The Central Bank of the Republic of San Marino announces the issuance of the Regulation updating the rules of transparency towards investors in mutual funds, which will enter into force on January 1, 2023.
The Regulation implements Article 17 of Delegated Decree No. 8 of January 24, 2022, titled "Provisions on Financial Matters Implementing Regulations (EU) No. 648/2012, 909/2014, 2015/2365, and 2016/1011."
The Regulation governs transparency obligations towards investors regarding the use of Securities Financing Transactions (SFTs) or total return swaps in the management of investment funds, in accordance with Articles 13 and 14 of Regulation (EU) 2015/2365 on securities financing transactions and reuse.
In order to incorporate the EU acquis in this specific area and to strengthen transparency safeguards for clients within the San Marino framework, the Regulation introduces targeted revisions to the existing regulatory framework on collective investment services. Specifically, it amends CBSM Regulation No. 2006-03 on collective investment services and CBSM Regulation No. 2007-06 on the preparation of financial statements for investment funds, also establishing the applicable timelines for compliance.