Frequently Asked Questions
What formalities is it necessary to complete to provide one or more financial services in the Principality ?
To offer the financial services listed in article 1 of law 1.338, accreditation must be obtained from the Commission de Contrôle des Activités Financières.
In parallel, authorisation must be requested from the Monegasque Government to establish an entity (“société anonyme monégasque” (SAM) joint stock company or credit institution branch) in the Principality.
Finally, if the entity wishes to obtain credit institution status, it must also apply for accreditation from the Autorité de Contrôle Prudentiel française (ACP).
How is it possible to know whether or not an institution is accredited to provide one or more financial services governed by law 1.338 of 7 September 2007?
A list of accredited companies and scope of accreditation is available on this website (there). The list is regularly updated. In the event of doubt, please contact the Secretary General + 377 98 98 43 57.
All financial products must be sold via the intermediary of monegasque duly accredited market institutions, at their own liability (next).
Is the Commission de Contrôle des Activités Financières responsible for applying regulations governing credit institution bank operations ?
No. This falls under the auspices of the Principality “Direction du Budget et du Trésor” (Budget Office & Treasury).
No. It only reviews complaints which fall within its scope of competence. It does not intervene in private disputes arising between a client and an accredited institution. However, if the acts are due to proven failings to comply with regulations applicable to the institution, the Commission can carry out an enquiry.
The Commission annual report can be downloaded from this website : there.
The net asset value of an open fund must be displayed in the premises of the management company and the custodian and be published in the Journal de Monaco. Institutions can also use supplementary publishing channels such as their website.
The list of accredited open funds can be downloaded from this website : there.