The Central Bank of the Republic of San Marino announces that on February 9, 2024, it issued Regulation No. 2025-01, titled "Miscellany of Targeted Interventions to Revise Current Supervisory Provisions," which will come into effect on January 28, 2025.
This measure, adopted following a public consultation procedure, consists of 17 articles and makes extensive amendments and additions to 14 regulations and circulars. It also includes final cross-cutting provisions that impact the entire supervisory framework, as detailed in the table below:
| n. Art. | Amended Act | Subject |
| 1 | Circ. 2017-03 | Budgetary disclosure requirements |
| 2 | Circ. 2017-04 | Disclosure requirements - accounting situation |
| 3 | Reg. 2022-04 | Securitizations and servicers |
| 4 | Circ. 2023-01 | Calendar Provisioning |
| 5 | Reg. 2007-07 | Banking Activities |
| 6 | Reg. 2015-01 | Information supervision |
| 7 | Reg. 2024-02 | Insurance distribution |
| 8 | Reg. 2008-01 | Insurance business - life business |
| 9 | Reg. 2021-02 | Hardship procedures |
| 10 | Reg. 2014-01 | Financial promotion and over-the-counter offerings |
| 11 | Reg. 2020-03 | Independent financial advisors |
| 12 | Reg. 2010-01 | Professional trustees |
| 13 | /// | Final Rules |
| 14 | /// | Transitional rules and entry into force |
| 15 | /// | Consolidated texts |
As a result of the consultation procedure , the measure is enriched with the main contents summarized below.
For banks:
(a) the inclusion among the exercisable activities of trading in precious metals for investment, in application of the special rules set forth in Delegated Decree No. 134/2023;
b) the deductibility from the risk-weighted value of assets (RWA) also of any prudential hedging of the same pursuant to Circular No. 2023-01 (Pillar II);
(c) the possibility for the head of their executive structure, subject to the availability of time to be reserved for the executive position, to hold other positions when functional to the bank's business.
For insurance distributors:
(a) the possibility of using more than one head of distribution activity (RAD) when there are documented needs among those expressly indicated in the regulations;
b) the introduction of clarifying rules of the different transitional regimes, for intermediaries and their DARs, in relation to the succession of rules regarding the professionalism requirement, by Regulation No. 2024-02 and Regulation No. 2025-01.
For insurance companies:
(a) coordination between the provisions recently introduced in annex to Regulation No. 2008-01 with Regulation No. 2024-02, transposing the European standards on distribution (I.D.D.), and the provisions already present on the same matter in Regulation No. 2008-01 or merged therein in repeal of Regulation No. 2017-07 and Circular No. 2017-02;
(b) the simplification, reorganization and updating of the regulatory framework as a whole, which now consists of two regulations (one on enterprises/activities, the other on distribution) that are coordinated with each other, including in terms of terminology and taxonomy, and linked through cross-references to the recently introduced annexes (H and I) included in the articles, and the use of Annex G (already used for the "information note," superseded by the DIPs) to identify the parts of distribution regulations of interest to insurance companies as well, so as to ensure centrality and comprehensiveness to the sector regulation;
(c) the provision of an ad hoc pre-contractual information set for insurance investment products that qualify as dedicated contracts, being reserved for professional clients, with minimum sizing and an equally dedicated internal fund.
For off-site providers (financial promoters or employees) and independent financial advisors, the extension of the same professionalism regime currently provided for insurance intermediaries, then with provision for a Specific Integrative Test (TIS) on San Marino regulations for those who had registered on the basis of passing a suitability assessment test conducted abroad.
For professional trustees having a corporate form, the possibility of requiring additional of their employees/directors who have passed the qualifying test to be registered as deputy heads of the Trustee Office, also to ensure immediate turnover in this essential role, without risk of suspension or interruption in the exercise of the office.
For all licensed individuals:
(a) the introduction, in the respective sector regulations, of specific regulations for the authorization procedures of statutory changes regarding the corporate purpose;
b) the possibility of awarding the task of certifying financial statements to the same auditing firm already certifying the financial statements of investees or equity participants provided that they are "group" within the consolidation perimeter of the financial statements themselves.
In closing, it is worth noting that, as a result of these Regulations, both the multi-year process of replacement (and consequent express repeal) of all the provisions adopted by the then Credit and Currency Inspectorate and the process of aligning and updating all the templates previously attached to the sector regulations, for self-declaratory or otherwise supervisory use, are completed.