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Banking & Finance

Monaco

Monaco not only has a unique status among the community of nations but is also home to a banking and financial platform unlike any other.

With some thirty banks and fifty financial management companies in little more than two square kilometres, Monaco has built its internationally renowned banking and financial market on the three pillars of competency, stability and confidentiality. As a unique market, it is also regulated by a unique set of standards and rules. 

Monegasque banking and finance law is a composite system stemming from legislation passed not just in Monaco but also in France and Europe. Monaco has signed various conventions with France and the European Union, meaning that there is a constantly evolving body of law that applies in the Principality. 

With ten years’ experience in this area, we support clients who are now operating in an increasingly regulated context and under greater pressure from regulators. Disputes relating to civil and criminal banking liability have become one of our key areas of expertise. Banks can be obliged to implement or submit to a whole range of procedures, from provisional and protective measures to debt restructuring, debt collection, calling on guarantees or enforcement actions. 

We regularly represent banks before the courts of Monaco to defend their interests if their liability is invoked as a result of a custodial agreement, management contract or any other asset management agreement. Banks in the Principality have an international clientele, which can impact their situation when it comes to third party liability. Freezing a bank account on civil or criminal grounds can raise a whole series of issues that our team is skilled in settling.

We are regularly involved in reviewing and adapting the contractual documents that banks and other operators issue to their clients or partners, to ensure that they comply with Monegasque law.

Monaco's banking sector has undergone consolidation and we have developed bespoke solutions for clients acquiring a bank or financial institution or selling off all or part of their business.
Lastly, our team frequently advises overseas banks and financial management companies seeking to set up subsidiaries or branches in Monaco. 

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12/05/2021
THE REG­U­LA­TION OF FIN­AN­CIAL ACTIV­IT­IES TO BE MOD­I­FIED SOON
The pro­ject of a le­gis­la­tion N.1035, amend­ing the law N.1.338 of Septem­ber 7, 2007 on fin­an­cial activ­it­ies has now been of­fi­cially pub­lished. This pro­ject was in­deed sub­mit­ted on April 30th, 2021 on the...
04/05/2021
AMEND­MENTS TO THE EU-MONACO MON­ET­ARY AGREE­MENT
The Sov­er­eign Or­din­ance No. 8.600 of April 1st, 2021 has amended the an­nexes A and B of the mon­et­ary agree­ment con­cluded between the Prin­cip­al­ity of Monaco and the European Uni­on on Novem­ber 29th, 2011.Four­teen...
28 April 2021
Chal­len­ging bond calls on in­ter­na­tion­al pro­jects: Eng­lish courts vs Emer­gency...
A re­cent de­cision of the Eng­lish Com­mer­cial Court has re­fused an ap­plic­a­tion for an in­junc­tion re­quir­ing a be­ne­fi­ciary un­der an on-de­mand bond to with­draw its de­mand and re­frain from mak­ing fur­ther de­mands...
12 April 2021
EU Di­git­al Ser­vices Act gives new leg­al frame­work for plat­form eco­nomy
The European Com­mis­sion has is­sued the draft pro­pos­al for the Reg­u­la­tion on a Single Mar­ket for Di­git­al Ser­vices (Di­git­al Ser­vices Act or DSA), which cre­ates a new leg­al frame­work for di­git­al ser­vices...
29 March 2021
EDPS & EDPB re­lease joint opin­ion on the Data Gov­ernance Act
On 10 March 2021, the EDPB and the EDPS re­leased their joint opin­ion on the Data Gov­ernance Act (DGA), the European Com­mis­sion’s Pro­pos­al for a Reg­u­la­tion on European data gov­ernance. The DGA is an...
02 February 2021
EC Con­sulta­tion on sus­tain­able cor­por­ate gov­ernance: dead­line ap­proach­ing
Key ac­tion point On 26 Oc­to­ber 2020, the European Com­mis­sion launched its pub­lic con­sulta­tion on sus­tain­able cor­por­ate gov­ernance (Con­sulta­tion). The Con­sulta­tion closes on 8 Feb­ru­ary 2021 and we would...
22 January 2021
EDPB is­sues draft guidelines for data breach no­ti­fic­a­tions
Fur­ther to the GDPR re­quire­ment for re­port­ing per­son­al data breaches to the com­pet­ent data pro­tec­tion au­thor­ity and, in cer­tain cases, to af­fected in­di­vidu­als, the European Data Pro­tec­tion Board (EDPB)...
19 January 2021
New GDPR strategy to tackle new tech­no­logy, data se­cur­ity, in­ter­na­tion­al...
The European Data Pro­tec­tion Board (EDPB) pub­lished its GDPR Strategy 2021-2023 on 5 Janu­ary 2021, set­ting out four main pil­lars and key ac­tions, which in­clude: Pil­lar 1: Ad­van­cing har­mon­isa­tion and...
13 January 2021
EU­'s Por­tuguese pres­id­ency re­leases new draft of ePri­vacy Reg­u­la­tion
On 5 Janu­ary 2021, the Coun­cil of the EU – with Por­tugal serving as the Pres­id­ent-in-Of­fice – re­leased a new draft ver­sion of the ePri­vacy Reg­u­la­tion, which is meant to re­place the ePri­vacy Dir­ect­ive...
05 January 2021
PRICL - a game changer in the re­in­sur­ance world?
Al­though the “club at­mo­sphere” around re­in­sur­ance has been dis­turbed in re­cent years due to a surge in re­in­sur­ance dis­putes and the reg­u­lat­or’s en­hanced ini­ti­at­ives to boost con­tract cer­tainty1...
21/12/2020
CRS - List of re­port­able, part­ner and non-re­cip­roc­al jur­is­dic­tions for...
As part of CRS re­port­ing ob­lig­a­tions, the list of re­port­able jur­is­dic­tions, part­ner jur­is­dic­tions and non-re­cip­roc­al jur­is­dic­tions has been up­dated by Min­is­teri­al De­cree n°2020-869 of 11 Decem­ber 2020...
03/12/2020
The CECR, a key act­or for or­gan­iz­a­tions sub­ject to LCB/FTC reg­u­la­tions
The reg­u­la­tions re­lat­ing to the fight against money laun­der­ing, ter­ror­ist fin­an­cing and cor­rup­tion ("AML") is soon to be amended, in ac­cord­ance with Mon­aco's com­mit­ments to the European Uni­on. These ex­pec­ted...