• A

    • Approval of a mutual fund


      Approval of a mutual fund

      Mutual funds require the approval of the AMMC (Autorité Marocaine du Marché des Capitaux), Morocco’s financial industry regulatory authority prior to being marketed. The regulatory authority checks to ensure that the funds satisfy regulatory criteria, resulting in publication of a comprehensive amount of information.

      Any amendment to a fund's management rules is again subject to the AMMC’s approval.

    • Alpha



      Alpha is a measure of a fund’s systemic risk-adjusted performance (beta).

      A high alpha indicates that a security has performed ahead of expectations for a given beta.

    • ASFIM



      The ASFIM (Association des Sociétés de Gestion et Fonds d’Investissement Marocains) is the industry trade body which brings together all the stakeholders in Morocco’s collective investment industry (

    • Asset allocation


      Asset allocation

      Asset allocation consists of apportioning assets between different asset classes (equities, bonds and money market instruments). It largely depends on the portfolio’s investment strategy and the manager’s assessment of the potential returns from the different asset classes.

    • Asset class


      Asset class

      The asset class indicates the type of securities in which a mutual fund is invested. It determines the fund’s bias: equities, bonds and money market ... An investor is able to differentiate between mutual funds based on their asset class. A fund’s risk profile is first and foremost determined by its asset class. The asset class to which a fund belongs is fixed.

      Based on this classification, the mutual fund is subject to a series of requirements in terms of its composition with which it must continuously comply.

    • Active management


      Active management

      Active management aims to outperform the managed portfolio’s benchmark index. The manager endeavours to identify the trends and selects sectors and stocks that are likely to grow more rapidly than the market.

      This management style, which is the opposite of passive management, therefore concerns all funds that do not aim to replicate the performance of a benchmark index (index funds) but to beat it.

    • Asset Management Company


      Asset Management Company

      An asset management company is responsible for the administrative, accounting and financial management of a mutual fund. It undertakes to manage the assets entrusted to it independently and in the sole interest of investors.

    • AMMC (Autorité Marocaine du Marché des Capitaux)


      AMMC (Autorité Marocaine du Marché des Capitaux)

      The AMMC is a public institution responsible for safeguarding the interests of savers investing in transferable securities and for proposing the necessary measures for this purpose. In this regard, the AMMC ensures that the information provided by legal entities making a public offering to shareholders and the general public, is established and distributed in accordance with existing legislation and regulations as well as ensuring that shareholders are treated equally.

      It makes sure that markets function smoothly and, in particular, ensures the fairness, transparency and integrity of these markets. It assists the government in carrying out its remit in respect of financial market regulation.

      As a result, asset management companies and mutual funds are subject to the AMMC’s control.

    • B

    • Benchmark



      See ‘Benchmark index’.

    • Beta



      Beta measures the average extent to which a financial asset’s value moves relative to a benchmark index. It highlights the covariance between an equity and its benchmark index by comparison with the variance of the benchmark index itself.

    • Back-end load


      Back-end load

      The back-end load is a fee charged at the time of redeeming shares in a mutual fund. This reduces the net asset value of the share of the mutual fund at the time of redemption. The maximum back-end load is indicated in the mutual fund’s prospectus.

    • Benchmark index


      Benchmark index

      The majority of mutual funds have a benchmark index which is indicated in the prospectus. The performance of the benchmark index enables investors to assess the relative performance of a mutual fund. The benchmark index may be composed of a set of indices that are representative of the performance of various markets and asset classes. This is known as a composite index.

    • Bond market (Fixed-income market)


      Bond market (Fixed-income market)

      The bond market is a financial market where companies may borrow cash by issuing securities known as ‘bonds’. It is the market where bonds are issued, bought and sold.

    • Balanced funds


      Balanced funds

      Balanced funds invest in different asset classes such as equities, bonds and money market instruments. They are designed to remunerate savings through an active management approach combining both equities and bonds.

      No more than 60% of their assets may be invested in equities or similar instruments at any time and no more than 90% in debt securities.

