The Central Bank of the Republic of San Marino announces the issuance of Circular No. 2021-01, titled “Moment of Finalization for Transfer Orders in San Marino Systems,” effective as of today.
The Circular, which will come into force on April 1, 2025, repeals and replaces the previous Circular on the same subject (Circ. No. 2008-03). The new provisions introduce amendments that do not affect the substance, specifically the determination of the moments at which transfers become final, but rather the definitional content and references to relevant legal sources.
This intervention has become necessary following the repeal of Law No. 45/2007 by Delegated Decree No. 111 of August 31, 2018, as well as San Marino’s integration into SEPA, which requires corresponding updates in terminology.