Trust

The laws governing trusts in San Marino have been thoroughly innovated by Law No. 42 of March 1, 2010 and by the respective Delegated Decrees No. 49, 50 and 51 of March 16, 2010, which implemented it.
For the purpose of completing the regulatory framework, the Central Bank:

• in accordance with Article 2, paragraph seven of Delegated Decree No. 49 of March 16, 2010, issued Regulation No. 2010-01. This regulation not only establishes the requirements, conditions, and procedures for obtaining and maintaining authorization to act as a professional trustee, but also outlines the procedures for maintaining and consulting the Register of professional Trustees, replacing the previous Register of Trustees;

• in compliance with the provisions of articles 28 fifth paragraph and 33 third paragraph of the Law no. 42 dated 1 March 2010, issued the Regulation no.2011-06, which, besides identifying the countries that may not be the recipient of the trusts delegated by the trustee as regards to the selection of investments, and establishing the procedures for presenting the Book of Events to the Central Bank, also regulates the additional duties of information supervision which the financial undertakings of San Marino are required to fulfil when acting as trustees.

In trust matters, the Central Bank, in addition to supervising financial trustees and ensuring the continued compliance with the requirements for the professional exercise of the trustee role in San Marino, also maintains the Register of Trusts, with the Trust Register Office being listed therein in accordance with Delegated Decree No. 50 of March 16, 2010.

The oversight and supervision of any trust governed by Law 42/2010 fall under the jurisdiction of the Court for Trusts and Fiduciary Relations, as per Article 53 of that Law.