Monaco to examine draft law on multi family offices
The national council of Monaco, the Principality’s parliament, is to examine a draft law on multi family offices’ activity in Monaco.
The draft bill has been tabled early December after it has been first proposed to the Monegasque governement in June 2014.
It points out that if single family offices have been run for years in Monaco, multi family offices which have started to flourish in recent years in the Principality remain unregulated so far in the country.
The further law will then provide a regulatory framework to the business.
Moreover, it seeks to promote Monaco as a centre of excellence for family offices, pursuing therefore Monaco’s government plan that aims to make the country more attractive to ultra-high-net-worth individuals and entrepreneurs.
Among compliance obligations enshrined in the draft law, multi family offices conducting financial transactions will have to be granted a license by Monaco’s state minister and will be subject to regulatory approval by Monaco’s financial authority, the Commission de contrôle des activités financières (CCAF).
Also multi family offices in Monaco will have to be structured in Monegasque public limited companies (Société anonyme monégasque).
The draft law on the creation of multi family office activity (in French only): Projet_de_loi_946