    • Bond



      A debt security represents a portion of a borrowing issued by private companies, the State or other public institutions. The bond confers on its holder a fixed or variable rate of interest giving entitlement to periodically receive a coupon. It gives the issuer access to financing by issuing medium-to-long term debt. Bonds are negotiable and may be publicly traded on an exchange.

    • Bottom-up portfolio allocation approach


      Bottom-up portfolio allocation approach

      The ‘bottom-up’ approach adopted by the fund manager consists of selecting a stock based on an assessment of the company’s specific characteristics and inherent growth prospects.

    • C

    • Capital gain


      Capital gain

      A capital gain is the gain arising on the difference between the net asset value on redemption (minus back-end load) and the net asset value at the time of subscription (plus front-end load) of a share of a mutual fund.

    • Capital gains tax


      Capital gains tax

      Capital gains tax is levied at source on the capital gains realised by individuals when disposing of their mutual fund shares.

    • Capital loss


      Capital loss

      A capital loss is the loss arising on the difference between the net asset value on redemption (minus back-end load) and the net asset value at the time of subscription (plus front-end load) of a share of a mutual fund.

    • Collective investment


      Collective investment

      Collective investment for third parties enables investors to invest in financial markets at reduced cost by pooling their capital as well as managing the risk-return trade-off more effectively through a better asset diversification.

      Investing through a collective investment vehicle consists of buying shares in a mutual fund.

    • Collective Investment Fund


      Collective Investment Fund

      A Collective Investment Fund enables investors to jointly own transferable securities and cash. The shares may be issued and redeemed at any time upon the request of a subscriber or unit-holder.

      A Collective Investment Fund is managed by an asset management company acting on behalf of the unit-holders in their sole interest.

    • Contractual funds


      Contractual funds

      Contractual funds feature a contractual undertaking to deliver a specific outcome expressed in terms of performance and/or capital guarantee. In consideration, the asset management company may request from the subscriber undertakings in respect of the investment holding period of the mutual fund’s securities and/or the amount invested.

    • Custodial fees


      Custodial fees

      Custodial fees represent the amount charged by the custodian of the account to cover the expense to holding the securities and managing the account.

    • D

    • Duration



      The duration of a bond corresponds to the average life of a bond expressed in years. It represents the sensitivity of a bond to changes in interest rates.

    • Dividend



      A dividend represents an amount of income received by the investors of an income mutual fund. In the case of an equity, the dividend is the income received by the shareholder in relation to the distribution of the company’s earnings.

    • Draw down


      Draw down

      The draw down is quoted as the percentage of positive returns measured at a pre-defined frequency. The measure consists of calculating the percentage of positive or negative returns in relation to the total number of returns over the period.

    • E

    • Equity



      An equity is a security representing ownership interest in a limited company. The shareholder is therefore an owner of the company pro-rata to the number of shares owned. The share entitles its holder to receive an annual dividend, the right of information as well as voting rights.

    • Equity funds


      Equity funds

      Equity funds are designed to remunerate savings by investing in equities while carefully controlling risk. At least 60% of their assets must be invested in equities, investment certificates and bonus rights.

    • Equity market


      Equity market

      The equity market is a financial market where equities of different types of company are bought and sold. The equity market is composed of listed and unlisted equities. Listed equities may be bought or sold on a recognised exchanged. Unlisted equities may be bought or sold on an OTC market via a financial intermediary.

    • F

    • Front-end load


      Front-end load

      The front-end load is a fee charged at the time of subscribing for shares in a mutual fund. This increases the net asset value of the share of the mutual fund at the time of subscription. The maximum front-end load is indicated in the mutual fund’s prospectus.

    • Fund factsheet


      Fund factsheet

      The fund factsheet is a summary of the prospectus. It aims to provide essential information about the mutual fund including its legal form, the asset management company, the custodian, the investment guidelines and management fees etc. It is structured and written in such a way as to be easily understood and to provide transparent and clear information enabling investors to be fully informed when taking a decision.

    • Fund of funds


      Fund of funds

      A fund invested primarily in the shares of other funds.

    • G

    • Growth funds


      Growth funds

      Growth funds reinvest their income from dividends or coupons.

