FONDISS

Law No. 191 of December 6, 2011, established the complementary pension fund known as FONDISS in the Republic of San Marino and assigned CBSM the role of supervision, advisory services, and custodian bank for the fund.

As a result, CBSM not only performs Treasury functions for FONDISS, such as collecting social security contributions and disbursing benefits, but is also deeply involved in the typical activities of a custodian bank. These activities are particularly significant in terms of safeguarding the interests of contributors and ensuring effective oversight.

Specifically, CBSM is responsible for safeguarding FONDISS's financial assets, settling investment and disinvestment transactions, ensuring compliance with the investment guidelines set by FONDISS and, when applicable, by delegated professional managers, and verifying the accuracy of the fund's share values, which are determined monthly by the fund's administrative functions.