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Morocco’s Exchange Office circular: four permitted hedging transactions

January 22, 2018 | news

Following the enlargement of the band of fluctuation of the Dirham to ±2.5% against ±0.3% previously, the Exchange Office (Office des Changes in French) published on January 19, 2018 the circular No. 1/2018 authorizing and fixing the terms of implementation of the hedging against foreign exchange hedge, interest rate risk, commodity price risk and the risks inherent in any asset or debt.

F.A.T.C.A: Lifting of the professional secrecy in favor of the US tax administration

December 28, 2017 | news

The Foreign Account Tax Compliance Act adopted on March 18, 2010 by the US Congress and effective since July 1, 2014, obliges financial institutions around the world to lift the professional secrecy for the benefit of the US tax administration.

This law requires financial institution of foreign countries to exchange with the US tax administration all financial information relating to bank accounts and financial investments held by US persons.

Entry into force of the law No. 44-12 relating to the public offering and the information required for legal persons and agencies using public funds

December 28, 2017 | news

The implementing decree No. 2-17-227 has been published in the Official Gazette No. 6622 of November 16, 2017 marking the entry into force of the law No. 44-12 relating to the public offering and the information required for legal persons and agencies using public funds.

Indeed, promulgated since January 24, 2013 the entry into force of the law 44-12 was conditional on the publication of its implementing decree in accordance with Article 31 of the said law.