    • I

    • Income mutual funds


      Income mutual funds

      Income funds distribute at predetermined intervals, generally on an annual basis, to investors or shareholders of a mutual fund, the income derived from a collective investment scheme.

    • Index fund


      Index fund

      An index fund replicates as closely as possible the composition of its benchmark index which is generally a given stock market index. It aims to match the performance of its benchmark index.

    • Information Ratio


      Information Ratio

      The investment ratio (IR) measures the excess returns generated by comparison with a benchmark index for each percentage of tracking error granted.

      It is a summary measure of the degree of success of an active strategy by comparison with a benchmark. The numerator is the return of the portfolio minus the return of the benchmark index, which may be positive or negative. The denominator is the tracking error (standard deviation of the difference between portfolio returns and index returns).

      A high information ratio (near or above 1) indicates strong outperformance with relatively low risk.

    • Interbank lending market


      Interbank lending market

      The interbank lending market is where banks lend and borrow cash over the very short term without issuing securities in consideration (unsecured loans). The most frequent period is overnight. The interbank lending market is directly influenced by the central bank’s key lending rate.

    • Investment process


      Investment process

      The investment process describes the management philosophy, management universe and main decision-making steps relating to portfolio construction, risk monitoring and control and performance.

    • ISAE 3402 (International Standard on Assurance Engagements)


      ISAE 3402 (International Standard on Assurance Engagements)

      ISAE 3402 is a global assurance standard that provides users of outsourced services with an assurance about the reliability of a service organisation’s internal controls. This standard was developed by the AICPA (American Institute of Certified Public Accountants) and was subsequently recommended by two major global organisations, the IAASB (International Auditing and Assurance Standards Board) and the IFAC (International Federation of Accountants).

      The report on the ISAE 3402-compliant internal control system describes the key controls undertaken by the certified entity (ISAE 3402 Type I) and evaluates whether they have been implemented effectively (ISAE 3402 Type II).

    • ISIN code (International Securities Identification Number)


      ISIN code (International Securities Identification Number)

      The ISIN code is an international identification number that uniquely identifies a security. The ISIN code is attributed to securities for clear settlement and compensation procedures.

      The ISIN code is a 12-character alpha-numerical code, the first two letters of which indicate the country in which the stock has been issued e.g. MA for Morocco.

      The ISIN code is used by Maroclear, Morocco’s Central Securities Depositary, to identify stocks.

    • L

    • Leverage effect


      Leverage effect

      Leverage consists of borrowing cash to increase the effective size of the portfolio initially constituted by the capital contributed by investors. The leverage effect enables a fund to increase the impact on the portfolio from market movements, either positively (up) or negatively (down).

    • Liquidity



      Liquidity is one of the main benefits of mutual funds by comparison with ‘classic’ investment products which require the amount invested to be locked up for a given period. A mutual fund’s liquidity will depend on whether its net asset value is calculated on a daily or weekly basis. A mutual fund with a daily liquidity offers its investor the possibility to subscribe for or dispose of its holdings on a daily basis without there being any restriction as to the amount subscribed or redeemed.

    • M

    • MADEX Index (Moroccan Most Active Shares Index)


      MADEX Index (Moroccan Most Active Shares Index)

      The MADEX is a stock market index comprising the most actively traded stocks on the Casablanca stock market.

    • Management fees


      Management fees

      Management fees are charged for managing the mutual fund portfolio. Management fees are charged as a percentage of the fund’s asset. They are accounted for directly each time the mutual fund is valued (at the time of calculating the net asset value). They are calculated on a pro-rata basis.

    • Maroclear



      Maroclear is Morocco’s Central Securities Depositary. It aims to ensure the safekeeping of the securities entrusted to it, facilitate their circulation and simplify administrative procedures on behalf of its affiliated members (banks, finance companies, brokers, Bank Al-Maghrib etc.)

    • MASI Index (Moroccan All Shares Index)


      MASI Index (Moroccan All Shares Index)

      The MASI is the Casablanca Stock Exchange’s main stock market index. It comprises all publicly traded securities.

