Loi n° 43-12 relative à l'Autorité Marocaine du Marché des Capitaux (AMMC)

The statute creating Morocco's securities regulator and its licensing, supervision and sanctioning powers.

Creates the AMMC (successor of the CDVM) as the capital-markets regulator: approves prospectuses (visa), sets circulars, licenses and supervises market participants, investigates and sanctions market abuse (insider dealing, price manipulation, dissemination of false information), and enforces AML/CFT obligations on entities under its control. Investor-relevant point: the AMMC has real disciplinary and pecuniary sanction powers and publishes its decisions - the enforcement-visibility variable in any country-risk score.