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Sanctions - other statutory functions

Administrative Fines Published in Accordance with Article 32 of Law No. 96/2005 (BCSM Statute), as amended by Article 9, Paragraph 2 of Law No. 223 of December 23, 2020, for Violations Pursuant to Decree No. 76 of May 30, 2006, as Amended and Supplemented

 

Sanctions publications

The Central Bank of the Republic of San Marino, in addition to its supervisory role over credit, financial, and insurance activities, also imposes administrative fines on entities under its jurisdiction when violations of primary and/or secondary regulations occur. These include violations related to the Register of Trusts, the Register of Beneficial Owners of Trusts, euro banknotes and coins, the payment system, and non-payment of supervisory charges.

In line with the provisions of Article 32 of Law No. 96/2005 (Central Bank Statute) and Article 23 of Decree No. 76 of May 30, 2006, sanctions for violations outlined in Titles III and IV of the same Decree are published in this section.

The publication of these sanctions aims to strengthen the deterrent effect, ensuring transparency and accountability in the actions of the Central Bank. It also complements the description of the sanctioning activities conducted by the Central Bank, as reported in the annual final reports published on the website (under publications and statistics section).

Publication of sanctions applies to all sanctioning proceedings related to the mentioned areas that began on or after January 1, 2021.

According to Article 32 of the Central Bank Statute, the Central Bank may exclude or temporarily suspend the publication of a sanction in cases where one or more of the following pre-determined conditions are met:

  • the publication of personal data appears disproportionate;

  • publication would jeopardize the stability of financial markets or an ongoing criminal investigation;

  • publication would result in disproportionate harm to the legal or natural persons involved, as determined by law.

The circumstances predetermined by CBSM itself, upon the occurrence of which the publication of the sanctions mentioned herein may be excluded or temporarily suspended, are as follows:

  • the publication of personal data is deemed disproportionate to publish, especially when the violation is of limited severity or danger:

    • the administrative pecuniary sanction has been imposed for an amount below the threshold of EUR 10,000.00 (ten thousand) taking into account that:

      • to the quantification of the sanction already concur the circumstances predetermined by Decree No. 76 of May 30, 2006, as mitigating or aggravating elements to be taken into account with respect to the minimum and maximum edictal amounts set by the legislator;

      • the aforementioned threshold represents the maximum edictal range of certain penalties or falls within the edictal range of certain penalties that can be imposed for purposes other than supervision, as referred to in Article 21 of Decree No. 76 of May 30, 2006, as amended;

      • the edictal ranges of administrative sanctions already take into account the greater or lesser offensiveness or dangerousness of violations;

  • the stability of the financial markets is considered at risk when the sanctioning measure refers to a supervised entity of systemic importance and, due to the nature of the violation committed and/or the amount of the sanction imposed, is likely, if published, to undermine confidence in the financial system, according to the assessments conducted jointly with the Coordination of Supervision, on the basis of the overall information in its possession and in particular the situation, current and prospective, of the financial system itself at the time of publication

  • an ongoing criminal investigation is deemed to be at risk in all cases in which:

    • the devolution to the criminal court of the cognition concerning the administrative offence due to objective connection with crimes has been ordered, pursuant to the Delegated Decree implementing Article 32 of Law No. 68 of June 28, 1989;

    • the Central Bank has been sent formal and documented notice of an ongoing criminal investigation involving the same material conduct as in the administrative sanction proceedings;

  • it is considered that the damage that can be caused by the publication, to the natural or legal persons involved, is disproportionate and determinable, as by law, in all cases in which the same persons involved preliminarily prove, in counter-deductions to the act of contestation and adducing certain and determined elements:

    • significant and further damage than mere reputational damage, which is instead among the effects pursued by the reform with a view to strengthening the dissuasiveness of sanctioning measures;

    • the direct causal link between the aforementioned damages and the publication of the sanctioning measure, if it was adopted as a result of the ongoing administrative procedure.

 

Finally, with regard to the data subject to publication, these concern:

  • the name of the legal person/surname and first name of the sanctioned person;

  • the function held (for natural persons);

  • the name, if any, of the legal person jointly and severally liable;

  • the amount of the administrative penalty;

  • the nature of the violation and regulatory references;

  • the date of the sanction measure;

  • the date or reference period of the violation;

  • the filing of administrative appeal, if any, and its outcome;

The publication of the sanction is communicated to the addressee in the act of imposition at the end of the sanctioning procedure.

 

Modalities of publication

The publication methods stipulated by the Law consist of the publication of the measure both on the CBSM website and in the Official Bulletin, Administrative Part and Advertisements, for the duration of five years.

Information about published sanctions will remain on the Central Bank's website until the lapse of five years from the date of publication.