The Moroccan capital market remains relatively underdeveloped. It’s often says that is not possible to develop a capital market without an independent Regulatory Authority (whereas it’s possible to develop a banking sector without necessarily included an independent Regulatory Authority).
What we find in this Bill it’s the heart of the financial regulation: an Independent Regulatory Authority in the form of independent administrative authority with a repressive power (concerning here the insider misconduct).
Its control occasionally covers investment proposal. We find then the primary function of the financial regulatory authority: the protection of savings.
But by the meticulous attention sets by the Bill to detail the information that companies which conduct a public offering have to make available, often permanently, either on a regular basis (for example draw up consolidated accounts), or in detailed (any information on which has an impact on the situation of the company, except that the Regulatory authority allows that the dissemination of information be deferred), here we find the other function, linked to the regulation: the market information.