Morocco > Banking, finance and capital markets > Banking, finance and capital markets
Banking, finance and capital markets
Gide Loyrette Nouel - Naciri & Associés blends the expertise of one of France’s premier finance firms, which has successfully merged with the outstanding local practice of the Naciri family. Hicham Naciri, an expert in structured finance, is described as ‘ intelligent, sharp and very driven to meet the needs of international clients’. Almost always first choice for local advice, in 2007 Hicham Naciri worked on the €3bn restructuring of OCP with JP Morgan, and was involved in more than half of the country’s IPOs. One client sums up the firm with the compliment: ‘ Gide is just the best.’
Azzedine Kettani of Kettani Law Firm has been at the forefront of legal practice in Casablanca for nearly 40 years, while Nadia Kettani now leads the international transactions department. Historically, Kettani Law Firm is a favourite for referrals by major international firms seeking local advice, but its real forte is acting for local Moroccan clients. Much of the finance work is for local banks, but the firm does have experience working for bulge-bracket investment banks such as JP Morgan and Citi.
UGGC & Associés has been active in Casablanca since 2002, and with ten lawyers able to handle complex finance transactions, has one of the country’s most sizeable departments. Key client Upline Securities provides a steady flow of capital markets work. An example of recent quality instructions is the firm’s work for AfricInvest, a private equity fund investing into both North and sub-Saharan Africa, on a €9m investment in Morocco.
A new addition to the banking table is French firm August & Debouzy. Much of the firm’s transactional work is finance transactions for the big international banks, and it operates ‘ clearly at the higher end of the spectrum’. An example of work it has undertaken in its first year in operation in Casablanca is advising the Moroccan government on the sale of a 4% stake in Maroc Telecom for €450m, the most important private placement in Moroccan history. Clients describe the firm as ‘ very proportional in their approach; exhibiting well-articulated reasoning and an understanding of expectations’.
Hajji & Associés is a popular choice for international clients, having undertaken work for the likes of Goldman Sachs, JP Morgan and Barclays. Name partner Amin Hajji has worked in-house at Banque Centrale Populaire, and with two associates covers all aspects of finance, including complex areas such as derivatives. Project finance is another speciality, with the firm appearing on many of the country’s most prestigious projects. The firm also has a good reputation for disputes in the banking sector, for which partner Myriam Bennani is recommended.
SFM is a popular choice for local banking clients, with Joseph Barzilaï a lawyer with an excellent reputation locally for reliability. Examples of institutions the firm has recently acted for include BMCE, BMCI and Attijariwafa Bank.
Law developments worldwide
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The Implications of Substance over Form and the Re- Characterisation of a Floating Charge
The purpose of this Article is to consider the implications of the recent English case of The Russell Cooke Trust Company Limited and Elliott1. Following this case, insolvency practitioners, preferential creditors, and third parties dealing with a company in the belief that its assets are subject to a floating charge (rather than a fixed charge) will need to examine the substance of the charge before dealing with those assets. -
Finance Bill 2008
The Finance Bill 2008 (as initiated) was released yesterday 31st January 2008 and there have been some welcome amendments included to assist the funds industry in administering the 8 year deemed disposal rules. -
Ireland: A gateway to China and Japan
Ireland's favourable tax treaties with China and Japan, regarding capital gains, mean that it is increasingly seen as a jurisdiction of choice for making equity investments in those countries. While there are a number of tax efficient Irish structures available for making such investments, we have concentrated solely for the purposes of this article on Ireland's holding company regime. -
D&I Quarterly 2008: NEW CORPORATE GOVERNANCE CODE
A new Corporate Governance Code (the "Code") for companies listed on the Helsinki Stock Exchange (the "Helsinki exchange") has been published by the Finnish Securities Market Association. The Code will enter into force on 1 January 2009 and companies should, if necessary, amend their Articles of Association at their annual general meeting in 2009 in order to meet the new requirements. -
D&I Quarterly 2008: ISSUER AGENT MANDATORY AS OF 1 DECEMBER
The issuer agent, a representative appointed by the issuer, is in charge of the execution of an issue or a corporate action together with the Central Securities Depository (the "CSD") and the account operators. The concept of "issuer agent" was first introduced in Finland in the beginning of 2008 and is widely used in other European countries. -
D&I Quarterly 2008: COURT OF APPEAL CONVICTS STONESOFT OF SECURITIES MARKET OFFENCE
On November 15, 2008 Helsinki Court of Appeal (the "Court") handed down its decision in a criminal case concerning the alleged security markets information offence by a software company, Stonesoft Oyj, and three members of its management team. The Court held that two members of the company's board of directors and a former CEO through gross negligence had failed to give a profit warning in due time. All defendants were fined. The Helsinki District Court had acquitted the defendants one year earlier. -
D&I Quarterly 2008: REPORT ON COMPLIANCE WITH THE TAKEOVER
The Takeover Panel has issued a Report on the compliance with the Takeover Code recommendations in connection with tender offers (the "Report"), based on an examination of Finnish tender offers launched between 1 January 2007 and 30 June 2008. The examination was conducted based on public information relating to tender offers, i.e., the offer document and stock exchange notices. -
D&I Quarterly 2008: Court Adjustment of Rent
The ongoing financial crisis and the looming economic depression will not leave the real estate and rental markets unaffected. The experiences from the early 1990's clearly demonstrate that during times of recession many tenants are likely to grow dissatisfied with their rents and may even resort to legal action to try to correct the situation. As discussed below, Finnish law includes a provision enabling tenants to present claims of this kind against landlords, but the chances of success in court are very modest. -
New Memorandum of Understanding with Ukraine on Banking Supervision
30.12.2008 - The Central Bank of Cyprus (“CBC”) is responsible for the licensing and supervision of banks and for safeguarding the stability of the financial system in Cyprus. In this connection it pursues an active policy of signing Memoranda of Understanding for cooperation in the field of banking supervision and exchange of information with competent overseas authorities, particularly those whose banks operate in Cyprus. -
Change in tax rate for Cyprus semi-governmental agencies
29.12.2008 - A draft bill has been submitted to the Cyprus parliament reducing the rate of corporation tax paid by semi-governmental agencies such as the Electricity Authority of Cyprus, the Cyprus Telecommunications Authority and the Cyprus Ports Authority with effect from 1 January 2009.