments such as ETFs and real-estate funds), sets the framework for brokerage firms (sociétés de bourse), introduces the regulated status of Financial Investment Advisor (CIF, registration with AMMC required), moves technical listing criteria into the Exchange's General Rules for flexibility, allows foreign issuers without a Moroccan seat to list (in MAD or FX), and organises the guarantee fund. Also carries the shareholding-threshold disclosure regime and AMMC sanction powers.