Law 15.18 on crowdfunding in Morocco

The House of Representatives adopted, at second reading and unanimously, on Wednesday, February 10th, 2021, draft law No. 15-18 on crowdfunding, in the presence of Mr. Mohamed BENCHAABOUN, former Minister of Economy, Finance and Administration Reform.

This legal framework should help to mobilize new sources of funding for very small, small and medium-sized enterprises and young people with innovative projects. It should also allow potential donors to participate actively in the country’s development projects through a simple, secure, and transparent financing mechanism.

This new legal framework establishes a complete regulatory system for collaborative financing activities. To this end, it includes in particular: the creation of the status of manager of collaborative financing platforms (CFP), the definition of the accreditation system for Collaborative Financing Companies (CFC), the definition of procedures and terms of creation and operation of the CFPs and the definition of the commitments and obligations of the CFC in terms of public information, publicity and reporting.

This chapter summarizes the Moroccan 15.18 crowdfunding law components.

  • Collaborative financing companies: Missions, constitution, approval, obligations and rules of their operation ;
  • Crowdfunding platforms’ management ;
  • Collaborative financing operations: investment, loan and donation
  • Collaborative financing companies: Supervision and penalties