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FAQ funds

Yes, under Article 4 of Act No. 1,339 it is possible to restrict subscription of shares in a fund exclusively to specific natural or legal persons. This type of fund is then defined as bespoke for the subscribing client or clients.


Yes, a fund’s management company may delegate one or more of its activities (financial management and/or accounting management, for example), provided it satisfies certain conditions.
In particular, the company is not permitted to delegate the entirety of its activities, and it remains fully liable for any activities outsourced. It must monitor the delegated activity at all times.
Finally, the task of managing Monegasque funds may only be delegated to a foreign company if the CCAF has a cooperation agreement with the regulator in the country concerned (except in certain special circumstances¹).

The mandatory terms to appear in the delegation agreement are stipulated by Article 5 of Sovereign Ordinance No. 1,284, amended (delegate’s organisation and resources, controls applied by the delegating entity, etc.).
Any delegations granted are indicated in the fund’s simplified prospectus.

The full prospectus consists of the simplified prospectus and the fund’s rules.
The annexes to Ministerial Decree No. 2016-353 include the template to be used when drawing up the simplified prospectus. A template for the fund rules, created by the General Secretariat, is also available.
Both of these documents can be found on this website.

The broad principles for calculating the risk indicator are laid down by Article 11 of Ministerial Decree No. 2016-353. In November 2016, the AMAF produced a guide describing the method to be used to calculate this indicator. The guide, which was approved by the CCAF, is available from the AMAF.

Yes, it is a requirement for the simplified prospectus to be provided to the client prior to subscription, free of charge.

The CCAF periodically publishes a list of authorised open funds on its website. Funds reserved for specific natural or legal persons are not included on the list, however.

1 – Where fund units are offered only in the Principality.