Management, advisory services, and reception-transmission of orders
The Commission supervises the activities of individual and collective management, advisory services, and reception-transmission of orders, all of which are governed by Act No. 1,338 of 7 September 2007, amended, and its implementing regulations:
- Third-party portfolio management, i.e. managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments,
- management of Monaco-registered collective investment undertakings (FCPs and/or investment funds),
- reception and transmission of orders in financial instruments, on behalf of third parties,
- management of foreign-registered collective investment schemes from the Principality.
Any firm, credit institution or management company looking to carry out one or more of these activities in the Principality must first obtain authorisation from the CCAF.
A firm may carry out one, some, or all of these activities.
The only restriction is that a credit institution managing Monegasque funds may not also act as custodian.