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Sovereign Order n° 9.819 of March 9th, 2023 relating to the assignment of professional claims instituted by Law n° 1.529 of 29 July 2022 on various economic and legal provisions

Sovereign Order n° 9.819 of March 9th, 2023 relating to the assignment of professional claims instituted by Law n° 1.529 of 29 July 2022 on various economic and legal provisions (the “Law“), was published on March 17th, 2023 in the “Journal de Monaco” (the “Order“). Article 69 of the Constitution provides that Laws and Sovereign…

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Sovereign Ordinance n° 9.737 of February, 2nd 2023 amending Sovereign Ordinance n° 1.284 of September, 10th 2007 implementing Act n°1.338 of September, 7th 2007 on financial activities, as amended

Ordinance n°. 9,737 implementing Law n°. 1.338 of September 7th, 2007 on financial activities, as amended by Law n°. 1.529 of July, 29th 2022 (the “Law“), was published on February 10th 2023 in the “Journal de Monaco” (the “Ordinance“). Article 69 of the Constitution provides that Sovereign Laws and Ordinances may only be enforced against third parties…

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Draft law n° 1.073 of November 18th, 2022 relating to vacation gifts

January 2023 Tabled in Public Session on  December 5th, 2022, Draft law n° 1.073 relating to vacation gifts (“The Draft law”), is currently being examined by the Parliament’s Committee for Social Interests and Miscellaneous Affairs. The Draft law is based on an initiative from the Economic, Social and Environmental Council, concerned that a paid vacation…

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Law n° 1.529 on various economic and legal provisions

Amendments to Law n° 1.338 of September 7th, 2007 on financial activities, as amended  August 2022 Law n° 1.529 on various economic and legal provisions was published on August 12th, 2022 in the Journal de Monaco (the “Law”). Article 69 of the Constitution provides that Laws and Sovereign Orders may only be invoked against third…

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Draft law n° 1.049, on various economic and legal provisions

Amendments to Law n° 1.338 of September 7th, 2007 on financial activities, as amended  July 2022 Tabled in Public Session on November 24th 2021, Draft law n° 1.049 on various economic and legal provisions was voted in Extraordinary Public Session on July 27th, 2022 (the “Draft Law”), and will result, in the following weeks, with…

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Draft law n°1054 on data protection

April 11th, 2022  The draft law n°1054 on the protection of personal data aims to refer not only to the requirements of the Convention 108+ of the Council of Europe (the modernised version of Convention 108) but also to the European data protection package Data Protection Package” adopted by the European Parliament and the Council…

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Acquisition of Vodafone Malta by Monaco Telecom

Mr. Martin Peronnet published a post on Linkedin on April 3, 2020 : “Acquisition of Vodafone Malta by Monaco Telecom” : “We are very pleased to announce that we have completed the transaction to acquire Vodafone Malta yesterday evening. After having successfully transformed Epic in Cyprus, this acquisition completes our strategy in a great way.…

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The electronic signature and the draft law on the digital economy

On August 2nd, 2011 Law no. 1,383 on the Digital Economy was adopted with the aim of facilitating and securing the formation of contracts electronically (“Law 1.383“). One of the main contributions of this law was the introduction of an article 1163-1 of the Civil Code, which states that electronic writing is, under certain conditions,…

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The right to a bank account in Monaco

The Government, by a letter of April 25th, 2018 informed the Monaco parliament (“Conseil National”) of its decision to change the draft law n°232 relating to the creation of the right to a bank account from a parliamentary initiative to a Government initiative, draft law n° 991 (« Draft Law »). Tabled in public session on April…

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New business income taxe rules

The business income tax (“ISB”) was introduced in Monaco following the conclusion of a tax treaty with France on May 18th, 1963. Where applicable, and pursuant to article 1 of the Tax Treaty, the ISB is in principle assessed and recovered under the same conditions as is assessed and recovered the corporate income tax in…

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