Investing without reading the issuer's official documents is like buying a car without looking under the hood. In Moroccan markets, the AMMC (capital market authority) requires every issuer to publish standardised documents covering the key numbers, risks, and terms of the operation.
Here are the four main types of documents to know, how to read them efficiently, and where to find them.
Why spend 30 minutes on an AMMC document?
Three concrete reasons: understand what you're buying: business model, competitive position, debt structure. Assess the risks: these documents explicitly list the factors that can sink the security. Make safer decisions: expected returns should always be read against explicit risks.
Every AMMC-approved document is public, free, and a few clicks away on the issuer's site or on the AMMC itself.
The 3 reporting frequencies
Before looking at documents one by one, understand when they're published:
1. Occasional information
Released for a specific operation (IPO, capital increase, takeover…). Describes that operation in detail.
Documents: prospectus, information note, notice, short-term debt file (TCN).
2. Periodic information
Released at regular intervals (quarterly, semi-annually, annually). Tracks the issuer's financial health over time.
Documents: annual report, half-year report, quarterly indicators.
3. Continuous (ad-hoc) information
Released whenever a significant event occurs (CEO change, M&A, profit warning, major litigation).
Documents: regulated press releases, threshold-crossing disclosures.
The 4 key documents to know
The prospectus
The reference document published for an IPO or a bond issue.
What's inside: detailed presentation of the issuer (business, history, governance). 3 years of audited accounts. Strategic and competitive analysis. Risk factors (NEVER skip these). Operation details: price, schedule, allocation.
⏱ How to read it in 10 minutes: go straight to (1) the executive summary on pages 1–3, (2) the risk factors, (3) the financial dashboard (revenue, margin, debt).
The information note
Published for public offers (takeover, sell-down, mandatory withdrawal, exchange).
What's inside: the purpose of the offer (take control, delist, etc.). The offer price and premium versus the market price. The exact schedule (open, close, settlement dates). Conditions and thresholds (minimum success rate…).
Read the price and premium first — that's what tells you whether the offer is financially attractive.
The notice
A shorter document published for specific operations such as a share buyback programme by the issuer.
What's inside: the buyback's purpose (EPS-accretive, price support, stock-option plan…). Maximum number of shares to repurchase. The authorised price range. The buyback period.
The short-term debt file (TCN)
For Negotiable Debt Securities (commercial paper, certificates of deposit, BSF), short-term financing instruments.
What's inside: detailed financial situation of the issuer. Credit rating if applicable. Programme cap and technical features (maturity, rate).
Special: 3 fund documents to compare
Before subscribing to a fund (SICAV or FCP), always check:
The information note: full document — workings, fees, investment strategy, risks. AMMC-approved. The key facts (fiche signalétique): one-page summary — the essentials to decide in 2 minutes (investment style, benchmark, risk score, fees). NAV history: the fund's performance over time. Compare against its benchmark and peer funds.
Tip: two funds in the same category ("Moroccan equities", say) can post very different performances. The key-facts sheet tells you fast which one beats its benchmark — and which is just more expensive.
Where to find these documents in Morocco
Three complementary sources: the issuer's website: "Investors" or "Shareholder relations" section. The Casablanca Stock Exchange website: casablanca-bourse.com. The AMMC website: ammc.ma — all approved information notes are archived there.
On Nommo every stock page and IPO page automatically gathers the relevant AMMC documents so you don't have to hunt for PDFs.
Classic mistakes to avoid
Skipping the risk factors: the section newcomers neglect most, and the one with the truly actionable information. Reading only the summary: the summary is marketing, the detail lives in the body. Ignoring the publication date: a 2023 annual report isn't very useful in 2026. Relying on a single source: an independent analyst's report complements the official prospectus nicely.
Going further
Reading financial documents is a skill you build over time. Start with our ABC of investing guide, our dossier on Moroccan mutual funds, and our financial glossary to decode the unfamiliar terms.