    • MBI Index (Moroccan Bond Index)


      MBI Index (Moroccan Bond Index)

      The MBI family of indices was designed, launched and calculated by BMCE Capital Markets. The MBI Global Index is a bond index that is representative of the entire Moroccan Treasury bond market. These indices enable to measure performances by maturities as well as a overall performance of the bond market.

      The MBI Index is divided into four sub-indices:


      • Short-term Moroccan Bond Index (MBI CT): less than 364 days inclusive

      • Medium-term Moroccan Bond Index (MBI MT): 365 days to 5 years inclusive

      • Medium-to-long-term Moroccan Bond Index (MBI MLT): 5-10 years inclusive

      • Long-term Moroccan Bond Index (MBI LT): more than 10 years


    • Medium-to-long-term fixed income funds


      Medium-to-long-term fixed income funds

      Medium-to-long-term fixed income funds are designed to remunerate savings through an active management approach in medium-to-long-term debt market. At least 90% of their assets must be invested in medium-to-long-term debt securities.

      Medium-to-long-term fixed income funds’ sensitivity to changes in interest rates is continuously above 1.1.

    • Money market


      Money market

      The money market is a financial market where short-term securities are traded for cash. It is reserved for financial institutions and companies which may lend or borrow cash over very short periods. The money market is organised into an interbank lending market for banks and a debt securities market for investors.

    • Money market funds


      Money market funds

      Money market funds are investment products that are designed to remunerate short-term liquidity. They are mainly invested in money market instruments.

      Money market funds’ sensitivity to changes in interest rates is continuously less than or equal to 0.5.

    • Mutual Funds


      Mutual Funds

      Mutual Funds are portfolios of transferable securities managed by approved asset management companies which invest the monies collected in a variety of financial instruments such as equities, bonds, money market instruments, other mutual funds, etc. in compliance with the fund’s investment strategy which is described in the prospectus.
      A legal distinction is made between.:
      •    An open-ended mutual fund (SICAV), which is a legal entity and;
      •    An collective investment fund (FCP), which is not a legal entity. Each investor is a joint-owner of the transferable securities. 

    • Mutual fund’s assets under management


      Mutual fund’s assets under management

      The total assets managed by a mutual fund.

    • N

    • Negotiable debt securities


      Negotiable debt securities

      Negotiable debt securities are issued by Moroccan legal entities that represent a financial claim and bear interest at a fixed or variable rate of interest. Negotiable debt securities include Treasury bonds issued by the State, certificates of deposit issued by credit institutions, commercial paper issued by corporates and finance company bills.

    • Net asset


      Net asset

      ‘Net asset’ relates to the total value of all the transferable securities and cash in a fund portfolio less any potential liabilities.

    • Net Asset Value (NAV)


      Net Asset Value (NAV)

      The Net Asset Value (NAV) of a mutual fund is the value of a share. This value is obtained by dividing the mutual fund’s net assets by the number of shares.

    • Net inflows


      Net inflows

      While gross inflows defines the total amount of cash flowing into a mutual fund from subscribers, net inflows is the amount after deduction is made for redemptions by subscribers.

      By contrast with inflows, outflows implie a decline in the assets managed by a mutual fund due to subscriber redemptions.

    • O

    • Open-ended investment Company (SICAV)


      Open-ended investment Company (SICAV)

      Its purpose is to manage a portfolio of transferable securities and cash. Shares are issued at any time at the request of the subscribers. Thus, any investor may subscribe for shares and become a shareholder in the SICAV . Shareholders enjoy a certain number of entitlements such as voting rights at shareholder meetings, the right of information and the right to receive a dividend.

    • P

    • Passive (index-based) management


      Passive (index-based) management

      This management approach consists of replicating as closely as possible the performance of a stock market index e.g. MASI, MADEX with a portfolio composition that is identical to that of the benchmark index.

    • Performance



      Performance measures the change in a portfolio’s valuation over a given period. It is calculated as a percentage and is the difference between the net asset value at the end of the period in question and the net asset value on subscription at the start of the period.

