Multi Family Offices
A Multy Family Office (MFO) provides professional advice and services relating to wealth management to individuals, families or legal entities that they own, have founded or of which they are beneficiaries.
An MFO may also carry out certain financial activities, namely advising and receiving/transmitting orders, after obtaining specific authorization from the Financial Activities Control Commission (CCAF).
The Principality’s authorities have established a specific legal framework to regulate the activities of multi-family offices, as opposed to single-family offices, which are dedicated to a single family. By managing the interests of several families, these structures enable the expertise of various specialists to be pooled in order to provide tailored solutions to a wide range of wealth management needs.
This framework guarantees a high level of professionalism, respect for professional secrecy and the protection of clients’ interests. This initiative is fully in line with the Principality’s strategy to promote the establishment of local, secure and sustainable economic activities, while ensuring that the Monegasque Multi-Family Offices label is a guarantee of quality and reliability.
Chartered accountants and auditors
Monaco’s chartered accountants and certified public accountants play a key role in the Principality’s economic and social life, assisting businesses and individuals with their accounting, tax and management obligations.
The Order of Chartered Accountants and Certified Public Accountants of Monaco aims to be a source of proposals for government authorities. Its ability to bring people together, its close relationship with business leaders and its in-depth knowledge of the business world and economic realities have earned it a place in numerous regulatory and legislative projects aimed at improving the daily lives of companies established in the Principality of Monaco.
Insurers
In the Principality, insurance contracts are taken out with French insurance companies or European Union insurance companies authorised to operate in France, and are subject to supervision by the Prudential Control and Resolution Authority (ACPR).
The Monegasque market has more than 80 agents and brokers, including banking institutions representing more than 150 international insurance companies.
Created on 6 July 2023 (Ministerial Decree No. 2023-407), the Professional Association of Insurance and Reinsurance Intermediaries in Property and Casualty Insurance and Life Insurance (SPIA) brings together insurance professionals, both individuals and legal entities, who are duly authorised to operate in the Principality of Monaco and have at least one year’s professional experience in this capacity.
Lawyers
The Bar Council maintains the register of lawyers-defenders, lawyers and trainee lawyers in the Principality of Monaco.
Through the President of the Bar or his delegate, it appoints the examination board for admission to the profession and supports lawyers in their professional practice. It monitors compliance with ethical rules and ensures the discipline of lawyers. As a dispute resolution body, it regulates relations between Monegasque lawyers and their clients and makes all arbitration decisions.
Legal advisers
Legal advice is a professional, regular and independent activity.
It consists of providing opinions, advice and assistance on all legal matters and drafting private deeds and documents for others that do not fall within the exclusive competence of defense lawyers, lawyers, notaries and bailiffs.
Legal advice also includes the right to carry out all formalities that are the consequence or accessory of these consultations or deeds and, subject to the existence of a mandate for this purpose, in particular the right to make financial settlements that are directly related to or constitute an accessory to them.
It also includes the role of arbitrator or mediator in the amicable settlement of civil, social or commercial disputes.
