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International Monetary Fund

, to cooperate. 2.4. In considering the type of problems that arise, we find it helpful to distinguish between (1) requests for information that is already in the hands of the requested authority, and (2) those for which the requested authority itself needs to take steps to acquire information from other bodies or persons in its jurisdiction. 2.5. The former are by far the more straightforward, since, where the information is already held by the supervisors, it is likely to have been obtained because of a genuine regulatory or supervisory need for the information

International Monetary Fund

compliance with the FSC’s compulsory powers. 3.2. The four main factors for consideration upon receiving a request are the following: 3.2.1. reciprocity by the requesting authority—whether corresponding assistance would be given to the FSC; 3.2.2. whether the inquiries relate to the possible breach of a law or other requirement that has no parallel in the British Virgin Islands (there is no express requirement to establish dual criminality); 3.2.3. the nature and seriousness of the matter to which the inquiries relate and whether the assistance could be obtained

Ms. Eva H. G. Hüpkes

possession or to confirm or verify information provided by the requesting authority. Nonconfidential information may be exchanged informally, via the phone or e-mail. Requests for the provision of confidential information are generally made in writing or, if made orally, confirmed in writing. The SFBC always requires that the requesting authority specify the purpose for which the information is sought. 5.1.4. Joint supervisory actions . Another practice developed over time by the SFBC and its foreign counterparts is joint supervisory visits and joint meetings held with

International Monetary Fund

guarantee may not be absolute in Monaco it sets a standard (i.e. the standard of the requested authority) that is not consistent with good international practice. Two examples will demonstrate. 29. The IOSCO Multilateral MoU (MMoU) at Article 10 imposes only a “best efforts” obligation on the requesting authority and, in the event the requesting authority receives a legally enforceable demand, an obligation to “assert such appropriate legal exemptions or privileges with respect to such information as may be available.” 30. Within the European Union (EU) the Market

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.