The Central Bank of the Republic of San Marino announces that it has initiated a public consultation process regarding the following draft Regulation:
This measure aims to regulate, within the aforementioned Regulation No. 2007-01, the new whistleblowing reporting procedures to the supervisory authority, as currently set out in paragraphs 1-bis, 1-ter, and 1-quater of Article 68 of the Financial Services Law (LISF), as amended by Decree No. 61 of March 29, 2019, implementing the so-called “MiFID II”.
As is well known, such reports, like so-called whistleblower reports, are always addressed to the relevant Supervisory Authority, but not by clients and are not intended to report alleged breaches or misconduct by supervised entities in their commercial relationships. Instead, they can be submitted by any individual, including employees and representatives of the supervised entities, to report alleged violations of the rules set forth in the LISF or relevant supervisory regulations, provided such violations do not affect the submitter’s legal interests or consumer protection.
Any contributions to the consultation may be submitted to the following email address:
dipartimento.vigilanza@bcsm.sm
Please indicate “Consultation on Whistleblowing Regulation” in the subject line of the email.
The consultation will close on December 10, 2020.