Financial Services in Monaco

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Before anyone can engage in a habitual economic activity in Monaco, he or she must first obtain permission under Law No. 1144 discussed under "investment" elsewhere in this site. If the economic activity falls into the realm of financial services and certain allied activities or professions, a separate permission under Law No. 1194 is required. This permission requires a separate application that is filed with a different authority than the application under Law No. 1144. In the pages that follow, you will find the original French text of Law No. 1194, an unofficial translation of that text from the Monaco Office of Berg and Duffy, LLP, and an analysis of the law also from the Monaco Office of Berg and Duffy, LLP.