Initiation of public consultation

The Central Bank of the Republic of San Marino announces that it has initiated a public consultation procedure on the following draft Regulations:
Reg. Miscellaneous of Targeted Interventions for Revision to Existing Supervisory Provisions.

Among the planned interventions, the most significant ones are summarized below, in summary and according to the order of discussion in the draft measure:
1 the coordination between Regulations Nos. 2016-02 and 2024-05 on the subject of financial statement representation of the dealing or "trading" portfolio of securities;
2. the integration of the Register of Authorized Persons with the indication of brokers and agents in the territory also for San Marino financial companies;
3. The extension to foreign TPPs, for AIS and PIS services on payment accounts rooted in the territory, of the special authorization regime already provided for foreign payment institutions that provide acquiring services to San Marino merchants with agreements;
4. The simplification of the discipline on the annual information requirements of insurance intermediaries, bringing them back to unity (single deadline 31/03);
5. Alignment of the regulations for financial promoters with the homologous regulations provided for insurance intermediaries with regard to both the professionalism requirement and annual disclosure requirements;
6. The simplification of the data set of the register of independent financial advisors and the alignment of the regulations on the professionalism requirement to the homologous regulations provided for financial promoters;
7. The integration of the definition of "related parties" in the regulations of banks, financial companies and investment firms;
8. The repeal of provisions that have been superseded by interventions to update the legislative framework (Article 31 paragraph 3 of the Company Law) or regulations (introduction of BCSM Reg. No. 2024-05);
9. The coordination between Regulation No. 2007-07 and Circular No. 2023-01 on the subject of second-pillar capital requirement(calendar provisioning);
10. The application for the purpose of calculating the anti-usury thresholds, including for surcharge points for late payment, of a "weighted" average;
11. The consolidation, within BCSM Reg. No. 2021-02, of the public response to a question regarding the criteria for drafting the report under Article 88(4) of the LISF;
12. The application simplification of the procedure of "validation", by top management, of the information flows sent to BCSM, establishing an annual periodicity;
13. The explication of a procedural rule, of general scope, with regard to the reporting obligations of applicants pending authorization proceedings;
14. the placing in terms of already operational investment service providers with regard to the specific contractual transparency obligations arising from the recent introduction of the implementing regulation of Article 100 bis of the ISL.