{"id":7626,"date":"2022-05-23T11:27:42","date_gmt":"2022-05-23T09:27:42","guid":{"rendered":"https:\/\/gbmlf.miam.dev\/?p=7626"},"modified":"2022-05-23T11:32:33","modified_gmt":"2022-05-23T09:32:33","slug":"amendment-to-the-regulation-on-financial-activities-sovereign-order-no-9-259-of-12-may-2022","status":"publish","type":"post","link":"https:\/\/gbmlf.miam.dev\/en\/amendment-to-the-regulation-on-financial-activities-sovereign-order-no-9-259-of-12-may-2022\/","title":{"rendered":"Amendments to the regulation on financial activities (Sovereign Order No. 9.259 of 12 May 2022)"},"content":{"rendered":"

Monaco \u2022 Banking & Finance<\/strong><\/p>\n

Key contact:<\/p>\n

\"\"<\/p>\n

Patricia KEMAYOU MENGUE<\/a><\/p>\n

Sovereign Order No. 9.259 of 12th May 2022<\/a> (JDM No. 8591 of 20th May 2022) amends Sovereign Order No. 1.284 of 10th September 2007 implementing Law No. 1.338 of 7th September 2007 on financial activities.<\/strong><\/p>\n

Eighteen new articles are created, which transcribe the conditions of application of the provisions of Law No. 1.338 which were recently reformed by Law No. 1.515 of 23 December 2021.\u00a0<\/strong><\/p>\n

\n

Summary of the amendments made to Sovereign Order n\u00b0 1.284 :<\/strong><\/em><\/p>\n

\u2014<\/span> Definition of financial activities<\/span> the exercise of which in Monaco requires authorisation from the CCAF <\/strong>(modernised wording in Art. 1 L. 1.338 – new section I bis and new Art. 2-1 SO n\u00b0 1.284):<\/p>\n

1\u00b0) “Portfolio management activity on behalf of third parties”: <\/strong>the discretionary and individualised management of portfolios including one or more financial instruments under a mandate from a third party;<\/p>\n

2\u00b0) “Management of mutual funds or other undertakings for collective investment under Monegasque law”:<\/strong> the management of one or more mutual funds or undertakings for collective investment under Monegasque law;<\/p>\n

3\u00b0) “Activity of receiving and transmitting orders on behalf of third parties”: <\/strong>receiving and transmitting orders for financial instruments on behalf of a third party;<\/p>\n

4\u00b0) “Advice and assistance activity”: <\/strong>providing personalised recommendations to a third party for the activities referred to in points 1\u00b0) to 3\u00b0) of Article 1 of LawNo. 1.338 of 7 September 2007, as amended, referred to above;<\/p>\n

5\u00b0) “Activity of management of undertakings for collective investment governed by foreign law”: <\/strong>the fact of managing one or more undertakings for collective investment governed by foreign law.<\/p>\n

\u2014<\/span> <\/strong>Modalities of application of the stricter conflict of interest rules<\/span> for authorised companies <\/strong>(new art. 23-1 and 23-2 L. n\u00b0 1.338 – new art. 7-1 to 7-4 OS n\u00b0 1.284) ;<\/p>\n

\u2014<\/span> Modalities of the obligation to record telephone conversations and electronic communications<\/span> of all services that authorised companies provide and all transactions that they carry out; list of relevant information<\/span> to be retained and duration of their retention<\/span> (5 years); modalities of access to information by the CCAF<\/span> to monitor compliance with the obligations <\/strong>(new Art. 23-2 L. n\u00b0 1.338 – new art. 12-1 to 12-4 OS n\u00b0 1.284 which will come into force on the first day of the third month following the publication of OS No. 1.284 in the Journal de Monaco, i.e. on 1 August 2022<\/em>).<\/p>\n

\u2014<\/span> Rules of procedure concerning the CCAF’s investigations<\/span> and documentary and on-the-spot checks<\/span>, criteria of integrity and absence of conflicts of interest applicable to the members of the CCAF<\/span>, modalities of the CCAF’s meetings and deliberations<\/span> <\/strong>(new Articles 25-1 to 25-3, 28-1 to 28-5 of SO No. 1.284);<\/p>\n

\u2014 <\/span>Annual verification of the CCAF’s budgetary accounts: transmission of the closure of the accounts<\/span> to the Minister of State for examination by the Controller General of Expenditure <\/strong>(new Art. 11-4 Law No. 1.338, new Art. 26-1 SO No. 1.284).<\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Monaco \u2022 Banking & Finance Key contact: Patricia KEMAYOU MENGUE Sovereign Order No. 9.259 of 12th May 2022 (JDM No. 8591 of 20th May 2022) amends Sovereign Order No. 1.284 […]<\/p>\n","protected":false},"author":3,"featured_media":6798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"acf":[],"yoast_head":"\nAmendments to the regulation on financial activities (Sovereign Order No. 9.259 of 12 May 2022) - Giaccardi & Brezzo Avocats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gbmlf.miam.dev\/en\/amendment-to-the-regulation-on-financial-activities-sovereign-order-no-9-259-of-12-may-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendments to the regulation on financial activities (Sovereign Order No. 9.259 of 12 May 2022) - 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