Long overshadowed by collective investment schemes (UCITS) and other asset management activities, discretionary portfolio management has been quietly gaining momentum in Morocco.In response to the growth of this business line—which allows investors to entrust the management of their portfolios to professional asset managers—the Moroccan Capital Market Authority (AMMC) has decided to establish a reference framework. The regulator has recently published the final version of its guide dedicated to the activity.The publication of this guide reflects a market reality: discretionary portfolio management is developing faster than its regulatory framework.As investors increasingly seek personalized investment management solutions, the activity still lacks a dedicated regulatory regime. This situation raises issues relating to transparency, governance, conflict-of-interest management, and investor protection.Without creating new legal obligations, the regulator aims to harmonize market practices and define the standards it considers essential for the proper functioning of the activity. At the center of the framework is the management mandate, the document governing the relationship between the investor and the portfolio manager.The AMMC emphasizes the need to clearly formalize investment objectives, risk limits, authorized asset classes, specific client constraints, and the manager’s remuneration arrangements.Its experts recommend that each investor be able to clearly define the parameters of the strategy implemented on their behalf, including the financial instruments that may be acquired, the sectors to be favored or excluded, and acceptable loss thresholds.Any investment falling outside the scope defined in the mandate should be subject to the client’s prior approval.Fee transparency is also a key component of the guide. Management fees and related costs must be clearly disclosed so that investors can assess their impact on portfolio performance.Another strong message directed at industry professionals concerns the quality of information provided to clients.The guide recommends detailed reporting at least on a quarterly basis, including portfolio valuation, transactions executed, performance achieved, and all fees incurred.