Systemic Risks Coordination and Monitoring Committee
The Systemic Risks Coordination and Monitoring Committee is chaired by the Governor of Bank Al-Maghrib and is composed of representatives of the Supervising Authority for Insurance and Social Welfare, the Capital Market Supervising Authority and the Ministry of Economy and Finance, including the Director of the Treasury and External Finance Department, when dealing with the issues referred to in the levels of its missions: 2, 3, 4 and 5, listed below.
In accordance with article 108 of law 103.12 on credit institutions and similar bodies, the Systemic Risks Coordination and Monitoring Committee has the following missions:
- To coordinate the actions of its members concerning the supervision of institutions subject to their control ;
- To coordinate the supervision of the bodies which control the entities constituting a financial conglomerate referred to in article 21 of the Banking Act, as well as the joint regulations applicable to these bodies ;
- Identify systemically important financial institutions and coordinate joint regulation and supervision of these institutions ;
- Analyse the situation of the financial sector and assess systemic risks ;
- Ensure the implementation of all measures to prevent systemic risks and mitigate their effects ;
- Coordinate crisis resolution actions affecting institutions subject to their supervision and posing a systemic risk as defined in article 109 of the Banking Act ;
- To coordinate cooperation and the exchange of information with bodies entrusted with similar missions abroad.
The Minister of Finance may also refer any matter of common interest to the Committee.
The composition and operating procedures of the Systemic Risks Coordination and Monitoring Committee are set out in Decree no. 2-17-32 of 23 hija 1438 (September 14, 2017), published in Official Gazette no. 6622 of 27 safar 1439 (November 16, 2017).
The CCSRS has a combination of binding and semi-binding powers enabling it to adequately discharge its macroprudential supervision mandate. Indeed, the banking law gives the CCSRS binding powers for “the identification of systemically important financial institutions”. The Committee also has, in accordance with the decree establishing its composition and operating procedures, “semi-binding” powers when it comes to issuing recommendations to its members and the whole financial sector.
In accordance with this decree, the opinions and recommendations of this Committee, intended for its members and the financial sector, are adopted by a majority of the votes of the members and, in the event of a tie, the Chairman has the casting vote. The Committee monitors the implementation of these opinions and recommendations, and its members ensure that they are carried out, each in his or her own area of responsibility. Every six months, the Systemic Risks Coordination and Monitoring Committee analyses the state of the financial sector and assesses systemic risks to financial stability, based on a detailed risk map of the three components of the financial system (banking, insurance and capital markets). In this respect, the Committee ensures the implementation of all instruments/measures to prevent systemic risk and mitigate its effects.
The Systemic Risks Coordination and Monitoring Committee issues a press release at the end of each of its bi-annually meetings, highlighting the Committee's analysis in the Moroccan financial sector’s situation and its assessment of systemic risks. Each year, the Systemic Risks Coordination and Monitoring Committee also approves the financial stability report drawn up jointly by the financial regulators.
Bank Al-Maghrib is in charge of the Systemic Risks Coordination and Monitoring Committee secretariat.
Calendar of meeting of the Coordination and Systemic Risk Monitoring Committee
