Banking & Finance

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 sixty 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.

Market recognition:

Tier 1
Legal 500 EMEA: Commercial, Corporate and M&A

"CMS Monaco provided employment law advice that is specific to Monaco and it followed up with us closely on the progression of our case. The team was available at short notice to discuss the development of issues as they arose."

Band 1
Chambers & Partners: General Business Law

"The team has all the answers to all the questions. They offered deep analysis of the tasks and the situation."