Banking and financial law

The law firm GIACCARDI & BREZZO Avocats works with banks, portfolio management companies and insurance companies:

• Restructuring

• High added-value financial activities, equity capital operations

• Creation, purchase or sale of banks

• Financing operations, including syndicated loans

• Compliance with regulations, particularly in prudential matters

• Drafting and modification of standard contractual documentation

• Assistance in the settlement of disputes with clients

• Judicial litigation


Monegasque banking and financial law

The Monegasque financial law is mainly governed by the following texts: Law No. 1.338 of September 7, 2007 on  financial activities and Implementing Ordinance No.1.284 of September 10, 2007, on financial activities; Law No.1.339 of September 7, 2007 on mutual funds and investment funds and Implementing Ordinance No.1.285 of September 10, 2007, on mutual funds and investment funds.

 Under the Monetary Agreement of November 29, 2011 between Monaco and the European Union, the laws of the European Union that appear in Appendix A are applicable in the Principality as soon as they are incorporated into French law.

Thus, the regulatory and prudential organisation of banks is ruled by the French monetary and financial Code.

By contrast, relations between the bank and its clients are governed by the Monegasque law.

Because  two systems of laws can be applied, Monegasque banks are subject to imperative constraints imposed by the French and Monegasque supervisory authorities.

The Principality implements legal provisions equivalent to those of the European Union laws listed in Annex B of the Monetary Agreement, such as the “Anti-Money Laundering Package” (Regulation (EU) 2015/847 and Directive (EU) 2015/849) itself aligned with the revised FATF recommendations on combating money laundering, terrorist financing and proliferation of October 2015 (Law No. 1.462 of 28 June 2018 amending in particular Law No. 1.362 of 3 August 2009).

The Monegasque Financial Institutions also have due diligence obligations under the OECD’s Common Reporting Standard on Financial Accounts (CRS).

The Principality is party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Agreement between Competent Authorities on Financial Accounts. The TAXUD Agreement provides the legal and operational basis for the automatic exchange of financial account information between Monaco and the Member States of the European Union.



Our related publications

Global Leaders Forum - 2nd Annual Wealth Management Forum

10-11/09/2019 (London) With the participation of Patricia KEMAYOU MENGUE. Event for corporate executives, regulators, legal professionals and business advisors. More information...

Draft Law No. 995 on blockchain technology

Draft law No. 995 (17 articles), received by the National Council on 4 June 2019, is part of the "process of modernization and digital transition" of the Principality (with: Draft law No. 992 on Digital Identity; Draft law No. 994 amending Law No. 1....

Update of Annexes A and B of the Monetary Agreement of 29 November 2011 with the European Union

Sovereign Ordinance No. 7.440 of April 26, 2019 replaces Annexes A ("Banking and Financial Legislation" applied by France) and B ("Legal Provisions to be Implemented" by measures equivalent to those taken by the Member States) of the Monetary Agreeme...

Monaco International Blockchain (MIB) 3rd edition

07/05/2019 Speeches by Thomas BREZZO and Nicolas PAREDES LAPORTA "Regulations - Threats and opportunities" • Draft law No. 237 relating to blockchain • ICO and qualification of tokens • Banking and financial regulation ...

Draft Law No. 991 on the introduction of the right to a bank account

Draft Law No. 991 on the introduction of the right to a bank account, tabled in public session on 3 April 2019, follows the law proposal No. 232 adopted on 24 October 2017. The text provides for the right to the opening of a deposit account with t...

Law against money laundering, the financing of terrorism and corruption

Law No. 1.462 of 28 June 2018 reinforcing the anti-money laundering, financing of terrorism and corruption mechanism transposes the EU's Fourth Anti-Money Laundering and Financing of Terrorism Directive[i] aligned with the revised FATF Recommendation...

Agreements and conventions signed by the Principality of Monaco in tax matters

The Principality of Monaco has signed 36 international agreements and conventions in tax matters, 35 of which are enforceable (Status: 13/09/2018). The Downloadable Version presents in tabular form the object (avoidance of double taxation, prevent...

Meeting TAX DAY 2017 co-organised by KPMG/ItaliaOggi : After the Voluntary Disclosure, between exchange of information and self laundering

12 December 2017 (Milan) Speeches by Thomas GIACCARDI and Sarah BERTOLOTTI about "Agreement Italy-Principality of Monaco in tax matters: exchange of information and group requests". More...

Prevention of money laundering and financing of terrorism

Sovereign Order No. 7.065 of 26 July 2018 amending Sovereign Order No. 2.318 of 3 August 2009 amended, setting the conditions for application of Act No. 1.362 of 3 August 2009, amended by Act No. 1.462 of 28 June 2018 reinforcing the anti-money la...

Eurojuris 2017 Practice Group Days

04/07 May 2017 (Lisbon) With the participation of Guillaume CARDOEN. Litigation & Contracts Group's & Banking, Insolvency & Restructuring Group's Joint Session More • Hidden defects • Banking responsibility...

Lexbase Hebdo Edition fiscale (Tax) - Social Contributions on Investment Income under the French-Monegasque Tax Convention of May 18, 1963

October 27, 2016 (n° 674) Interview with Virginie MALNOY. • The French Council of State ruling of September 19, 2016 (3e-8e ch.-r., n° 388899) • Monaco's tax policy (Automatic Exchange of Information - AEOI, Base Erosion and Profit S...

Baker & McKenzie's Annual Tax & Trust Conference: BREXIT / Common Reporting Standard for financial accounts (automatic exchange of information in tax matters)

October 10/11, 2016 (London) With the participation of Patricia KEMAYOU MENGUE. Speakers from Baker & McKenzie's Wealth Management Group, Corporate Tax Group, Dispute Resolution Group and Global Immigration, Mobility Group, More...

Monaco Business News: The tax agreement with Italy in detail

 July 2015 (nb. 52, p. 12) Interview with Thomas GIACCARDI "The exchange of information in tax matters between Monaco and Italy" More...

Eurojuris International Meeting: 12 things you never knew about financing in various European countries

April 17, 2015 (Budapest) Organized by the International Business Group Speech by Patricia KEMAYOU MENGUE "Did you know that under the Monegasque law, the pledgor of cash and financial instruments needs to have an address in Monaco?"...

 Meeting: Tax Offences and Criminal Prosecution 

June 26, 2014 (Metropole Monaco) Organized by AMCO (Monegasque Association of Compliance Officers)/Academy & Finance Speech by Thomas GIACCARDI “International Mutual Assistance against Tax Fraud and Money Laundering: the Evolving Rul...

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