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.
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 ConsolidatedFinancial 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
stating as the subject of the e-mail:
"Consultation Circular Update Consolidated Financial Statements and Prudential Regime Securitization System."