Investor Compensation Fund

With Delegated Decree no. 148 of November 22, 2018 "Provisions on investor compensation schemes in implementation of Directive 97/9/EC" San Marino, in implementation of the provisions of the Monetary Agreement with the European Union, conformed its regulations to the aforementioned EU Directive by supplementing its Law no. 165/2005 (c.d. LISF) with Article 100-bis, which provided for the establishment, also in the San Marino financial system, similarly to what happens in the EU countries, of an Investor Compensation Fund, entrusting the Central Bank with both its regulation, intervened with Regulation no. 2025-04, and its management, for which a special Body was appointed.
The main information is given below.
What is the Fund? It is an asset with an autonomous destination, i.e., with perfect patrimonial autonomy from the Central Bank, which provides both for its constitution, through the contributions paid by the members upon request, and for its complete liquidation, through payment in favor of each of the persons to be indemnified.
When is the Fund activated? The Fund is activated only in the event of a compulsory liquidation of an investment service provider (PSI) with registered office in San Marino characterized by the failure to return to the entitled investors the sums of money and/or FINANCIAL INSTRUMENTS, or their countervalue, as a result of the violation of the asset segregation regime.
Who adheres to it? It is compulsorily adhered to by all banks and investment firms, as well as management companies if they also provide investment services on an individual basis, pursuant to Article 100-bis of the ISF.
Who does it protect? All those who have availed themselves of the investment services provided by the member in compulsory liquidation and are unable to have their financial resources entrusted for administration or management returned to them, except for the special categories of persons listed in Article III.I.3 of Regulation No. 2025-04 (excluded persons).
Are there limits to the indemnification? The maximum liquidated compensation for each investor is 20,000 euros. This limit applies:
- to the accumulation of investment transactions, converted into euros, of each investor whatever the number of contractual relationships;
- split among the heirs in the event of the death of the investor;
- entirely with respect to each investor, for their respective share, in the case of a joint investment transaction.
By what means is the compensation paid? By draw and receipt check (T/Q) issued by the Central Bank in the name of the indemnified investor.
Who is responsible for carrying out the various activities of the fund? To a special Management Body established at the Central Bank, in cooperation with the liquidators of the PSI in compulsory liquidation and making use of the information acquired and/or processed by the Supervision Department.
How can I find any other useful information on this guarantee system? By consulting Regulation No. 2025-04 issued by the Central Bank or by writing to fondoindennizzoinvestitori@bcsm.sm.