The present annual report of the Moroccan Capital Market Authority (AMMC) is the first report achieved since the Moroccan Securities Ethics Council into the Moroccan Capital Market Authority into an Authority and the appointment of Mrs Nezha HAYAT, in February 2016, by His Majesty King Mohammed VI, May God assists him. It is presented to the head of government in accordance with the provisions of Dahir No. 1-13-21 enacting Law No. 43-12.