The Central Bank of the Republic of San Marino, following up on the Notice issued on April 14, announces the launch of a public consultation on the draft regulation titled:
Regulation on Independent Financial Advisors
This measure aims to implement Article 25-bis of the LISF, introduced by Delegated Decree No. 61 of March 29, 2019, in compliance with the so-called “MiFID II” framework, through:
- The establishment of the (new) Public Register of Independent Financial Advisors at this institution, which is maintained, as customary, in an electronic format and available online. All individuals or entities, other than authorized subjects, providing professional investment advice on an independent basis, are required to register;
- The implementation of market entry/exit regulations through the provisions governing the management of the aforementioned Register concerning registration requirements and procedures, as well as the causes and effects of suspensions and cancellations;
- The introduction of basic operational rules for this (new) category of supervised entities, aimed at protecting clients who rely on their services.
Contributions to the consultation may be submitted to the following email address:
dipartimento.vigilanza@bcsm.sm, with the subject line "Consultation on Independent Financial Advisors Regulation."
The consultation period will close on June 21, 2020.