The Central Bank of the Republic of San Marino announces the issuance of:
(a) the Regulations on securitization transactions and related servicers
(b) the Circular on the prudential regime of system securitization
These provisions will enter into force on November 30 of this year, in the absence of impacts justifying vacatio periods or transitional measures.
As previously highlighted in the opening announcement of the public consultation procedure regarding the related drafts, to which reference is made, the two measures aim to implement Law No. 157 of August 30, 2021, “Measures and Instruments for the Securitization of Credits,” and Article 5 of Delegated Decree No. 126 of July 27, 2020, “New Mission of Banca Nazionale Sammarinese S.p.A.” This is intended to complete the regulatory framework necessary for the establishment of a “systemic securitization,” pending the appointment of the arranger and the establishment of IGRC as the systemic servicer, in accordance with Delegated Decree No. 100 of July 6, 2022.
Following the consultation process, which concluded on October 30th, the text of the Circular remains unchanged, while the text of the Regulation has undergone some minor amendments.
With the regulatory framework now established, the Supervisory Authority hopes that the additional steps necessary for the systematic securitization of non-performing loans (NPLs) and related real estate assets will be promptly completed.