Banking and Financial Law

Banking law embraces all legal and regulatory provisions together with various precedents which apply to banking transactions and banking professionals.

In this context and under the various Franco-Monegasque agreements and the agreement signed between the European Union and Monaco on 29 November 2011, certain provisions of the French legislation, including the French Financial and Monetary Code, and certain provisions of European law, are directly applicable in Monaco, such as regulations governing banks, payment and electronic money institutions. As a consequence, the banking regulator in Monaco is the French Prudential Supervisory Authority (“Autorité de Contrôle Prudentiel et de Résolution”, “ACPR”).

Monegasque law, and more especially general contract law together with laws and regulations relating to securities (mortgages, pledges and collaterals, etc.) remain applicable on banking matters, and govern particularly the relationship between the banks and their clients.

Regarding financial matters, the Principality has specific legislation and regulations which are as follows:
  • Act no. 1.338 of 7 September 2007 on financial activities and its Implementing Ordinance;
  • Act no. 1.339 of 7 September 2007 on mutual funds (“fonds communs de placement”) and its Implementing Ordinance.

 

The Financial Activities Supervisory Commission (“Commission de Contrôle des Activités Financières”, “CCAF”) is the competent supervisory authority on financial matters in the Principality of Monaco.

Our experience in such area allows us to effectively assist and advise the various local banks and financial institutions in order for them to comply with the applicable legislation..

OUR EXPERTISE:
  • Advice and assistance relating to the creation, acquisition and assignment of banks, investment management companies and financial companies,
  • Advice relating to contractual relationship between the banks and their clients,
  • Advice relating to the implementation of legislation and banking regulations,
  • Advice relating to the implementation of legislation on financial activities,
  • Advice and assistance relating to the fight against money laundering,
  • Assistance with the supervisory authorities,