    • Performance attribution


      Performance attribution

      Performance attribution consists of explaining, with hindsight, why a fund has outperformed or underperformed its benchmark index by breaking down the margin of outperformance or underperformance into several explanatory factors.

    • Performance flat (un-annualised)


      Performance flat (un-annualised)

      Flat performance from T0 to T1 excluding dividends and interest=

      Flat performance from T0 to T1 including dividends and interest=

    • Portfolio valuation


      Portfolio valuation

      A mutual fund’s portfolio of transferable securities and other assets net of liabilities are valued on a mark-to-market basis.

    • Prospectus



      The prospectus is a mandatory document prescribed by the Dahir constituting Law No. 1-93-212 relating to the AMMC, Morocco’s financial industry supervisory authority and informations required of legal entities making a public offering and by the Dahir constituting Law No. 1-93-213 relating to Mutual Funds. The AMMC requires that companies draw up and distribute a prospectus to ensure that investors have access to comprehensive information about the securities of the mutual fund in which they intend to invest. The aim is to standardise the information available to investors and make it easier to analyse and compare different investments.

    • Q

    • Quantitative management


      Quantitative management

      A management based on a purely quantitative approach which relies on mathematical models. Quantitative management adopts a methodical and objective approach to processing information. For that, it employs decision-making tools that result from econometric modelling of financial markets based on economic and financial theory.

    • R

    • Risk aversion


      Risk aversion

      Risk aversion is an indicator which qualifies the behaviour of an investor in terms of his hopes of gain versus his fear of loss when choosing his investment.

      An investor may accept the hope of a limited gain if he refuses all risk of loss (conservative profile), accept the risk of moderate loss to benefit from the hope of a little more gain (balanced profile) or be ready to accept major losses in the hope of making significant gains (dynamic profile).

    • Recommended investment period


      Recommended investment period

      This is the recommended minimum investment period to be able to secure the best possible return from the mutual fund while adjusting the risk.

    • Risk premium


      Risk premium

      Risk premium is the extra return that investing in a particular investment provides by comparison with its benchmark index. An investment’s risk premium by comparison with the risk-free rate is equal to the difference between this investment’s return and that of Treasury bond yields.

    • Risk



      The risk inherent in a fund is the uncertainty arising due to the inability to predict what will happen in the future and whether a given asset will increase or decrease in value. The risk of a mutual fund depends on the variability of the assets held and changes made to the portfolio’s composition.

      Risk may be measured in terms of volatility, value at risk (VaR), sensitivity in the case of bond funds and beta in the case of equity funds.

    • S

    • Securities current accounts


      Securities current accounts

      These are accounts opened with the Central Securities Depository in the name of its affiliated members,retracing, by stock and security type, their entire assets and those of their clients.

    • Short-term fixed income funds


      Short-term fixed income funds

      Short-term fixed income funds are investment products that are designed to remunerate stable cash. At least 90% of their assets must be invested in debt securities and repurchase agreements.

      Short-term fixed income funds’ sensitivity to changes in interest rates is continuously between 0.5 and 1.1.

    • Sharpe Ratio


      Sharpe Ratio

      The Sharpe ratio measures the amount of return adjusted for each level of risk taken. It is calculated by subtracting the risk-free rate from annualised returns and dividing the result by the standard deviation of the returns. Put more simply, it is an indicator of the marginal return obtained per unit of additional risk assumed.

    • Sensitivity



      Sensitivity is a measure of how much a mutual fund’s net asset value will fluctuate as a result of changes in the interest rate environment. For example, with a sensitivity of 3, a fund’s net asset value will rise 3% for every 1% decline in interest rates over a 1 year time horizon. Inversely, a 1% rise in interest rates will imply a 3% decline in a mutual fund’s net asset value.

    • Spread



      The spread of a bond (or borrowing) is the difference between the fixed rate at issue and the yield on a standard risk-free Treasury bond over the identical period.

    • T

    • TMP



      The TMP (Taux Moyen Pondéré / Weighted average rate) is the overnight rate at which banks lend to each other in the interbank lending market. It is a rate that is weighted by the volume of reported transactions by a representative sample of credit institutions dealing in the interbank lending market.

