Loi n° 44-12 relative à l'appel public à l'épargne et aux informations exigées des émetteurs (modifiée par la loi 19-14)
Cross 5% of a Moroccan listed company and the clock starts: 5 business days to declare to the issuer, the AMMC and the Exchange.
Defines what constitutes a public offering (appel public à l'épargne) and the continuous/periodic disclosure duties of issuers. Carries the SHAREHOLDING THRESHOLD DISCLOSURE regime: any person crossing - up or down - 5%, 10%, 20%, one third, 50% or two thirds of the capital OR voting rights of a listed company must notify the company, the AMMC and the Exchange within 5 business days, and must state their intentions (e.g. whether they intend to take control) to the AMMC. Borrowed/lent shares count towards the thresholds per AMMC rules. Failure to declare is sanctioned (loi 19-14 art. 90: MAD 5,000-100,000, plus voting-right suspension risk).