CCAF

The acronym CCAF means Commission for the Supervision of Financial Activities.

Created in 2007, this authority carries out its missions independently. Its role is to ensure the application of the rules governing the financial activities under its supervision, with the aim of transparency and investor protection. CCAF

The CCAF must not be confused with a professional association or commercial organization. It exercises powers provided for by Monegasque legislation, notably concerning authorization, supervision, and sanctioning.

Its scope of action is notably based on the law no. 1.338 of 7 of September 2007 on financial activities, as amended, and its implementing texts. legimonaco.mc

Issuing financial authorizations

The CCAF reviews authorization applications to conduct the relevant financial activities in the Principality.

Authorization covers one or more specific activities. For a client, it is therefore important to verify the scope granted to the institution, rather than rely solely on the general statement “authorized by the CCAF.” CCAF

Supervising professionals

The Commission verifies the regularity of operations and compliance with professional obligations.

It may request documents and information useful for its mission. Legislation also provides for inspections and investigations under conditions it defines. legimonaco.mc

Taking measures and imposing sanctions

In case of breach, the CCAF has administrative sanctioning powers. Depending on the situation, sanctions can range from a warning to the revocation of authorization. It can also take emergency measures when circumstances justify it. CCAF

Inform investors

Investor protection also includes an information dimension.

The CCAF website notably offers resources to better understand financial services, the framework for their marketing, and complaint procedures. CCAF

The scope of the CCAF covers several activities useful for wealth management.

Portfolio management

Individual management consists of entrusting portfolio management to a professional under a mandate.

Before signing, the client must verify that the institution is authorized for the proposed activity. They must also understand the mandate's objectives, accepted risks, fees, and monitoring methods.

Fund management

The CCAF also intervenes within the framework applicable to collective management and Monegasque funds.

For the investor, verification of the manager and the fund are complementary: they do not concern the same object.

Advice and order transmission

Advice and order reception-transmission are also part of the activities covered by the relevant Monegasque regulation.

Order reception-transmission corresponds to a service different from mandate management: therefore, the service provided in the contract must be precisely identified.

Account-keeping and custody

Account-keeping and custody also fall within the scope of the regulation enforced by the CCAF.

These activities, as well as those of multi-family offices carrying out financial activities, are included in the official presentation of the regulatory framework published by the Commission. CCAF

The official list includes companies and institutions authorized to conduct certain financial activities in Monaco.

It allows verification of the entity's identity and the extent of its authorization. The CCAF publishes dated lists: the most recent version available at the time of verification must be consulted. CCAF

Credit institutions and management companies offering the relevant financial services are authorized and then supervised by the CCAF. A banking institution may therefore fall under multiple authorities depending on the activities it performs. CCAF

Membership in a known group does not replace this verification. The contract must designate a specific entity whose status corresponds to the proposed service.

Monegasque financial supervision is based on complementary competencies.

The CCAF and the ACPR

The CCAF specifies that the strictly banking activities of credit institutions are supervised by theFrench Prudential Supervision and Resolution Authority.

A bank established in Monaco can therefore be subject to the ACPR for its banking activities and to the CCAF for the relevant financial activities. CCAF

The CCAF and the AMSF

TheMonegasque Financial Security Authority, or AMSF, is involved in the fight against money laundering, terrorism financing and corruption.

The CCAF and the AMSF have signed a cooperation agreement intended notably to organize their information exchanges and to strengthen the coordination of their respective missions. Their roles are complementary. CCAF

1. Identify the entity providing the service

Note the exact legal name appearing in the contractual documents.

A trade name or group name is not always enough to identify the company responsible for the service.

2. Consult the official list

Go to the official CCAF website and consult the list of approved companies and establishments.

Check the publication date and search for the concerned entity. The list specifies the financial activities it is authorized to carry out. CCAF

3. Compare the authorization with the service offered

Ask a simple question: does the activity mentioned in the contract correspond to the one for which the professional is authorized?

It is necessary in particular to distinguish advice, portfolio management, and order transmission. These services involve different responsibilities and operating methods.

4. Confirm the identity of the contact person

Verify that the person contacting you truly represents the identified institution.

Compare the domain of their email address, telephone contacts, and contractual information. If in doubt, contact the institution directly using contact details obtained independently of the solicitor.

For a professional wishing to carry out financial activities in Monaco, CCAF approval is part of a set of procedures.

The Commission indicates that an establishment authorization issued by the Monegasque Government is also required. For credit institutions, approval from the ACPR is necessary.

The procedure with the CCAF includes notably:

1. a presentation of the project to the General Secretariat;
2. the submission of the file and supporting documents;
3. the processing of the application;
4. the examination by the Commission;
5. the approval decision.

These authorizations serve distinct functions: the authorization to establish a company in the Principality does not replace the approval required to conduct regulated financial activities. CCAF

A CCAF approval should not be equated with a general authorization to offer services in all European countries.

In a cross-border relationship, conditions applicable in the client's country must be checked separately, depending on the service, marketing method, and provider status.

The CCAF specifies that certain European regulations may apply to Monaco under conditions, pursuant to the monetary agreement linking the Principality to the European Union. This framework does not exempt examining the rules specific to each situation. CCAF

For a French resident, verification must therefore cover both the Monegasque approval of the provider and the conditions under which the provider can deliver the intended service in France.

No. Approval of a professional does not guarantee investment performance or absence of capital loss.

It informs about the regulatory framework in which the establishment operates. The investment analysis must be done separately.

Before investing, it is especially necessary to understand:

• the nature of the assets;
• the risks of loss;
• the direct and indirect fees;
• the withdrawal conditions;
• the intended holding period;
• the identity of the issuer and other participants;
• the limits of any contractual guarantee.

A relationship with a licensed professional must therefore be accompanied by reading the documents and assessing the suitability of the investment to your situation.

The CCAF receives and handles complaints concerning the activities of the professionals it supervises.

If the reported facts may constitute a breach of regulations, it can initiate an inspection. However, it does not act as a mediator to resolve a private dispute between a client and a financial institution.. CCAF

Therefore, two approaches must be distinguished: reporting a possible breach to the regulator and seeking a resolution to the individual dispute.

Keep useful documents: contract, communications, statements, offer presentation, and complaint sent to the professional.

The CCAF is a reference point to verify Monegasque financial professionals subject to its supervision.

To choose a contact person, match their license with the services offered, then examine their specialties, remuneration, and contractual conditions.

You can discover professionals on Les Experts du Patrimoinethen complete your search by consulting the official information from the CCAF.