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Rabat – In a meeting on Thursday, August 31 under the chairmanship of Prime Minister Saad Eddine El Othmani, the government council adopted draft decree No. 2-17-227 on incentives for public offerings.
In a statement read at the press briefing held at the end of the Governing Council, Mustapha El Khalfi, the deputy minister in charge of relations with parliament and civil society and government spokesman, explained that the draft decree relates to the application of law 12-44 relating to public offerings and the information required of legal and public entities.
The project, presented to the council by the Minister of the Economy and Finance, Mohamed Boussaid, aims to define the powers of the administration related to the application of this law.
In this regard, the minister explained that the administration would give its prior approval to any public offering presented by non-Moroccan legal entities and non-resident individuals in Morocco, and would establish a list of financial intermediaries according to the modalities set by the Moroccan Capital Market Authority (AMMC).
The text also specifies the number of qualified investors allowed to participate in the issuance and sale of securities that are not assimilated to a public offering, on the basis of a proposal from the AMMC. The administration will also be responsible for fixing the minimum number of subscribers and purchasers subject to the disclosure requirement under this Act after approval by the CMMA.
This text also aims to fix the list of newspapers authorized to publish legal announcements.
