Role and operation
The Commission de Contrôle des Activités Financières (Financial Activities Supervisory Commission) was founded under law 1.338 of 7 September 2007. It is an independent administrative authority responsible for regulating Monaco’s financial marketplace.
The Commission is invested with decision-making, control and sanction powers :
- it reviews and decides on licence applications from mutual fund corporations and institutions ;
- it monitors the regularity of operations performed by accredited institutions and where necessary, carries out controls designed to stop any irregularities observed or lessen the effects of the latter ;
- rreceive and review complaints which fall within its scope of competence ;
- pronounce administrative sanctions where applicable ;
- conclude co-operation agreements with its foreign counterparts.
The Commission’s activities are the object of an annual report.
The Commission monitors the application of regulations in order to ensure transparency and protect investor interests while listening to industry professionals. To this end it is assisted by a General Secretariat permanently in touch with market players.
Commission and General Secretariat members are bound by professional secrecy and has sworn oath inspectors.