The Central Bank of the Republic of San Marino announces that it has issued Regulation No. 2021-02 "Regulation on the Procedures for the Financial Business Rigour," which will come into effect on 16/07/2021.
The provision, adopted following a public consultation process, will also apply to ongoing rigour procedures, but only for the stages of the procedure that have not yet commenced, and in accordance with the actions already carried out.
In particular, due to the aforementioned effective date of the provision and the transitional provisions contained therein, the following deadlines apply:
- For the potential replacement of current representatives in rigour procedures: application of the new rules regarding qualifications, verification methods, and predetermined fees;
- From 01/08/2021: prohibition on the payment of early reimbursements, where applicable;
- 14/09/2021: deadline to express any objection to the publication of the fees for representatives and former representatives of ongoing rigour procedures;
- From 14/09/2021: application of the ethical code to all current representatives of ongoing rigour procedures;
- 30/09/2021: special deadline for submitting the first lists of candidates to the Central Bank for any future appointments;
- 31/01/2022: deadline for sending, via electronic mail, to all creditors listed in the liabilities, including the separate section, of open LCA procedures, the first annual communication containing the status of accounts and financial statements for the procedures as of 31/12/2021.