The Central Bank of the Republic of San Marino announces that, on February 9, 2024, it issued Regulation No. 2024-01, titled "Miscellaneous targeted amendments to the current supervisory provisions," which will enter into force on February 13, 2024.
The measure, adopted following the public consultation process, consists of 17 articles, comprehensively amending and supplementing 14 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. 2022-01 | Prudential framework for system-wide securitization |
| 2 | Circ. 2012-03 | Prudential reporting obligations – banks |
| 3 | Circ. 2013-01 | Prudential reporting obligations – financial institutions |
| 4 | Circ. 2017-04 | Reporting obligations – financial statements |
| 5 | Reg. 2022-04 | Securitizations and servicers |
| 6 | Reg. 2020-04 | Payment services and electronic money issuance |
| 7 | Reg. 2015-01 | Supervisory reporting |
| 8 | Reg .2006-01 | Register of authorized entities |
| 9 | Reg. 2016-01 | Depositors' Guarantee Fund |
| 10 | Reg. 2010-01 | Professional trustees |
| 11 | Reg. 2014-01 | Financial promotion and off-premises offers |
| 12 | Reg.2008-01 | Insurance activities- life branches |
| 13 | Reg.2016-02 | Corporate and consolidated financial statements |
| 14 | Circ.2017-03 | Financial statement reporting obligations |
| 15 | /// | Final provisions |
| 16 | /// | Entry into force |
| 17 | /// | Consolidated texts |
Following the consultation process, the measure has been enriched with the following key elements:
- Clarifications regarding:
- the exclusion of "system-wide ABS" from prudential calculations for large exposures;
- the risk-weighting factor for "self-securitized ABS" (applicable when the retained risk level is partially held) and their overall capital absorption (equivalent to that of self-securitized credit exposures, reduced proportionally in the event of a transfer to third parties); - Integration into the "Servicer Regulation" of a fundamental regulatory framework governing supervisory reporting obligations;
- Categorization of "qualified entities" for the accreditation of training initiatives, aimed at registration in the Register of Professional Trustees and/or compliance with the annual continuing education requirements for registered members, as well as for the related certification activities towards the Supervisory Authority and participants;
- Refinement of the definition of “distress” to exclude “new finance” granted with super-priority status to insolvency proceedings’ bodies, provided that the full recovery of the credit is guaranteed;
- The introduction of specific accounting regulations regarding the "write-off" of receivables, allowing for their cancellation or derecognition even in cases where there has been no legal waiver of credit recovery, provided that the write-off is either total or, if partial, applies to receivables already classified as non-performing. If not classified as non-performing, the receivable must have been categorized as a non-performing exposure for at least 10 years, and the ratio between its net book value and gross book value must have fallen below 25%.