The president of the Moroccan Capital Market Authority (AMMC) presented, Thursday in Rabat, the new strategic plan of the Authority covering the period 2021-2023.
The result of collaborative work between the AMMC and market players and fueled by the experience of recent years, this strategic plan is based on 4 major pillars broken down into 10 priority action levers and guided by a central vision, that of a capital market in the service of the financing of the economic recovery, indicated the president of the AMMC, Nezha Hayat during a virtual press conference.
This second strategic plan comes in a particular context, marked by the pandemic of the new coronavirus (covid-19), the health, social and economic consequences of which are unprecedented in our modern history, underlined Mrs. Hayat, noting that like he other economies, the Moroccan economy today requires strong accompanying measures, able to initiate a dynamic of recovery.
“This three-year 2021-2023 strategic plan is part of this dynamic and takes into account the lessons and challenges of the crisis and aims to contribute to building an attractive and more competitive economy”, he added. she argued.
In addition, Hayat said the first pillar of this strategic plan is to “facilitate the use of capital market financing,” highlighting the vital issue of financing for the company. “Alongside traditional financing methods, the capital market provides companies with a wide range of financing tools. However, it is clear that recourse to the capital market remains limited, depriving companies of important and diversified sources of financing ”, she noted.
According to her, companies, particularly small and medium-sized enterprises (SMEs), engines of the Moroccan economy and placed today at the heart of reflections on economic recovery, “will be the subject of special attention and specific measures on the part of the regulator ”in order to guide them and facilitate their access to the capital market.
The attractiveness of the market is also based on a flexible regulatory framework, in line with market developments and meeting the expectations of stakeholders, added the president of the AMMC, affirming that the Authority will support the establishment of such framework in particular and will make specific efforts to implement the new regulatory texts.
“Strengthening the attractiveness of a market also means developing the financial culture of savers and investors,” continued Hayat, noting that the AMMC will intensify its financial education programs with a dual objective, namely that of support current investors and savers and contribute to the development and dissemination of a culture of savings and investment in financial instruments among the general public.
Regarding the second axis, namely that of “promoting regulation adapted to innovation”, the president of the AMMC indicated that for the Authority, ensuring the attractiveness and competitiveness of the capital market is also open it up to the latest innovations from the financial industry while preserving its proper functioning, the protection of savers and financial stability.
According to her, this is to put in place a secure framework, appropriate regulation and close monitoring of potential risks for investors, noting that this also implies apprehending future developments and the prospects offered by companies. latest technologies which sometimes upset traditional models of financing and regulation.
For the 3rd axis, “strengthen the protection of savings by consolidating the new supervision approach”, Hayat reaffirmed the Authority’s total mobilization to support the recovery and strengthen the attractiveness of the capital market, recalling that In terms of savings protection, the AMMC has stepped up its vigilance by deploying a new supervision approach since 2019, the year from which the issuer transparency system was also significantly enhanced.
“It is now time to consolidate this new approach and continue to strengthen market integrity and transparency. The policy of intensifying controls will be continued and carried out more efficiently thanks in particular to the use of new technologies, ”she explained.
Regarding the 4th axis relating to the acceleration of the modernization of the AMMC and to include it in a process of digital transformation, the President of the Authority noted that the process of building the institution into an Authority , started in 2016, required an in-depth review of the internal organization, commensurate with the new missions of the Authority. “In line with international best practices, working methods have been reviewed, interactions with the ecosystem strengthened, and communication with savers improved,” she said.
Capitalizing on this experience, the AMMC plans to consolidate the achievements of the last four years and sees itself more agile and more innovative to support the rapid changes in its environment, underlined Ms. Hayat, adding that to do this, the Authority is placing its employees at the heart of its development strategy and pursues its digital transformation.