    • Top-down portfolio allocation approach


      Top-down portfolio allocation approach

      The ‘top-down’ approach consists of assembling a portfolio based on ‘descending’ analysis at three levels: macro-economic fundamentals, specific sector's potential and, lastly, the companies themselves, based on their growth prospects.

    • Traking Error


      Traking Error

      The tracking error is a measure of the relative risk assumed by a mutual fund by comparison with its benchmark index. The smaller the tracking error is, the more closely the mutual fund resembles its benchmark index in terms of risk.

    • Treasury bond


      Treasury bond

      A Treasury bond is a debt security backed by the State as issuer. These securities are issued by the State through weekly or monthly auctions to cover the State’s surplus of expenditure over receipts. In owning a Treasury bond, the bond holder becomes a creditor of the State. The State undertakes to repay the bond holder at the pre-determined maturity date and to pay annual interest to the holder.

    • Treynor Ratio


      Treynor Ratio

      The Treynor ratio measures returns earned in excess of that which could have been earned from a risk-free investment per each unit of market risk. It is similar to the Sharpe ratio, with the difference being that the Treynor ratio includes the fund’s sensitivity to its benchmark index.

    • V

    • Volatility



      Volatility is an indicator of a financial asset’s risk. It is a statistical measure of the magnitude of change in a security's price (or performance) by comparison with its average performance over a given period.

    • Y

    • Yield curve


      Yield curve

      The yield curve is a graphical representation of the fixed income securities yields issued by a single issuer based on maturity, ranging from the shortest to the longest. The yield curve is used as a benchmark in the bond market for secondary market transactions. It also provides a basis for valuing assets as well as providing a benchmark for calculating risk premium in corporate debt securities issues.

    • YTD



      Abbreviation for ‘year-to-date’, referring to the current year.




Capital Gestion is a limited company (société anonyme) with a share capital of MAD 25,000,000. Its head office is located at 63 boulevard Moulay Youssef, Casablanca, Morocco. The company is registered in the Casablanca Commercial Register with the number 77,973. BMCE Capital Gestion is an asset management company operating in the Moroccan market in accordance with the provisions of (i) the dahir constituting Law No. 1-93-213 of 4 Rebia II (21 September 1993) relating to Mutual Funds as amended and subsequently complemented by (ii) the provisions of the circulars of the Autorité Marocaine du Marché des Capitaux, Morocco’s financial industry regulatory authority.


The information published on this website is for information purposes only and is not legally binding. BMCE Capital Gestion reserves the right to modify the content and its commercial offers at any time. BMCE Capital Gestion endeavours to ensure that the information published on its website is accurate at the time of publication and that it is regularly updated. However, BMCE Capital Gestion cannot be held liable as to the accuracy, exclusivity and use by any individual or legal entity of the information provided. The purpose of this website is to present BMCE’s business and the products and services that is provides to investors. The following pages contain information which should not be construed as a solicitation to individuals or legal entities that are not financial sector professionals or those unfamiliar with market practices. The latter are advised to refer to legal documents relating to the investment in question and to seek the advice of a professional advisor of their choice. BMCE Capital Gestion advises all interested investors to carry out a prior check to ensure that they are legally authorised to subscribe for the products and services described on this website. The following pages will feature only those mutual funds whose sale is authorised in Morocco. The factsheets of the mutual funds approved by the AMMC (Autorité Marocaine du Marché des Capitaux) , Morocco’s financial industry regulatory authority, are available on this website and shall also be provided by investment advisors upon request. It is essential to study a fund’s factsheet in order to understand the type of instrument, the subscription terms and conditions as well as any possible sale restrictions. The tax implications regarding investment in fund units or shares vary according to each investor’s personal situation and may be revised. It is mandatory to make the fund factsheet available to subscribers prior to their initial subscription. All legal documents relating to BMCE Capital Gestion’s mutual funds may be obtained upon request. It is important to note that the price of a fund’s units or shares is linked to financial market trends and therefore fluctuates. Past performance is not indicative of future returns. The performance data presented is for information purposes only and does not exclude the possibility of error and/or omission by BMCE Capital Gestion and/or application malfunctions.


