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 ;
- receive 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.
Presided by Mr Jacques Henri DAVID, the Commission de Contrôle des Activités Financières has 9 members :
- 7 members, including the President, selected for their expertise, appointed by sovereign order for a 5-year term (renewable) ;
- the President of the Association Monégasque des Activités Financières ;
- the President of the Ordre des Experts Comptables.
The Commission de Contrôle des Activités Financières concludes bilateral co-operation agreements (MoU) with its foreign counterparts. Such agreements enable information exchange which facilitates the regulation of financial activities and markets. This type of agreement is signed on a reciprocal basis. Under its terms the foreign authority is bound by professional secrecy offering the same level of guarantees as in the Principality, secondly, the information is only used for the purposes for which it has been disclosed.
At the end of January 2011, six agreements were in place, with regulators in the following countries :
- France (2002);
- Italy (2003);
- Luxembourg (2004);
- Belgium (2005);
- Germany (2009);
- Netherlands (2011).
Participation in international regulatory organisations
The Commission is a member of the Institut Francophone de la Régulation Financière (IFREFI). Created in 2002 its mission is to reinforce collaboration and exchanges between members on financial regulations issues. Its membership boasts 28 nations, the institute meets every year.
CCAF - Commission de Contrôle des Activités Financières
4 rue des Iris, BP 540 - 98015 Monaco Cedex
Tel : +377 98 98 43 59 - Fax : +377 9898 43 76
Related article : The Commission for the Control of Financial Activities (CCAF)