Loi n° 35-96 relative au dépositaire central (Maroclear) + Règlement Général du Dépositaire Central

Maroclear delivers DvP settlement - but at T+3, with no nominee accounts: Morocco's weakest market-infrastructure link.

Custody and settlement. All listed securities are dematerialised and held in book-entry form at Maroclear, the CSD. Settlement of exchange trades runs on a gross/net model at J+3 (T+3) after the trade - NOT T+2 - with cash legs settled in Bank Al-Maghrib accounts; OTC and repo settle in real time (gross/gross), on a delivery-versus-payment basis. MSCI gives Morocco its LOWEST accessibility score on clearing & settlement, citing the absence of legal recognition for nominee accounts and restrictions on overdraft facilities for foreign investors.