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Ongoing Compliance with Banking and  Financial Regulations

We usually help gain significant time in the completion of banking M&A by appropriate coordination with Monaco regulators (Direction du Budget et du Trésor and CCAF) and the French ACPR which has jurisdiction over banks in Monaco.

Our approach is flexible and may include high-level reviews, detailed analysis of contemplated activities and projects, preparing contractual documentation and legal opinions.

Our practice in banking law and financial regulatory advice includes:

  • Transactional regulatory filings with legal and regulatory advice in connection with the acquisition and disposals of Monaco banks and asset management entities (transfer of shares or assets, including international bulk transfers comprising Monaco assets), change of control, exceeding detention thresholds, restructurings, outsourcings, liquidations and licence cancellations.
  • Ongoing compliance advice and regulatory consents/filings for operational changes (delegations, services agreements, etc) reorganisations and changes in management including applications for licences extensions and modifications.
  • Assisting in compliance with Monaco AML regulations. Training sessions for personnel in banks, companies and law firms. Review of internal policies and suspicious transactions reports to prepare on-site inspections by regulators, assistance in responding to regulators inspection findings.
  • Banking monopoly issues and cross-border provisions of banking and financial services.
  • Credit cards and payment administration systems.
  • Legal advice on banking secrecy and data protection including on migration of client data on new IT systems (Avaloq, Olympic, etc.), platform changes with regulatory impact on Service Level Agreements (SLA).
  • Corporate governance assessment on the implementation of CRD4 and Basel III principles and compliance on the separation between executive and supervisory functions in Monaco banks.
  • Drafting, updating and revising Country Manuals, Guidelines and Procedures, Internal Rules and Directors Governance Regulations.
  • Credit and lending activities, including mortgaged and Lombard lending.
  • Suitability and appropriateness assessments regarding depositary functions in connection with External Asset Management activities (EAMs).
  • Clearing and custody services.
  • Cash-pooling and virtual account arrangements, set-off and netting issues, transactions under Master Agreements (ISDA, FBF, GMRA, etc).