Following the example of the most reliable and secure foreign legislations on securitisation, Morocco has modified its securitisation act n°33-06.
The former securitisation act n°10-98 and act n°33-06 introduced a securitisation framework in 1999 comparable to the best international standards, in particular the former French securitisation act. But some constraints remained.
This new reform of act n°33-06 demonstrates Morocco's desire to provide a secure financial tool, which complements traditional financial methods, for the benefit of companies, investors and the Moroccan financial system as a whole. This reform allows Morocco to position itself as the destination of choice for the development of securitisation and Islamic Finance in Morocco and Africa.
It is in this context that Clifford Chance has assisted the Moroccan Finance Minister in this bold step forward.