Written by BCSM | 19 Sep 2025
The Central Bank of the Republic of San Marino announces that today, pursuant to Article 25-bis of Law No. 165 of November 17, 2005 (so-called LISF), it has issued Regulation No. 2025-02 on independent financial advisors, which will enter into force on September 25, 2025.
As already specified in the public consultation phase, the measure repeals Regulation No. 2020-03, which is thus replaced, seamlessly and without the need for transitional regimes, to integrate the discipline on rules of conduct and organization with a view to aligning with the standards of Directive 2014/65/EU (so-called MiFID 2).
This Directive, with regard to investment service providers (banks, investment firms, management companies, etc.), has already been transposed by Regulation No. 2024-05, so the intervention is also aimed at coordinating the two regulations with each other.
In the absence of input from the consultation, also due to the absence to date of "independent financial advisors" qualified to operate as such in the San Marino landscape, the Regulations were adopted without significant changes from the previously published draft.