Monthly Legal Overview / February 2023

We are pleased to propose an overview of the notable texts published in the Journal de Monaco in February 2023.

To see our news (life of the firm, publications) in February 2023, click on the following links:

Ranking in Chambers Global Guide 2023

Erika BERNARDI becomes partner of 99 Avocats

The new FATF and EU measures against Russia (Ukraine) / February 2023

Schengen Area "Smart Borders": manual stamping of passports to be replaced by the automated Entry/Exit System (EES)

Regulatory and International Overview 2022

Contribution in the framework of the International Network of Privacy Law Professionals (INPLP)

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1. BANKING & FINANCE - COMPLIANCE - INTERNATIONAL

— Professional investors, approaches, professional certifications

Sovereign Order no. 9.737 of 2 February 2023 (JDM no. 8629 of 10 February 2023) inserts new provisions into Sovereign Order no. 1.284 implementing Law no. 1.338 on financial activities:

• Definition of "professional investors" by nature or "at their own request" ;
• Approaches (solicited or not) on the territory of the Principality by any non-authorised person/entity to a client of an authorised company domiciled in the Principality: obligation to have a representative of the authorised company present at the meeting;
• Terms and conditions of the "internal control of financial activities" and "banking, financial and environmental, societal and governance (ESG)" professional certifications.

More information

— Coordination and Monitoring Committee for the National Strategy to Combat Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction and Corruption

Sovereign Order no. 9.729 of 1 February 2023 (JDM no. 8628 of 3 February 2023) recast the organisation, functioning and missions of the Committee for the Coordination and Monitoring of the National Strategy to Combat Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction and Corruption (which had been set up by Order no. 8.964 of 6 December 2021, which has since been repealed).

This recast follows MONEYVAL's recommendation to the Monegasque authorities to ensure that the Committee "is an effective platform for cooperation for all competent authorities and is provided with the necessary means to carry out its mission effectively".

Its first meeting under the new arrangements was held on 16 February 2023.

More information

2. PUBLIC • COMMERCIAL

— Night-time switching off of business premises until 30 April 2023

In the context of the energy crisis and the control of electricity consumption, Ministerial Order no. 2023-86 of 10 February 2023 (JDM no. 8629 of 10 February 2023) imposes until 30 April 2023, the extinction of lighting :

• exterior facades, from 11 p.m. to 6 a.m., outside the opening and activity hours of professional premises and spaces (including all establishments and shops, as well as that of the windows and frontages of the said premises and of the signs and luminous motifs attached to them);
• inside, outside the hours of occupation (including the lighting produced by any screen or luminous motif located inside these premises), with the exception of lighting for safety purposes or relating to the accessibility of the built environment.

The penalties incurred in the event of infringement are those provided for in Article 5 of Law no. 962 of 14 November 1974 on energy saving: a fine of between €9,000 and 18,000 - in the event of a repeat offence, a fine of between €18,000 and 90,000 and/or imprisonment of between 6 months and 3 years.

Temporary derogations may be granted by the Minister of State in case of legitimate and proven needs.

3. SOCIAL

— Revaluation of the employment support allowance linked to unfavourable economic conditions, in force until 31 December 2023

The employment support allowance benefits employees who, while remaining bound to their employer by an employment contract, suffer a loss of salary due to the temporary closure of their establishment or to the reduction of the working hours usually practised in their establishment which is linked to an unfavourable economic situation.

Sovereign Order no. 9.738 of 2 February 2023 (JDM no. 8629 of 10 February 2023) maintains the provisions of Sovereign Order no. 6.255 of 30 January 2017 in force until 31 December 2023, and revalorises the amount of the employment support allowance to €5.64 as from 1 January 2023 (compared to €5.54 as from 1 August 2022), regardless of the number of employees in the company on the date the application is filed with the Employment Service.

The allowance is granted for each hour of work not performed paid by the employer to the employee at least 60% of the usual wage, the hourly amount not being less than €10.14 (compared with €9.96 on 1 August 2022).

4. JUSTICE

— First judges at the Court of First Instance

By Sovereign Orders no. 9.699 and no. 9.700 of 30 January 2023 (JDM no. 8628 of 3 February 2023), Ms Alexia BRIANTI and Ms Aline GRINDA were appointed First Judge at the Court of First Instance, as from 7 January 2023.

— Alternate Chairman of the Commission responsible for assessing the residual earning capacity of the victim of an accident at work

By Order of the Secretary of State for Justice, Director of Judicial Services no. 2023-12 of 20 February 2023 (JDM no. 8631 of 24 February 2023), the functions of substitute President (in case of impediment) have been entrusted to Mrs Alexia BRIANTI, First Judge at the Court of First Instance, as of 22 February 2023.

The Court that challenges the Commission's assessment of whether or not to grant a supplement to the pension for the residual earning capacity of the victim of an accident at work (taking into account the situation of the labour market, the scope of jobs that may be suitable for the victim and his or her theoretical performance in the new profession that he or she may be obliged to exercise) is not bound by its conclusions (which are attached to the report of the expert doctor).