The Council of Government adopts the law n°58.22 modifying and completing the law n° 41.05 relating to the undertakings of collective investment in capital (OPCC)
08/03/2023
The Government Council meeting of March 8, 2023 adopted the bill n°58.22 modifying and completing the law n°41.05 relating to undertakings for collective investment in capital(OPCC) presented by the Minister of Economy and Finance. This bill aims mainly at increasing the attractiveness of the legal and regulatory framework of Moroccan private equity, in particular by creating a specific regime for OPCCs intended for professional investors (known as OPCCs with reduced operating rules or OPCC-RFA).
Indeed, in a context of strengthening the role of private equity in the economic recovery and accompanying the implementation of the Mohammed VI Fund for Investment, this reform aims to facilitate and increase the alternative financing of Moroccan companies (in equity and loans), especially Small and Medium Enterprises with a strong potential or innovative.
This project also includes provisions relating to the modification of the procedure for granting the approval, as well as new provisions relating to the improvement of the operation of the investment bodies. This in particular involves the clarification of the process of dissolution and liquidation of these organizations, the fixing of the deadlines of approval of the aforesaid Organizations and their managing companies as well as the widening of the cases of withdrawal of approval of the companies managed by the Moroccan Authority of the capital markets.
Finally, it should be stressed that this reform was supported by the Joint Program for Capital Market Development (J-CAP), created by the World Bank and the International Finance Corporation in 2017 to support the development of capital markets in some target countries. In Morocco, this program was launched in 2019 and covers, in particular, the priority sectors of infrastructure financing, SMEs and housing.
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