Issuance of Miscellaneous Regulations 2022

The Central Bank of the Republic of San Marino announces that, on February 23, 2022, it issued Regulation No. 2022-01, titled "Miscellaneous targeted amendments to the current supervisory provisions" which will enter into force on February 28, 2022.

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.

Following the consultation process, the measure has been enriched with the following key elements:

1. A reorganization of the market access procedures for foreign entities, through:

a) The removal, among the requirements, of the so-called "good standing" certificate issued by the foreign regulatory authority for all foreign financial institutions seeking authorization to operate in San Marino via branch or on a cross-border services basis, provided they are based in an EU or EEA country, or in any jurisdiction bound by current international agreements to implement European financial regulations.

b) The introduction, for acquiring services, of a provision allowing foreign Payment Service Providers (PSPs) to operate in San Marino through a market affiliation arrangement with PSPs already established within the territory, thereby shifting the responsibility for providing the San Marino Supervisory Authority with the relevant cross-border operational information onto the latter.

c) A clarifying provision regarding the equivalence of foreign notarizations for supervisory purposes, provided they are accompanied by legalization or an apostille in accordance with applicable regulations.

2. A broader definition of payment cards, encompassing not only traditional plastic cards but also new-generation digital formats, or any other forms distinct from physical cards;

3.  The introduction of provisions to align with Decree No. 210/2021, concerning the updated corporate purpose of Poste San Marino S.p.A., which no longer includes "financial" services.

4. The introduction of provisions to align with Article 7 of Law No. 207/2021, regarding new streamlined procedures available to Liquidator Commissioners, designed to prevent delays or hindrances in the completion and closure of compulsory administrative liquidations due to the inactivity or unavailability of those entitled to refunds or distributions.

5. The extension of the transitional period deadline to June 30, 2022, for: 

a) The conclusion of authorization procedures for foreign PSPs with whom correspondence has already been exchanged with the Central Bank, providing acquiring services to San Marino-based economic operators; 

b) The conclusion of authorization procedures for foreign PSPs operating in the territory through Poste San Marino S.p.A.;