The Financial Activities Supervisory Commission (CCAF) is responsible for oversight of the Monegasque financial industry. Magali Vercesi, Secretary-General of the CCAF, offers a quick rundown of 2020/21.
We worked on Bill 1035, which has been submitted to the National Council, an amendment to Act 1338 on financial activities that will ensure that we comply with the requirements of the International Organization of Securities Commissions (IOSCO), particularly with regard to the investigative powers accorded to the CCAF. Adoption of the new legislation will enable the CCAF to continue the accession process to become an ordinary member of the IOSCO, and to ratify a multilateral cooperation agreement.
Our oversight unit has been restructured. Mr Alexandre Varenne has been appointed to head the unit and will be the contact person for accredited organisations. This strengthening of the unit will help to improve the organisation of oversight visits to accredited bodies. Lockdown has, of course, obliged us to work remotely, just like the accredited financial organisations, and so we have had to adapt our on-site ch ecks, which have been partially replaced with file reviews.
We are also working with the Monaco Association for Financial Activities (AMAF) to develop the Professional Certification and design the future Compliance Certification.
Mr Gérard Ramex was appointed President of the CCAF in early 2020, during the difficult period at the beginning of the pandemic when our working meetings were held remotely. A former President of the Financial Markets Authority (AMF), he was keen to consolidate the image of a safe, well-regulated financial industry that the Principality of Monaco has acquired.
The CCAF’s High-Level Advisory Committee met this year. Members include the Governor of the Banque de France, the President of the French Financial Markets Authority, the President of the CCAF and the President of the AMAF. The Committee met with H.E. Mr Dartout, the Minister of State, and Mr Castellini, the Minister of Finance and Economy. Our discussions on current finance issues and key trends in the regulation of the financial system strengthened our links with the French oversight authorities.