The Central Bank of the Republic of San Marino announces that, as of today, it has issued Regulation No. 2020-03 called "Regulation on Independent Financial Advisors".
This regulation implements Article 25-bis of the Law on the Financial System (LISF), recently introduced by Delegated Decree No. 61/2019 in alignment with Directive 2014/65/EU (commonly known as MiFID II). It establishes and governs the new Register of Independent Financial Advisors, which will be maintained by the Central Bank and will soon be accessible online via this website.
Individuals currently engaged in this activity must apply for registration by December 1, 2020, in order to continue their practice. Applications must be submitted to the Central Bank and include proof of compliance with the necessary requirements for integrity, independence, and professionalism.
A grace period of 12 months is provided for those who need to pass the newly introduced evaluation test.
The Regulation outlines the requirements for registration, causes for suspension and removal from the Register, and the related procedures and forms. It also sets forth fundamental conduct and organizational rules for advisors, along with provisions for the exercise of supervisory powers and cross-border operations.