Mise en gardes

Marketing of financial products can be achieved only by institutions duly licensed by the CCAF.
List of these institutions and the extent of their authorization is available for download on this web site.
 

Direct marketing of financial products by non authorized companies in principality of Monaco is fully prohibited.
 

Performing a financial activity in Monaco is subject to:

  • an administrative authorization delivered by the Government according to the provisions of the Law 1.144 of July 26th, 1991;
  • a license delivered by the CCAF according to the provisions of the Law 1.338. of September 7th, 2007.
     

These laws can be downloaded on www.legimonaco.mc.
Infringement of the provisions of the above mentioned laws is subject to administrative and/or criminal sanctions.

 

Before organizing any meeting or road show concerning financial products, the organizers have to contact the General Secretary of the Commission.

 

WARNING CONCERNING THE COMPANY "MONACO INVESTMENT CORPORATION"
 

The CCAF wishes to draw investors' attention to the offshore company "MONACO INVESTMENT CORPORATION" as announced on the website www.thesovereigntrust.com. This company is not regulated by the CCAF and is not authorized to offer its services/products to private customers in the Principality of Monaco.

 

WARNING CONCERNING THE COMPANY "GB FINANX"
 

We draw investors' attention to the fact that the company "GB FINANX", allegedly domiciled at 36 avenue de l'Annonciade in Monaco (see website www.gbfinanx.com), is not a member of our Association and, to our knowledge, has no authorization to market its products / services in the Principality of Monaco.

 

WARNING CONCERNING THE COMPANY "BARCLAYS TRADERS"
 

We draw investors attention to the fact that the company BARCLAYS TRADERS, (see website www.barclays-traders.com), is not a member of our Association and, to our knowledge, has no authorization to market its products / services in the Principality of Monaco. Besides, Barclays Bank Plc Monaco adds that "Barclays Traders" has never been affiliated to the Barclays Plc group.

 

WARNING ON CRYPTO-ASSETS / ICO

 

The Commission de Contrôle des Activités Financières (CCAF) warns the public that crypto-assets (such as Bitcoin, Ethereum, Ripple, Monoeci etc.), commonly referred to as "virtual currencies" or "cryptocurrencies" do not qualify as currencies and are not subject to a specific regulation. These crypto-assets are not legal tender and are not a means of exchange which value is guaranteed by a Central Bank.

 

Similarly, public offering to raise funds in the form of Initial Coin Offering (ICO) is not subject to specific regulations and does not benefit from any guarantee. Crypto-assets subscription bears a number of risks such as the complete loss of invested funds, the lack of liquidity, the volatility risk, the lack of a protection, and the risk of theft, fraud and / or money laundering.

 

More generally and without questioning the real value of the underlying technology ("blockchain") that may be of interest in various sectors, the CCAF advises any person who plans to invest part of his / her savings in crypto-assets to be extremely prudent and, especially, to:

  • ensure the seriousness of the ICO organizer (the existence of the company, the authorization of the Business Development Agency, the head office location, the share capital, the management team, the location of the accounts receiving the funds, etc.);
  • understand the functioning of crypto-assets;
  • assess risk (see above);
  • ensure security related to assets under custody; and
  • assess the liquidity or the lack of liquidity of these assets.