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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.
International Monetary Fund

the CCAF members regularly informed on the general matters dealt with by the Government (e.g., the IMF assessment) and vice-versa. As also reported by the mission, the Commissaire du Gouvernement participates at the meetings of the CB board when it deliberates on Monegasque matters. Thus the Commissaire du Gouvernement plays a crucial role of liaison among different regulatory and supervisory bodies. 50. Moreover, the CCAF and the AMF wish to confirm that they are both willing to maintain their cooperation in the supervision of the Monegasque financial sector

International Monetary Fund

to be undertaken by staff of the AMF. 16 31. However, the CCAF’s independence could be further enhanced by removing the mandate of the Commissaire du Gouvernement to attend CCAF meetings . The Commissaire attends CCAF meetings “in an advisory capacity.” 17 Although the Monegasque authorities noted that the Commissaire has mainly the function of keeping the CCAF members informed about the government’s general policies, in the view of the mission his/her presence may give the government an opportunity to influence CCAF operational decisions such as licensing and

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.