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Morocco is soon to regulate crowdfunding, the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and of alternative finance.
A draft bill was submitted on the 21st of March by the Ministry of Economy and Finance and was published on the official website of the Government’s General Secretariat, reports Medias 24.
Drafted on the 2nd of March and signed by Minister of Economy and Finance Mohammed Boussaid, the bill sets the necessary regulations to introduce this kind of project funding in the Kingdom of Morocco. The new legal framework would enable this system which was not available in the Moroccan economy.
The draft law entitled 15-16, indeed gives details on how this funding will be implemented in Morocco and which consists of the creating the Collaborative Financing Platform Manager (CFP) status, in this case, the SFC, like the other regimes governing capital market activities, defining the approval mechanism by the CCC Administration and supervision of crowdfunding activities, provided by Bank Al Maghreb for loan and grant activities, and by the Moroccan Capital Markets Authority (AMMC) for capital investment activities.
The bill also defines the procedures and modalities for the creation and operation of PFCs, as well as the commitments and obligations of the CFS, particularly in terms of public information, advertising, and reporting, it also sheds light on the rules to respect in terms of the diligence of projects to be financed, securing transfers and protecting contributors.
The document gives details on the establishment of maximum amounts to be raised per project and by contributors for each form of financing, all while defining the specific rules for each of the three forms of collaborative financing.
