The Central Bank of the Republic of San Marino announces the issuance of the “Regulation on Consolidated Financial Statements supplementing Regulation No. 2016-02 and Circular No. 2017-03,” effective from 1 January 2024.
As previously indicated at the launch of the public consultation process (see press release), the regulation:
- starting from the 2024 financial year, authorized entities (excluding insurance companies) will be required to prepare and approve consolidated financial statements when acting as parent companies, in accordance with the formats and criteria set out in the regulation;
- it completes the transposition of Directive 86/635/EEC and its related measures while also implementing the provisions under Chapter I, Title VI, Part I of the LISF, taking into account the amendments introduced by Article 3 of Delegated Decree No. 19/2023;
- it takes effect on the same date as the reform on credit exposure taxonomy, recently introduced by CBSM Regulation No. 2023-02 in alignment with European standards.
With the entry into force of the regulation in question, the consolidated texts of the two amended provisions will be available on the website, as is customary.