Front Matter

Front Matter Page

© 2008 International Monetary Fund

July 2008

IMF Country Report No. 08/218

Monaco: Technical Note on IOSCO Objectives and Principles of Securities Regulation—Update

This technical note on IOSCO Objectives and Principles of Securities Regulation—Update for Monaco was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on June 5, 2008. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Monaco or the Executive Board of the IMF.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

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Front Matter Page

Offshore Financial Sector Assessment Update

Principality of Monaco

Technical Note

IOSCO Objectives and Principles of Securities Regulation—Update

June 2008

INTERNATIONAL MONETARY FUND

Monetary and Capital Markets Department

Contents

  • Glossary

  • IOSCO Objective and Principles of Securities Regulation—Update

  • I. Conclusions and Recommendations of the 2003 Assessment

  • II. Principles Review

    • The regulator: Principles 1–5

    • Other recommendations for action

    • Other issues

    • Self Regulation: Principles 6 and 7

    • Enforcement: Principles 8–10

    • Cooperation: Principles 11–13

    • Issuers: Principles 14–16

    • Collective Investment Schemes: Principles 17–20

    • Market Intermediaries: Principles 21–24

    • Secondary Markets: Principles 25–30

  • III. Recommendations for Action and Authorities’ Reactions

    • A. Recommendations

      • High priority

      • Medium priority

      • Low priority

    • B. Authorities’ Reactions

  • Tables

  • 1. Monaco: 2003 IOSCO Assessment

Glossary

AMAF

Association Monégasque des Activités Financières (Monegasque Association of Financial Activities)

AMF

Autorité des Marchés Financiers (French Financial Market Authority)

CB

Commission Bancaire (French Banking Commission)

CBFA

Commission Bancaire, Financière, et des Assurances (Belgian financial sector regulator)

CCAF

Commission de Contrôle des Activités Financières (Financial Activity Supervisory Commission)

CESR

Committee of European Securities Regulators

CIS

Collective investment scheme

COB

Commission des Opérations de Bourse (the predecessor body to the AMF)

CONSOB

Commissione Nazionale per le Società e la Borsa (Italian securities market regulator)

CSSF

Commission de Surveillance du Secteur Financier (Luxemburg financial sector regulator)

DEE

Direction de l’Expansion Economique (Division of Economic Expansion)

EU

European Union

IOSCO

International Organization of Securities Commissions

MAD

Market Abuse Directive MO Ministerial Order

MoU

Memorandum of Understanding

MMoU

Multilateral Memorandum of Understanding

OEC

Ordre des Experts Comptables (Monegasque Association of Chartered Accountants)

OECD

Organization for Economic Cooperation and Development

SICCFIN

Service d’Information et de Contrôle sur les Circuits Financiers (Monegasque Financial Intelligence Unit)

SO

Sovereign Order

UCITS

Undertakings for Collective Investment in Transferable Securities

Monaco: Technical Note on IOSCO Objectives and Principles of Securities Regulation: Update
Author: International Monetary Fund