Association des Sociétés de Gestion et Fonds d’Investissements Marocains (ASFIM)

Created in 1995, the Moroccan Investment Management Companies’ Association (ASFIM) is the professional entity representing companies managing Undertakings of Collective Investments in Transferable Securities (UCITS) in Morocco.

The mandate of ASFIM is:

• Seeking and implementing all means and methods appropriate to the promotion and the development of UCITS,
• Representing its members before the public authorities, all national or foreign bodies in addressing all questions relating to the industry.  It also contributes to the promotion and to the outreach of the management industry in Morocco (one of the leading ones in Africa) with all relevant stakeholders, investors, issuers, politicians and the media in Morocco and abroad.
• Suggesting to the competent authorities all measures or reforms conducive to the development of the industry members.  Thus, it is the key interface with Moroccan public authorities, thereby contributing actively to the development of regulations.
• Ensuring the representation of members' activities with other professional entities with common interests/activities similar to those of the members.
• Centralizing information concerning the collective management of savings in Morocco to the benefit of the entire profession.

ASFIM Membership

The Association includes 19 investment management firms’ members along with 3 expert members.
UCITS assets under management is about MAD 578 billion (more than USD 60 billion, Euro 50 billion): 55% are invested in Medium- and Long-Term Bonds funds, 14 % in Money Market Instruments funds, 14 % in Short Term Bonds funds, 9% in Diversified funds,7 % in Equity funds and 1 % in Contractual Funds (as of end of June 2021).

Regulatory Info

UCITS, management companies and their custodians are under the supervision of the Moroccan Capital Market Authority (AMMC – website: www.ammc.ma) which is an IOSCO member.

AMMC has the role of protecting investors savings and money.

To this end and regarding the asset management activity, AMMC:

• Approves the management statuses or regulations of the UCITS prior to their creation,
• Approves their prospectuses before they are released,
• Empowers individuals to perform certain functions in the asset management companies by granting a professional card.
• Ensures permanent off-site and on-site control of UCITS, management companies and custodians in order to verify that they comply with the legal and regulatory provision to which they are subject.

The action of AMMC may, when irregularities are found, result to penalties against UCITS, their management companies and custodians.

On the other hand, ASFIM is governed by the provisions of Dahir n° 1-58-376 of 3 Joumada I 1378 (15 November 1958) regulating the right of association, as amended and supplemented by the Dahir providing law n° 1-73-283 of 6 Rabea I 1393 (10 April 1973).

The following document provides the regulatory information concerning UCITS in Morocco (in French):

Dahir – Royal Decrees relating to UCITS:

http://www.ammc.ma/sites/default/files/DAHIR%20OPCVM%20213.pdf

Ministerial Decrees relating to UCITS:

http://www.ammc.ma/sites/default/files/Arr%C3%AAt%C3%A9s%20_%20OPCVM.pdf

Moroccan Capital Market Authority circular:

http://www.ammc.ma/sites/default/files/Circulaire%20du%20CDVM%20-%20Octobre%202014.pdf

https://www.ammc.ma/sites/default/files/pieces-jointes/Recueil%20Lois_VF_0707.pdf