The Central Bank of the Republic of San Marino announces that, on March 27, 2023, it issued Regulation No. 2023-01 "Miscellany of targeted interventions of revision to the current supervisory provisions", which will enter into force on March 31, 2023.
The measure, adopted following the public consultation process, consists of 18 articles, comprehensively amending and supplementing 15 regulations/circulars, as well as the entire supervisory framework through overarching final provisions, as further detailed in the table below:
| n. Art. | Amended Act | Subject |
| 1 | Circ.2010-02 | Prudent and Sound Management Practices for Trust Companies |
| 2 | Circ.2012-01 | Periodic Reporting Requirements on Payment Instrument Usage |
| 3 | Circ.2015-02 | Disclosure Obligations - Central Credit Register |
| 4 | Reg.2006-03 | Collective Investment Services |
| 5 | Reg.2007-02 | Insurance and Reinsurance Intermediation |
| 6 | Reg.2007-07 | Savings Collection and Banking Activities |
| 7 | Reg.2011-03 | Loan Provision Activities (Financial Companies) |
| 8 | Reg.2008-01 | Life insurance activities |
| 9 | Reg.2010-01 | Professional practice of Trustee Services |
| 10 | Reg.2013-04 | Euro Banknotes and Coins |
| 11 | Reg.2015-01 | Information Supervision and Oversight |
| 12 | Reg.2009-01 | Financial statements - insurance companies |
| 13 | Reg.2016-02 | Financial Statements / Consolidated Financial Statements – Authorized Entities |
| 14 | Reg.2020-04 | Payment Services and Electronic Money Issuance |
| 15 | Reg.2021-02 | Rigorous Procedures for Financial Enterprises |
| 16 | /// | Final Provisions |
| 17 | /// | Transitional Provisions |
| 18 | /// | Consolidated Texts |
Following the consultation process, the measure has been enriched with the following key elements:
- expansion of the prudential incentive measure for intangible assets resulting from technological investments to all categories of authorized entities, in support of the continuity of “strategic operational functions,” as now defined in each relevant sectoral regulation;
- reformulation of the specialized professional qualifications for the management company’s directors, as required for the majority of the Board of Directors, in order to:
- recognize management skills acquired in sectors outside of finance (such as credit, real estate, and art) when they are relevant to the investment activities the management company plans to establish and manage;
- implement an evaluation criterion that applies to the entire governing body, based on the complementarity of the professional skills present, rather than evaluating each member individually;
- allowing the option for shared office spaces among multiple agents or brokers, restricted to common and accessory areas, and introducing a four-month deadline for insurance intermediaries making structural changes to their offices (external access, separate archives) to meet enhanced compliance standards;
- introducing a requirement for brokers registered to intermediating policies in collaboration with non-registered foreign agents: ensuring no overlap between registered intermediaries and agents of the same insurance company representing their clients. This operational constraint will apply exclusively to new intermediation (including renewals of expiring policies), and for existing cross-border collaboration agreements, only for those initiated after December 31, 2023, to allow for compliance during this period;
- clarification of the application procedures for "collaborators of insurance intermediaries”, when legal entities, regarding the honorability and professional requirements, introducing a cap of 250 euros per transaction for off-site staff receiving cash from clients;
- rRecalibration of fit and proper requirements for the executives of banks, including the introduction of an incompatibility for the head of the executive structure with other roles, unless within the same group or in structures of significant personal/family relevance (S.P.E.), and removing the maximum tenure limit for directors (nine years in the last twelve) in the absence of European standards, considering the overall adequacy of the board, also reflected in a diversity of tenure among its members;
- application of the look-through principle to structured financial instruments in the portfolio to more accurately determine their capital absorption coefficient based on actual risk, verifiable if necessary through a dialogue with the regulated bank or financial company, reviewing the specific offering documentation for the instrument in question;
- clarification on the application of rules regarding the verification of "capital capacity" requirements for the suspension of the obligation to sell real estate assets acquired through debt recovery;
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extension of the deadline for submitting supervisory reporting flows to the Central Bank, from April 15 to April 23, with reference to the December 31, 2022 data, and postponement to the 2023 annual financial statements for changes related to valuation criteria for balance sheet items (non-invested financial instruments);
- exemption from the obligation to submit additional detailed paper reports by June 30, 2023, for authorized entities already providing the required electronic reporting for the same asset categories (securities, holdings, real estate, and doubtful receivables).