The Central Bank of the Republic of San Marino (CBSM) is pleased to announce that, on January 4, 2024, it has successfully concluded and signed a Memorandum of Understanding (MoU) with the Andorran Financial Authority (AFA).
The MoU establishes a wide scope of cooperation between the two Authorities in the carrying out of their respective functions and duties. It includes all the financial services and provides a solid framework for the exchange of information and mutual assistance in matters related to the supervision and regulation of banking, financial and insurance activities. The agreement will also facilitate the proactive cooperation and sharing of capacities between the two authorities in the adoption and implementation of the EU acquis for financial services in the light of the expected conclusion of the Association Agreement between San Marino and Andorra with the European Union..
The agreement was signed by Mr. Andrea Vivoli, General Manager of the CBSM and Mr. David Cerqueda Managing Director of the AFA.
Mr. Andrea Vivoli welcomed the signing of the MoU saying: “The Memorandum with the Andorran Financial Authority reflects our shared vision for a robust and well-regulated financial sector. Through this agreement, we aim to foster a culture of collaboration, information sharing, and continuous improvement in our supervisory practices. Together, we are better positioned to address the complexities arising from the Association Agreement with the EU and seize opportunities for the benefit of our economies.”
Mr. David Cerqueda, Managing Director of the Andorran Financial Authority, welcomed the signing of the MoU saying: “The Memorandum of Understanding between the Andorran Financial Authority and the Central Bank of the Republic of San Marino reaffirms the international homologation of our respective financial systems and will be a very useful tool in order to implement and apply the new EU legislation beyond all the legal acts already implemented on the back of the Monetary Agreement.”