The Moroccan Capital Market Authority (AMMC) recently announced the withdrawal of authorization from the management company “Global Nexus”, a public limited company under Moroccan law registered in the Casablanca commercial register under number 303829, carrying out the activity management company of collective investment scheme (OPCC).
The withdrawal of approval was proposed by the AMMC to the Minister of the Economy, Finance and Administrative Reform, as a disciplinary sanction following an inquiry procedure, in accordance with the provisions of law 43-12 relating to the AMMC, indicates the Authority in a press release, stressing that it was made effective by the decree of the minister n ° 1681.20 (of June 24, 2020) bearing withdrawal of approval of the management company questioned, published in Official Bulletin No. 6898 (Arabic version of July 9, 2020), reports the MAP.
And to recall that the sanctions pronounced by the AMMC are framed by the legislative and regulatory texts governing the capital market, which precisely define the procedures, the participants in the sanction process and their roles, namely the College of sanctions which is an autonomous and independent collegial body, composed of three members, the president of which is a magistrate appointed by the Minister of Finance on the proposal of the Minister of Justice and two persons designated intuitu personae, after selection by the Board of Directors of the AMMC on the basis of their integrity and competence in the legal and financial fields.
It is also about the investigation procedure: at the end of the investigation or inspection procedure conducted by sworn AMMC agents, specially commissioned for this purpose and bound by professional secrecy, the Authority seizes the College of sanctions for any breaches or infractions noted in the context of the investigation or inspection, the press release said, noting that the College is examining the file in the context of a procedure covered by secrecy instruction and guaranteeing the party concerned the right to information, the rights of defense, as well as the right to be assisted or represented by an adviser of their choice during hearings before the College. The College issues its opinion, notifies the president of the AMMC and proposes, as the case may be, the closure of the file when the alleged acts have not been proven after the investigation, a disciplinary sanction and / or pecuniary or a penalty for delay, as well as referral to the competent judicial authorities, on the facts that can be qualified as criminal offenses.
The sanctioning process also includes the pronouncement of the sanction: the president of the AMMC pronounces the sanction according to the assent of the College, notes the AMMC, explaining that in the case of withdrawal of accreditation, the president of the AMMC pronounces the said sanction only after having previously heard or duly summoned the person concerned, who may be assisted by the counsel of his choice. The president of the AMMC notifies the sanction decision to the party implicated and the sanction decision is then made public by any means deemed appropriate by the AMMC, in particular its website.
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