Monaco Legal News Overview – July 2022

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GIACCARDI & BREZZO Avocats is pleased to propose you an overview of the legal news in Monaco in July 2022.

Regulation of the activities of service providers on digital assets or crypto-assets  (PSAN, PSCA) and other new digital provisions

Law No. 1.528 provides a framework for the provision of services on digital assets or crypto-assets which are subject to authorization (agrément), either by the Minister of State or by the Commission de Contrôle des Activités Financières (CCAF), as well as to compliance with the regulations on the fight against money laundering, terrorist financing and corruption.

Other new features include the entry into Monegasque law of the concepts of “metavers“, “avatar” and “non-fungible token” (NFT) as well as the dematerialised tax stamp.

More information >

Reference text:  Loi n° 1.528 du 7 juillet 2022 portant modification de diverses dispositions en matière de numérique et réglementation des activités des prestataires de services sur actifs numériques ou sur crypto-actifs (JDM No. 8600 of 22 July 2022).

Extension of the rules applicable to assemblies and meetings of collegiate administrative, supervisory and management bodies during the Covid-19 period

The application of articles 16 to 21 of Law No. 1.488 of 11 May 2020 on various measures to deal with the COVID-19 epidemic, adapting the rules for convening, participating in, deliberating and deciding on assemblies and meetings of collegiate administrative, supervisory and management bodies, which was due to expire on 31 July 2022, has been extended once again for three months until 31 October 2022.

More information >

Reference text: Décision Ministérielle du 21 juillet 2022 (JDM No. 8600 of 22 July 2022).

Reinstatement of the exceptional scheme for remote working during the Covid-19 period for residents of France and Monaco

The exceptional scheme for remote working during the health crisis, which had ended on 31 May 2022 for employees residing in Monaco and France (see our newsletter #3-2002 June), has been reinstated until 31 August 2022, following the example of what is already applicable to employees residing in Italy.

Reference text: Décision Ministérielle du 14 juillet 2022 (JDM No. 8599 of 15 July 2022).

Upward revision of the usury rate for property loans to individuals

The maximum rate at which loans can be granted is raised from 1.74% to 2.13%. The increase in interest rates follows the general rise in prices.

More information >

Reference text : Ordonnance Souveraine n° 9.336 du 7 juillet 2022 (JDM No. 8.599 of 15 July 2022)

Update of the list of States at high risk of money laundering, terrorist financing and corruption

Malta is removed from the list of States or territories with strategic deficiencies in their anti-money laundering, anti-corruption or anti-terrorist financing systems, while Gibraltar is added.

More information  >

Reference text : Arrêté Ministériel n° 2022-358 du 6 juillet 2022 (JDM No. 8599 of 15 July 2022)

Partial annulment by the Supreme Court of Law No. 1.508 of 2 August 2021 on the preservation and reconstruction of residential premises (protected sector)

The Supreme Court (acting as constitutional judge) has partially annulled the provisions of Law No. 1.508 of 2 August 2021 on the safeguarding and reconstruction of residential premises in the protected sector (under Law No. 1.235 of 28 December 2000), on the grounds of excessive infringement of the right to property guaranteed by Article 24 of the Constitution.

The effect of this decision is to render inapplicable the new regime for issuing demolition and reconstruction permits when one or more residential premises subject to the provisions of Law No. 1.235 are subject to full demolition works (new Article 39-1 of Law No. 1.235, created by Law No. 1.508).

More information >

Reference text: Décision TS 2022-01 et 2022-02 (Hoirs M. et Association des propriétaires de Monaco c/ Etat de Monaco, 12 juillet 2022).

Modernisation of the status of State civil servants

Law No. 975 of 12 July 1975 has been amended in order to provide the Monegasque administration with a legal regime that is adapted to its needs in terms of attractiveness and efficiency, fairer and more protective for civil servants with modernised social and professional standards.

Moreover, the law enshrines the principle (applied de facto since the 1980s) that the status of civil servant is reserved for Monegasque nationals. The exception to this is the posts of the Directorate of Public Safety, relating to security and public order.

Reference text: Loi n° 1.527 du 7 juillet 2022 modifiant la loi n° 975 du 12 juillet 1975 portant statut des fonctionnaires de l’État (JDM No. 8600 du 22 July 2022).

New regime applicable to the resale right for the benefit of the author-artist of an original handwritten, graphic or plastic work when resold by a professional

The resale right is the remuneration allocated to authors in the field of handwritten, graphic and plastic arts (original texts of literary or musical works, paintings, collages, drawings, engravings, prints, lithographs, sculptures, tapestries, ceramics, glassware, photographs, plastic creations on audio-visual or digital media, etc.) when they are resold by an art market professional (auction sale, sale by art galleries or antique dealers)

Monaco has adopted conditions equivalent to those applicable in other European art market places.

More information >

Reference text: Loi n° 1.526 du 1er juillet 2022 relative au droit de suite (JDM No. 9599 of 15 July 2022).

Three laws passed by the National Council in extraordinary session

The National Council adopted the following three laws in public session on 22 July 2022, which we will discuss in more detail after their publication in the Journal de Monaco:

— Bill No. 1058 amending the provisions of law n°1.329 of 8 January 2007 on the co-ownership of built-up areas:

The general status of co-ownership is modernised to improve governance and facilitate the decision-making process at general meetings, with exemptions applicable to small co-ownerships comprising no more than ten lots, and to “two-owner co-ownerships”.

— Bill No. 1049 on various economic and legal provisions:

This legislation reforms foreign trust law (transfer duties), private international law (inheritance, consumer law), securities and credit law (pledge on structured financial products, assistance to companies in difficulty, autonomous guarantee, assignment of professional receivables on the model of the French “Dailly slip”… ), financial activities (information to clients on risks, whether or not an entity not authorised in the Principality has been approached, etc.), and business law (transitional management of the SARL in the event of a vacancy in the position of manager, easing of the procedure for filing company accounts, extension of the time limits for registration of collaterals, etc.).

— Bill No. 1057 pronouncing the disuse, on the esplanade des Pêcheurs, Quai Rainier Ier Grand Amiral de France and part of the Quai Antoine Ier, of a parcel of land belonging to the public domain of the State:

This law is part of a global real estate operation on the site of the Esplanade des Pêcheurs in Port Hercule. Following the withdrawal by the Government of a first bill in July 2015, the Supreme Court ordered the State to pay 155 million euros to the developer. Bill No. 1057 validates the decommissioning of the plot of land in the State’s public domain on which a revised real estate operation will be built. The transfer of the land to the developer entails the waiver of its claim against the State.


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