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02 Jul 20251 min read

Launching public consultation on new regulation on independent financial advisors

The Central Bank of the Republic of San Marino announces that it has initiated a public consultation procedure on the draft of a new:

Regulation on independent financial advisors.


The measure, which implements Article 25-bis of Law No. 165/2005 (so-called LISF), was drafted in order to integrate and align the existing regulations for the activity of independent financial advisors set forth in BCSM Regulation No. 2020-03, in view of the issuance at the end of 2024 of BCSM Regulation No. 2024-05 on investment services and activities, the latter adopted in transposition of, among others, Directive 2014/65/EU (so-called MiFID 2).

The additions made with respect to the existing text of BCSM Regulation No. 2020-03 mainly concerned, beyond the definitional scope, Title III dedicated to rules of conduct and organization.

However, this is a new Regulation on Independent Financial Advisors, thus not an "amendatory style" regulation of the existing BCSM Regulation No. 2020-03, and this is for reasons of efficiency, in view of the extent of the changes arranged. Thus, the new Regulation on Independent Financial Advisors that is the subject of this consultation is intended to replace, through repeal, the existing BCSM Regulation No. 2020-03.

The consultation will end on August 29, 2025.

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 New Regulations for Independent Financial Advisors."