Commercial Code: The Commission Adopts Bill 71.24
The Commission for Justice, Legislation, Human Rights, and Freedoms in the House of Representatives adopted Bill No. 71.24 on Wednesday, which amends and complements Law No. 15.95 forming the Commercial Code. This text, presented by the House of Councillors in a second reading, received 9 votes in favor, 5 votes against, and no abstentions, following the introduction of four amendments concerning two articles.
ENHANCING LEGAL SECURITY FOR TRANSACTIONS
The bill establishes new provisions aimed at meeting the flexibility requirements of financial transactions, particularly between merchants. It seeks to enhance legal security, improve the efficiency of the financial system, and provide better regulation of payment instruments.
PREVENTIVE JUSTICE AND THE ROLE OF BANK AL-MAGHRIB
In presenting the text, Justice Minister Abdellatif Ouahbi emphasized that this reform establishes the principle of preventive justice by making reliable data available to inform the concerned parties. It also strengthens the preventive role of Bank Al-Maghrib, notably through the centralization of data related to payment incidents and the restitution of returned checks and promissory notes.
REDUCING CASH USE AND COMBATING ILLEGAL PRACTICES
According to the minister, the main objectives of the reform are focused on reducing the reliance on cash in financial transactions, enhancing transparency, combating money laundering, and preventing tax evasion, while also promoting the use of commercial instruments. The aim is to encourage financial inclusion and economic integration.
CRIMINAL TRANSACTION AND REVIEW OF SANCTIONS
The bill enshrines the concept of criminal transactions at all stages of the procedure, including the execution phase of penalties. Thus, payment or withdrawal of a complaint can lead to the suspension or cancellation of public prosecution. When such action occurs following an irrevocable judicial decision, it terminates the effects of that decision.
PARTIAL DECRIMINALIZATION AND THE PRINCIPLE OF PROPORTIONALITY
The text provides for the decriminalization of offenses when the facts concern spouses, ascendants, or descendants of the first degree. It also establishes the principle of proportionality between the severity of the offense and the sanction, with penalties now set between 6 months and 3 years, compared to 1 to 5 years previously.
DISTINCTION BETWEEN TYPES OF OFFENSES
A clear distinction is introduced between cases of insufficient funds or failure to maintain sufficient funds, and more serious offenses such as the forgery or counterfeiting of checks, allowing for differentiated legal treatment.
NEW RULES FOR PROMISSORY NOTES
The bill also introduces specific rules for promissory notes drawn on a banking institution, aiming to enhance the protection of the beneficiary and increase trust in this payment instrument.
INCREASED RESPONSIBILITIES FOR BANKS
Under the new text, banking institutions are assigned an enhanced role, from issuing the book of promissory notes to verifying the drawer’s payment incident history and recovering the books in cases of multiple incidents.
