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Roles and powers

Created in 2007, the Commission de Contrôle des Activités Financières (Financial Activities Supervisory Commission) is the independent administrative authority responsible for supervising the conduct of financial activities in the Principality.
Its remit covers individual portfolio management and fund management, advisory services, the reception and transmission of market orders, and custody-account keeping services.
On a day-to-day basis, it ensures that regulations are properly enforced, in the interests of transparency and to protect the interests of investors, while maintaining dialogue with financial services professionals.

The CCAF is independent and takes decisions alone and in full collegiality.
Ruling under the authority of its President, it has the powers needed for effective and pragmatic supervision.


It authorises credit institutions, management companies and multi family offices wanting to conduct one or more financial activities in the Principality, and to domestic funds. It may also withdraw or cancel authorisation, at the request of the firm concerned or when the fund is liquidated, or alternatively as a penalty.


It ensures that transactions are carried out lawfully and in accordance with professional obligations. This is done by means of desk audits and on-site inspections by the CCAF’s inspectors. It also conducts investigations where there is a threat to investor protection or the proper functioning of markets.
Officers from the General Secretariat authorised to carry out controls and investigations are legally entitled to access information, and professional secrecy may not be invoked to withhold information from them.


Where necessary, the CCAF may impose administrative penalties ranging from a warning to withdrawal of authorisation.
Independently of any penalty procedure, it may also order emergency measures if warranted by the circumstances.


The CCAF is committed to an international outlook and plays its part in ensuring that global financial regulation functions smoothly through the implementation of international agreements. In October 2022, it became an Ordinary Member of IOSCO, an organisation which includes 130 of its counterparts from countries around the world.
In addition, it contributes to the work of the IFREFI and the NGFS.

The CCAF also plays an active role in the process of regulatory change in the Principality, working to promote an innovative financial centre in line with international standards.

The Commission’s activities are detailed in an annual report.

It convenes five or six times each year, to rule on matters pending. If warranted by urgent circumstances, it may take decisions by means of a written consultation process.