The conditions to be met
Institutions wishing to provide one or more financial services in Monaco must abide by certain conditions in order to obtain accreditation from the Commission.
Accreditation is issued exclusively to “sociétés anonymes monégasques” (S.A.M joint stock companies) or credit institutions whose head office is situated overseas but which have a branch in the Principality.
The guarantee is assessed with respect to the quality of the capital contributors.
Respectability, experience and professional skill of the institution directors
Means implemented to provide the planned activity
In particular material and human resources are assessed.
(for sociétés anonymes monégasques that do not have credit institution status)
The capital required depends on the intended activity :
- 450,000 Euros for portfolio management on behalf of third parties (figure 1 of article 1 of law 1.338) and foreign fund management (figure 6) ;
- 300,000 Euros for order reception/transmission (figure 3) plus advice and assistance activities (figure 4) ;
150,000 Euros for the management of funds incorporated under Monegasque law up to 250 million Euros in managed assets, then 40 000 supplementary Euros for every 200 million Euros of managed assets.
The amounts required can be reduced to 150 000 Euros in certain specific cases authorised by legislation.
(for sociétés anonymes monégasques without credit institution status)
An exclusive corporate purpose must be used which covers the intended financial activities.