The Articles of the Central Securities Depository are approved by the Minister of Finance.

The appointment of the President of the Board of Directors and the appointment of the Chief Executive Officer(s) of the Central Depository are subject to the approval of the Minister of Finance.

A Government Commissioner, appointed by the Minister of Finance, is designated by the Central Depository. He shall be responsible for ensuring compliance by this entity, the provisions of its Articles and the General Regulations.

Bank Al-Maghrib (BAM) carries out assessments of payment systems in order to verify their compliance with the laws and regulations as well as to ensure that Payment System Managers (MAROCLEAR) according to the commitments made under the aforementioned convention.

As such, it carries out, under the conditions set by BAM in charge of payment systems, any documentary or on-the-spot audit. At the end of the aforementioned assessments, BAM can issue recommendations, of which it shall ensure the effective implementation within the deadlines set by it (BAM).

When these recommendations are not implemented, BAM may impose against the Manager the sanctions, as referred to in Chapter III of the said agreement.

The Moroccan Capital Market Authority monitors the compliance of the Central Depository with its operating rules.

The AMMC is empowered to conduct inquiries of the Central Depository through agents sworn and commissioned for this purpose.