To be able to place orders via OPCVM Direct platform, the Client is obliged to sign an agreement (hereafter referred to as the 3OPCVM Direct agreement’) with BMCE Capital Gestion. The OPCVM Direct agreement specifies the general terms and conditions applicable for sending and receiving client orders through OPCVM Direct platform and BMCE Capital Gestion’s handling and execution of those orders.


The information generated by BMCE Capital Gestion through its simulator is provided for information purposes only. It is valid only at the time of publication. The simulations do not take into consideration subsequent amendments, if any, to the laws and regulations in effect at the time of the simulation. Moreover, the data used to carry out the simulation may change between the time the simulation is carried out and the completion of the order. Aimed at the entire range of clients, the information provided by the BMCE Capital Gestion simulator does not take into consideration the specific situation of each individual accessing the website as it is intended to be general in nature. The information is generated based on the data provided by the client and information obtained from the markets. The Client should therefore regard the estimates and other items as purely indicative. The information generated by the simulator does not under any circumstance exempt the user of the simulator from consulting our investment advisors particularly to ensure that their specific situation is taken into consideration. It cannot under any circumstance be considered as an offer or a personalised and direct solicitation to subscribe to al fund. It is not legally binding in any way on BMCE Capital Gestion or the user of the website, who is required at all times to appraise the information based on his/her own situation. The person using the website remains solely and entirely responsible for using this information and the consequences of his/her decisions.


The videos available on the website have been provided for the sole purpose of providing general information and cannot be considered as a substitute for (i) studying the legal documentation relating to each investment vehicle and (ii) consulting your own legal and financial advisors prior to investing. The aforementioned videos have been made for information purposes only and cannot be regarded as a sales offer or a solicitation to buy any financial instrument referred to in these videos. BMCE Capital Gestion has not produced the videos for the purpose of providing financial or investment advice and does not claim that the securities or services referred to in the videos are suited to every type of investor. The videos must strictly be considered as solely expressing the views of their authors.


The BMCE Capital Gestion website is accessible 24/7, except in exceptional circumstances, in the event of IT breakdowns or problems related to telecoms networks. The website may also be partially or completely inaccessible due to maintenance. BMCE Capital Gestion will endeavour to inform users but cannot be held liable in the event that the website cannot be accessed.


The entire content published on the website is legally protected in respect of literary, artistic and industrial property. The text, illustrations, photos, videos and animations including the downloadable documents are the property of BMCE Capital Gestion or are used by the latter with the consent of those owning the rights. It is strictly forbidden to reproduce or represent this information, either partially or entirely, on any medium whatsoever without obtaining the prior written consent of BMCE Capital Gestion. The brands/trademarks, logos, slogans as well as the product names are the property of BMCE Capital Gestion and may be used only after obtaining authorisation. Any reproduction or use of the material without the prior written consent of BMCE Capital Gestion may have legal consequences for the user and is liable to be regarded as an infringement.


BMCE Capital Gestion cannot be held legally responsible with regard to the content of third party websites to which users of its website are directed by clicking on embedded links. BMCE Capital Gestion is not legally liable for links that direct users to its website. It is forbidden to embed such links without the prior written consent of BMCE Capital Gestion.


The Client expressly gives his/her prior consent to personal data being collected and processed in accordance with the provisions of Law No. 09/08 relating to the protection of personal data and with the authorisation No. A -GC -121/2014 from the CNDP (National Personal Data Control and Protection Commission). Processing of personal data is designed to meet the commercial requirements inherent in relations between BMCE Capital Gestion and its partners. This data will be stored for a period of time that is deemed reasonable and sufficient with regard to the business relationship that exists between BMCE Capital Gestion and its client. Consequently, in accordance with Law No. 09/08, clients have a right of information and to access, rectify and raise an objection with regard to their personal data. Clients can exercise these rights by writing to BMCE Capital Gestion.