Moroccan Investment Firm Fined $100,000 and Loses License Over Compliance Violations

The Moroccan Capital Market Authority did not hesitate before pronouncing the sanctions against Global Nexus SA pending their validation by the Ministry of Finance.

It all started with a complaint it received at its offices on April 1, 2019. In total, five charges were brought against this company led by Hynd Bouhia, namely non-compliance with the obligations of management companies regarding the processing of subscriptions, violation of the obligation of management companies not to use the assets managed for their own account.

To these charges are added the violation of the principles of primacy of the interests of the unitholders, equal treatment of the unitholders and the provisions of the management regulations of the UCITS concerned, non-compliance with certain rules relating to the management of the relationship with the AMMC and certain rules relating to the human and organizational resources of management companies.