Loi n° 45-12 relative au prêt de titres

Securities lending is legally recognised in Morocco, but the market is still shallow in practice.

Legal framework for securities lending/borrowing, a prerequisite for short selling, settlement-fail coverage and index-fund replication. Framework exists and lending is recognised in threshold-crossing calculations under loi 19-14, but market practice remains thin, which contributes to the low turnover and execution friction international managers report.