Country Manual Independent Portfolio Manager/Advisor (EAM)
Morocco – CM EAM – Update 2024
BRP has updated its Country Manual Independent Portfolio Manager/Advisor (EAM) for Morocco out of company’s country of establishment (Def, RS & BT)
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | No |
Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and up to date.
We can confirm that there have been no relevant modifications to the Moroccan cross-border legislation since the last update. The only legislation that has been amended are those relating to foreign exchange controls. However, as the updates have brought no material changes, details can be found below.
Non-material changes
As part of the ongoing process of simplification and liberalisation of the foreign exchange regulations, the Moroccan Foreign Exchange Office updated and published their General Instruction of Exchange Operations on January 2, 2024 (Instruction Générale des changes, the “GIEO 2024”). In the Manual, the section regarding Foreign Exchange Controls has been amended accordingly, without there being any relevant important changes.
Still in the framework of foreign exchange controls, note for simple information that the Moroccan authorities have launched a new “spontaneous regularisation operation” for the fiscal year 2024. After this operation having been introduced by Art. 4ter of the Financial Law 110-13 in 2014, Art 8 of the Financial Law 70-19 in 2020, it is now the third one that has been implemented through Art. 8 of the Financial Law 55-23 in 2024. This allows Moroccan residents to maintain declared foreign accounts for the management of declared financial assets under the same conditions as in 2014 and 2020.
Additionally, some content has been reworded, without introducing material changes, to provide more clarity. Furthermore, some amendments to the BT have also been made, again without there having been any material changes:
- The condition “on an occasional basis” has been removed from activities undertaken via remote means of communication, as this condition is only relevant when there is a risk of creating a de facto permanent establishment in the country.
- To reflect the fact that the Moroccan regulator is more restrictive concerning investment services, the BT now shows that it is recommended to avoid actively collecting relevant supporting documents and information in connection to these services.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the EAM Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM EAM BT SHORT COMP” and “MOROCCO” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Best regards,
Geneva, June 18th, 2024