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International Monetary Fund

-fledged financial center, there is a case for intensifying ongoing efforts to comply with international best practices, in particular regarding the sharing of information with foreign regulatory authorities. Moreover, the newly created Commission de Contrôle des Activités Financières (CCAF—Financial Activity Supervisory Commission) would need to strengthen its independence as well as its human resources, should it assume a greater direct role in overseeing local nonbank institutions. In its recent mutual evaluation of compliance with FATF 40+9 Recommendations, MONEYVAL

International Monetary Fund

activity in Monaco has been recently reinforced with the establishment of the CCAF . As recommended by the previous OFC Assessment, the Commission de Contrôle de Gestion de Portefeuille et des Activités Boursières Assimilées (Supervisory Commission for Portfolio Management and Related Stock Market Activities) and the Commission de Surveillance des Organismes de Placement Collectif en Valeurs Mobilieres (Supervisory Commission for Mutual Funds) have been merged in the CCAF (Act 1.338 of September 7, 2007). 30. The CCAF is significantly more independent than the

International Monetary Fund
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation (FSSR) for Monaco. Since the 2002 Offshore Financial Center assessment, the Principality of Monaco has taken important steps to further strengthen an already comprehensive legal framework, supervisory structure, and practices supporting a well-regulated environment. Nonetheless, given Monaco’s ambition to develop into a fully-fledged financial center, there is a case for intensifying ongoing efforts to comply with international best practices, in particular regarding the sharing of information with foreign regulatory authorities.
International Monetary Fund

decision to combine the two Commissions into one, the Commission de Contrôle des Activités Financières (CCAF), in 2007, as recommended in the assessment, has removed concerns about inefficient structures and legal constraints on the exchange of information between the two Commissions. The enabling legislation, Act 1.338 (September 7, 2007), and the parallel legislation updating the mutual fund and investment fund regimes Act 1.339 (September 7, 2007) have also provided an opportunity for dealing with several other recommendations in the 2003 assessment. 6. The CCAF has

International Monetary Fund
This Technical Note reviews the International Organization of Securities Commissions’s (IOSCO) Objectives and Principles of Securities Regulation for Monaco. It reveals that overall, there has been progress in implementing the Offshore Financial Center assessment recommendations in most areas of securities regulation, but more needs to be done on key topics. In granting a license to conduct investment activities, the Commission de Contrôle des Activités Financières (Financial Activity Supervisory Commission) considers the professional qualifications of individuals, the company’s systems and controls, and its sources of capital.
Majid Bazarbash and Ms. Kimberly Beaton

of Total Marketplace Lending: Fixed-Effect Regressions 3. Drivers of Business Marketplace Lending: Fixed-Effect Regressions 4. Drivers of Consumer Marketplace Lending: Fixed-Effect Regressions 5. Cross-Country Determinants of Total Marketplace Lending: Between Regressions 6. Cross-Country Determinants of Business Marketplace Lending: Between Regressions 7. Cross-Country Determinants of Consumer Marketplace Lending: Between Regressions Glossary APD Asian and Pacific Countries AFR African Countries CCAF

International Monetary Fund

Activités Financières (Monegasque Association of Financial Activities) AMF Autorité des Marchés Financiers (French Financial Market Authority) CB Commission Bancaire (French Banking Commission) CBFA Commission Bancaire, Financière, et des Assurances (Belgian financial sector regulator) CCAF Commission de Contrôle des Activités Financières (Financial Activity Supervisory Commission) CESR Committee of European Securities Regulators CIS Collective investment scheme COB Commission des

Ms. Ratna Sahay, Mr. Ulric Eriksson von Allmen, Ms. Amina Lahreche, Purva Khera, Ms. Sumiko Ogawa, Majid Bazarbash, and Ms. Kimberly Beaton

Mooi, Jennifer Moyo, William Murray, Jan Nolte, Kristel Poh, Umang Rawat, Scott Roger, Christoph Rosenberg, Mika Saito, Ghiath Shabsigh, Mauricio Soto, Olga Stankova, Tao Sun, Priscilla Toffano, Tomohiro Tsuruga, Patrizia Tumbarello, Nico Valckx, Fabian Valencia, and Bo Zhao, for comments that helped substantially improve the draft. Comments from Alfonso Garcia Mora (World Bank) are gratefully acknowledged. The authors are grateful to Cambridge Centre for Alternative Finance (CCAF) for gracefully sharing the cross-country data on crowdfunding activity that were used