A Monegasque-registered fund (whether an FCP or an investment fund) is created jointly by a management company and a custodian credit institution, both based in the Principality.

If you would like to set up a Monegasque fund, you will first need to obtain dual authorisation from the CCAF:

• The management company must be properly authorised to manage collective investment undertakings governed by Monegasque law;
• All funds require CCAF authorisation (with the exception of venture capital funds which need only to be declared to the CCAF as provided by Sovereign Ordinance No. 1,285 of 10 September 2007).

The application for authorisation for a fund must include, as a minimum requirement, the full fund prospectus (simplified prospectus and fund rules) and a joint declaration by the management company and the custodian. For an investment fund, an investment programme is also required. Additional information and documentation may be requested from the CCAF (delegation agreement, where applicable, etc.).

The CCAF authorisation process for a fund involves several steps:

• The project is presented to the General Secretariat (this step is optional but strongly recommended for an investment fund);
• The application for authorisation is formally submitted;
• The application is examined by the General Secretariat;
• The application is presented to the members of the Commission;
• The Commission makes its decision.

Once it has received the complete application, the Commission has a period of three months in which to give its decision on an application in the case of a fund open to all investors. For funds reserved for certain categories of investors, this period is reduced to eight business days.

There is no charge for authorisation from the CCAF.

Where authorisation is granted, a notice will be published in the Journal de Monaco¹.