Mr. Mohammed BOUSSAID, Minister of Economy and Finance, chaired Wednesday, February 10th, 2016 in Rabat, the installation ceremony of Mrs. Nezha Hayat, that His Majesty the King appointed president of the Moroccan Capital Market's Authority (AMMC).
In his speech, the Minister congratulated Mrs. Hayat for the trust of His Majesty the King, May God Assist Him, in her. He also highlighted her academic career, her proven expertise and her commitment in several development projects.
The Minister used this opportunity to thank Mr. Hassan BOULAKNADEL, CEO of the Securities Ethics Council (CDVM) for his efforts over several years which contributed to the development of the Moroccan financial market and resulted in the establishment of the (AMMC).
Mr. BOUSSAID emphasized that the objective through the creation of the (AMMC) includes adapting Moroccan legislation with international standards, enhancing the efficiency of the control over the capital market sector and ensuring complementarity with the rest of the organs of financial control at the national level. He noted, in this regard, that with these measures will enable the financial monitoring system to be finalized and comparable to those of developed countries.
The Minister has certainly pointed out that the capital market provides financing to different types of businesses and allows investors to invest and develop their money. For Mr. BOUSSAID, the growing importance of this sector reflects the Kingdom’s wish to implement a regional and international financial center able to participate in the development of our country and promote its image. At the same time, he expressed the Government's commitment to develop the capital market through the completion of the modernization of the legal framework governing it in order to raise it to the highest international standards and enable it to support the changes of the national and international situation.
Speaking on this occasion, Mr. Hassan BOULAKNADEL congratulated the president of the (AMMC) for the Royal trust and wished her full success for the performance of her new mission. He also thanked the Directors General, the Ministry of Economy and Finance as well as the (CDVM) staff.
The President of the (AMMC), on the other hand, stated that she was honored and proud of the trust of His Majesty King Mohammed VI in her. She said that the creation of the AMMC meets Royal will give the country a financial control body in line with international standards. Mrs. Hayat believes that the establishment of authority control will help restore the confidence of all stakeholders and all professionals, and boost the capital market to ensure its efficiency and development.