---
title: Launching public consultation on draft circular
description: initiation of public consultation on draft circular
---

[BCSM Blog ](https://www.bcsm.sm/en/news)

# [Launching public consultation on draft circular](https://www.bcsm.sm/en/news/avvio-consultazione-pubblica-su-bozza-di-circolare)

 Written by [BCSM](https://www.bcsm.sm/en/news/author/bcsm) | 17 Feb 2026

The Central Bank of the Republic of San Marino announces that it has initiated a public consultation procedure on the draft [Circular Update on Consolidated Financial Statements and Prudential Regime of System Securitization](https://www.bcsm.sm/hubfs/Consultazioni/260216_BozzaCircolareConsultazione.pdf?hsLang=en).

The measure put out for consultation responds to the need to make updates to supervisory provisions concerning the following two distinct areas:

- notes to the consolidated financial statements;
- prudential regime of system securitization.

More specifically:

- the updates to the existing regulations on the notes to the consolidated financial statements are aimed at making simplifications to "*Circular No. 2017-03 on Disclosure Requirements for Corporate and Consolidated**Financial Statements*," resulting in an alignment amendment to "*Circular No. 2017-04 Disclosure Requirements for the Statements of Accounts (SC)*."
- updates to the rules on the prudential regime of systemic securitization, contained in Circular No. 2022-01, are aimed at introducing, as of July 1, next year, a prudential *backstop* measure with reference to *Junior* and *Mezzanine* *Asset Backed Securities*, to also take into account the share of the differential between liabilities and assets of the securitization pertaining to each *originator* bank, corresponding to the respective share of Junior and *Mezzanine* ABS held with respect to the total outstanding nominal value of each of the aforementioned *tranches*.

The consultation will end on March 19, 2026.

Any contributions to the consultation can be sent to the following e-mail address:

[dipartimento.vigilanza@bcsm.sm](mailto:dipartimento.vigilanza@bcsm.sm)

stating as the subject of the e-mail:

"*Consultation Circular Update Consolidated Financial Statements and Prudential Regime Securitization System*."

[View full post](https://www.bcsm.sm/en/news/avvio-consultazione-pubblica-su-bozza-di-circolare)

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