Legal framework of payment systems and means
I - Legal and Regulatory Framework
The legal framework for systems and means of payment finds its roots in both general and special texts. It is based on certain fundamental legal concepts, including the general theory of liabilities and civil liability as well as certain contracts, such as deposit and mandate.
Other aspects of cashless payments, the main support of which is the bank account, are governed by law No 15/95 forming the commercial code, promulgated by Dahir (Royal Decree) No 1-96-83 of August 1, 1996, which defines the legal regime of the sight account, the deposit of funds, bills of exchange, bank transfers and bank cards.
In addition, the provisions of Law No. 103-12 on credit institutions and similar institutions, promulgated by Dahir No. 1-14-193, grant credit institutions the right to collect deposits, to put at the disposal of their customers means of payment and their management. This new law introduced a new category of non-bank institutions, known as "payment institutions" entitled to hold payment accounts and offer associated payment services.
This legal framework is supplemented by a set of Bank Al-Maghrib Circulars which regulate certain aspects of systems and means of payment, particularly:
- Bank Al-Maghrib Governor's Circular No. 5 / G / 97 of 18 September 1997 on the Certificate of Refusal to Pay a Check
- Bank Al-Maghrib Governor's Circular No. 6 / G / 97 of 22 September 1997 on the centralization and dissemination of information on payment incidents and bans on issuing checks
- Bank Al-Maghrib Governor's Circular No. 12 / G / 06 of 7 July 2006 on the standardization of the check form
- Regulatory Decision No. 20 / G / 2007 of 27 February 2007 relating to the standardization of the Standard Letter of Exchange Form
- Governor Circular No 1 / W / 15 on the conditions for access to information held by the unpaid commercial paper centralization unit
- Circular No. 2 / W / 15 on information to be communicated by banks the unpaid commercial paper centralization unit
- Governor Circular No. 3 /W/15 on the information that credit institutions have to communicate to Bank Al-Maghrib for the good functioning of the bank account centralization Unit
- Circular letter No. 41/DOMC/07 of 20 March 2007 relating to the standardized bill of exchange
- Bank Al-Maghrib Governor Circular No. 11/G/13 on information to be communicated by banking institutions to Bank Al-Maghrib's unpaid bill of exchange unit
- Circular of the Governor of Bank Al-Maghrib n ° 14/G/06 of July 20, 2006 relating to the implementation of the Moroccan Gross Settlements System Morocco and attached regulation
- Circular of the Governor of Bank-Al Maghrib No. 17/G/05 of 24 August 2005 on the repo market
II - Conventional Framework
The legal and regulatory framework has been supplemented and strengthened by a conventional framework that includes, in addition to the multilateral agreement on Payment System Supervision signed in January 2009, the statutes and regulations for the Grouping of the Moroccan Interbank Remote Clearing System (GSIMT), the Interbank agreement for the physical non-exchange of checks, the interbank agreement for the exchange of interbank direct debits via the the Moroccan Interbank Remote Clearing System, and the central settlement accounts Agreement agreements concluded between Bank Al-Maghrib and participants in Morocco's Gross Settlement System.
III - Guidelines, standards, other texts