Highlights

The House of Councillors approved two bills related to "Casablanca Finance City" and the (CNRA) : 23/04/2014

The House of Councillors approved two bills related to "Casablanca Finance City" and the (CNRA)

The House of Councillors adopted Tuesday, 23rd April, 2014 at a plenary session, two bills related to "Casablanca Finance City" and the National Pension and Insurance Fund (CNRA).

The bill amending and supplementing the Status "Casablanca Finance City" (CFC), falls within the framework of strengthening the Moroccan offer in this field, after consulting the Moroccan Financial board with the potential local and international beneficiaries, which have revealed the need for amendments to the Law on the name of the body, the categories of companies eligible to CFC status and the conditions for obtaining this status.

The bill, which outlines were presented by the Minister of Economy and Finance, Mr. Mohamed Boussaid, intends the change of the name of “Moroccan Financial board" to "Casablanca Finance City Authority” so that it is more in line with its prerogatives.

The aforementioned project also intends to expand the activities describing the CFC status, the review of the eligibility requirements for this status, the implementation of a procedure fixing the rights and obligations of all parties in the event of withdrawal of the status from a company and the respect by the beneficiaries of all the profit parts of the Code of Ethics relating to the Status.

The House of Representatives also adopted the Bill amending and supplementing the Dahir establishing the CNRA, which focuses on reframing the activities of this body and centralizing the management and payment of workers compensation benefits.

The bill also provides the strengthening of governance within the CNRA, the introduction of the obligation of the CNRA, to establish adequate reserves to meet its obligations and its functioning under the Ministry of Economy and finance.