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a guide to the internal control of UCITS management companies

The document aims to indicate the expectations of the AMMC with regard to the internal control and risk management system of these companies.

The Moroccan Capital Market Authority (AMMC) has published a guide on good practices for the internal control system of management companies of undertakings for collective investment in transferable securities (UCITS). The document aims to indicate the expectations of the AMMC with regard to the internal control and risk management system of these companies. “The principles and recommendations adopted are based on recognized standards as well as on best practices in terms of internal control”, emphasizes the Authority.

The design of this guide is, according to the same source, a continuation of the SCOP1 thematic inspection mission carried out by the AMMC with the aim of observing good and bad practices in the implementation of internal control systems. and risk management designed by UCITS management companies in Morocco. This inspection mission was based on the development of a benchmark in order to identify and analyze the main standards and recommendations submitted internationally: COSO standard (Committee Of Sponsoring Organizations of the Treadway Commission), ISO standard 31000 – Risk management, AMF France – Reference framework for risk management and internal control systems.

It should be noted that UCITS (Undertakings for Collective Investment in Transferable Securities) are major players in the Moroccan financial sector because of their contribution to financing the economy, with a ratio of net assets to national savings which stands at more than 180%. at the end of 2020, compared to 116% at the end of 2015.




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