A new bill modifying Law 1.338 on Financial Activities is currently discussed before the Monaco Parliament. This bill contains major modifications to the current financial activities regulatory framework. The proposed law impacts directly doing business in Monaco, whether on a cross-border basis or on-shore.
Proposing financial services and/or products to Monaco non-professional investors by non-licensed entities in Monaco would be prohibited regardless of where the proposal is made and what means are used. Under the new bill, the same prohibition would apply to Monaco licensed entities when proposing financial services and/or products at a public place, home or work place of Monaco non-professional investors. Further, it will be mandatory for Monaco licensed entities to mention that they are duly licensed by the Monaco regulator in their commercial documentation.
This modification will increase the protection of Monaco non-professional investors and will impact the proposal of financial services and/or products to Monaco non-professional investors on-shore in Monaco and on a cross-border basis. Marketing and offering of financial services and products in Monaco, especially on a cross-border basis, has become increasingly sensitive over the past years. We will be pleased to discuss in more detail the regulatory changes and impact on your activities.
You can learn more about the upcoming changes and see our previous news on Monaco Financial Activities here.
