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Morocco: Adoption of a bill in crowdfunding

The Governing Council approved on Thursday, August 22, a bill on collaborative financing or “crowdfunding”. This text (bill no. 15-18) aims to ensure the mobilization of new sources of funding for the benefit of the SMEs and young people carrying innovative projects, and the active participation of the Moroccans of the world in the development projects of the country through a financing mechanism that is simple, secure and transparent, said Mustapha El Khalfi, government spokesman.

The bill will also promote the liberation of the creative and cultural potential of young people and enhance the attractiveness and influence of the financial hub of Casablanca. Thus, it defines the legal framework for the exercise, by collaborative finance services (CFS), of different forms of collaborative financing.

In addition, the bill establishes a comprehensive regulation of these activities, including the creation of the status of manager of collaborative funding platforms (CFP). It also defines a system for accrediting CFS and supervising and monitoring these activities. Among the other important points brought by this bill, the establishment of the procedures and modalities for the creation and operation of the managing companies of the CFP, the definition of the commitments and obligations of the CFS, in particular as regards the information of the public, the advertising, reporting.

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