الصلاحيات التنظيمية الخاصة بضبط التسعير في البورصة : بين حفظ التوازن و إفساد الكفاءة : دراسة مقارنة بين قانون بورصة القيم المتغيِّرة المغربي و القانون المقارن

الملخص EN

The problem of this research is the contradiction between the regulatory Authorities granted by the Moroccan variable securities exchange law and other comparative laws of the company that goes to the exchange of variable values in order to control its quoting.

This is in contrast to an important criterion of evaluating the performance of the securities exchange management.

On its natural automatic efficiency, which necessitated the execution of trading transactions on the free market price, which consists of supply & demand without distorting the unfair control of the efficiency of the securities market as we see the criteria of rating the quality of regulation of the Securities Exchange according to the International Organization of Securities Commissions (IOSCO), and the European Community (EC).

In order to find a solution to this problem, especially after the experience of devaluation of the Casablanca Securities Exchange due to the collapse of the market value of the listed real estate companies in 2015, we have analyzed the texts of the Moroccan dahir No.

211-93-1 issued on 4 Rabie Al-Akhr 1414 corresponding to September 21 1993, as well as comparative law in Syria, Egypt, France, and the New York Securities Exchange and Berlin regulations.

We found that the Moroccan Securities Exchange company has the Authorities of price control in exceptional cases to stop or cancel quoting, while the other comparative laws and regulations issued by virtue of these terms, but under different terms and solutions.

At the end of this research, we set out a set of results aimed at defining the precise framework that separates the powers of controlling the balance of trading from compromising the balance of supply & demand or compromising the efficiency of the securities exchange and a number of proposals aimed at amending the legal text or creating a new legal text.