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New Restrictions on Cross-border Financial Activities

By January 26, 2022Monaco News

Monaco laws on Financial Activities have recently been modified by Law 1.515 dated 23 December 2021 (published in the Monaco legal gazette on 7 January 2022).

Among the important new features are restrictions on cross-border solicitation rules, making it more difficult for non-Monaco licensed entities to offer new services and products to Monaco investors.

Onshore solicitation for licensed entities is also restricted and requires a prior approval from the Monaco financial regulator (CCAF) when held in public areas.

Both “solicitation” and “public areas” remain undefined in the new Law.

Violations may trigger criminal sanctions. We therefore recommend for both Monaco licensed entities as well as international asset management companies and fund providers to check that their business model or country manual are compliant with the new rules.

We would be pleased to assist you with such review and recommendations.