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.
Commission’s funding should be on the current agenda of the Government.
B. Authorities’ Reactions
49. The Monegasque authorities consider the recommendations as very valuable. The CCAF understands the concerns expressed by the mission regarding the participation of the Commissaire du Gouvernement at the meetings of the Commission. Nevertheless, the CCAFwishes to emphasize that the Commissaire du Gouvernement is not a full member of the Commission and has no voting rights, nor can he ask for a second deliberation of the Commission. His presence aims at keeping