It is hereby announced that on January 4, 2024, the Central Bank of the Republic of San Marino signed a Memorandum of Understanding (MoU) with the Andorran Financial Authority (AFA).
The Memorandum establishes a broad framework for bilateral cooperation between the two supervisory authorities in the performance of their respective functions and duties. The agreement covers the entire financial services sector and provides a solid foundation for the exchange of information and mutual assistance in the supervision and regulation of banking, financial, and insurance activities. Moreover, the MoU will facilitate effective collaboration and the sharing of expertise between the two authorities in the adoption and subsequent implementation of the EU acquis on financial services, in light of the anticipated conclusion of the Association Agreement between San Marino, Andorra, and the European Union.
The agreement was signed by Dr. David Cerqueda, Managing Director at AFA, and Dr. Andrea Vivoli, Managing Director of CBSM.
Managing Director Vivoli welcomed the signing of the MoU, stating: "The Memorandum with the Andorran Financial Authority reflects a shared vision for a strong and well-regulated financial sector. Through this agreement, we aim to foster a culture of cooperation, information sharing, and continuous improvement in supervisory activities. Together, we will be better equipped to address the complexities arising from the Association Agreement with the EU and seize opportunities for the benefit of our economies."
Dr. Cerqueda emphasized: "The Memorandum of Understanding between the Andorran Financial Authority and the Central Bank of the Republic of San Marino confirms the international alignment of our respective financial systems and will serve as a highly useful instrument for enforcing the EU acquis, in addition to the legal acts already implemented under the Monetary Agreement."