Chapter I — Economic Freedom

Article 170 — Freedom of Enterprise

Freedom to establish a business, trade, invest and conduct a lawful economic activity shall be guaranteed in the Principality.

It shall be exercised in accordance with the Constitution, national laws and lawfully applicable territorial regulations.

Restrictions on this freedom must be based on a legitimate public-interest objective.

Article 171 — Unity of the Internal Market

The Principality shall constitute a single economic and commercial area.

Lawfully established businesses may conduct their activities throughout all fiefs, subject to any territorial authorisations lawfully required.

No fief may impose internal customs duties, arbitrary discrimination based on a business's territorial origin or equivalent obstacles to the free movement of economic activity.

Article 172 — Establishment of Businesses

The formation of companies and businesses shall be governed by a common national legal framework.

Due registration of a business shall confer the capacity to conduct its activities throughout the Principality, subject to applicable sectoral and territorial regulations.

Fiefs may impose operating permits, establishment standards and local obligations falling within their competence.

Chapter II — Competition and Concessions

Article 173 — Economic Competition

National law shall establish minimum safeguards for fair competition and the prevention of abuses of dominant positions.

Fiefs may adopt stricter provisions in matters falling within their competence.

Anticompetitive practices harming the national market may be referred to the competent national authorities.

Article 174 — Territorial Monopolies and Concessions

Seigneurial authorities may establish economic concessions, exclusive operating rights or territorial monopolies in areas falling within their competence.

These arrangements must have a proper legal basis and pursue a legitimate territorial interest.

They shall remain subject to constitutional property safeguards, applicable national rules and consumer protection requirements.

They may not be used indirectly to establish customs borders between fiefs.

Chapter III — Property and Resources

Article 175 — Economic Property Rights

Private property, business ownership and property rights shall be guaranteed in accordance with Article 133 of the Constitution.

Natural and legal persons may acquire, exploit, transfer and dispose of their property under the conditions prescribed by law.

The specific rules governing the property of fiefs, natural resources, Crown assets and strategic infrastructure shall remain applicable.

Article 176 — Natural Resources and Infrastructure

Fiefs shall hold the powers assigned to them for the exploitation and management of territorial resources.

They may collect the corresponding royalties.

Resources of strategic importance for defence, security or national supply may be subject to specific rules on coordination or national authorisation.

Infrastructure of national interest shall be developed in consultation with the territorial authorities concerned, under the conditions prescribed by law.

Chapter IV — Banks and Investment

Article 177 — Banking System

Banking and financial institutions shall be subject to a national system of authorisation, supervision and prudential oversight.

The law shall safeguard the stability of the financial system, organise the prevention of systemic risks and determine the procedures applicable to institutions in difficulty.

Banking secrecy shall be protected, subject to statutory exceptions concerning justice, security and applicable financial obligations.

A national deposit guarantee scheme, funded by participating institutions and subject to statutory limits, shall be established.

Article 178 — Foreign Investment

Foreign investment shall be freely admitted into the Principality, subject to legally justified restrictions.

Investment concerning defence, critical infrastructure, sensitive technologies or strategic sectors may require prior national authorisation.

Fiefs shall retain their powers concerning land use, resource exploitation and territorial authorisations.

Restrictions must comply with the international commitments applicable to the Principality.

Chapter V — Economic Protection and Responsibilities

Article 179 — Protection of Consumers and Businesses

National law shall guarantee a minimum baseline of consumer protection, product safety and fairness in commercial relations.

Fiefs may adopt more protective rules within the limits of their competence.

Legislation shall organise procedures for preventing and addressing business difficulties, including insolvency.

Territorial procedures must comply with essential national safeguards and allow coordination of situations involving several fiefs.

Chapter VI — Economic Activities of Public Authorities

Article 180 — Economic Interests of Public Officeholders

The Sovereign Prince or Sovereign Princess, the Prime Minister, ministers and lords may own property, shareholdings and businesses under the conditions prescribed by law.

While in office, the Sovereign, the Prime Minister and ministers must entrust the day-to-day management of their private economic activities to other persons.

Lords may manage their personal businesses, except where they also hold a governmental office subject to this obligation.

No authority may use its public powers unlawfully to favour its private interests.

The law shall establish rules for preventing conflicts of interest and overseeing transactions entered into with public administrations.

Chapter VII — Organic Provisions

Article 181 — Economic Legislation

National and territorial laws shall determine the arrangements for implementing this Title.

They shall regulate, in particular, company law, economic authorisations, competition, concessions, foreign investment, banking supervision, consumer protection and insolvency procedures.

They shall guarantee the unity of the internal market while respecting the economic autonomy of the fiefs.