Research Handbook on Secured Financing in Commercial Transactions
Edited by Frederique Dahan
Chapter 14: Reforming an established secured transactions legal system: Why and how Morocco is approaching the challenge
Mustapha Mourahib and Ouns Lemseffer
Abstract
As part of its many reforms of its banking and financial sector, the Kingdom of Morocco has decided to launch an in-depth reform of the secured transactions legal framework (droit des sûretés mobilières). This reform has two main objectives. First, the reform addresses a national need: it is intended to improve access to credit for Moroccan enterprises and, in particular, the small and medium enterprises which are a vital component of the Moroccan economy. Second, the reform falls within a national strategy to attract international businesses and to make Morocco a regional and international financial hub. The chapter examines the context and importance of the secured transactions reform and the key elements of such reform and how they can serve as a model for jurisdictions that share the legal tradition of Moroccan law and would also want to reform what is a cornerstone of any financial sector.
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