The Central Bank of the Republic of San Marino announces the launch of a public consultation procedure regarding the following draft Regulation:
Amending Regulation to Regulation No. 2010-01 on the Professional Practice of the Trustee Office in the Republic of San Marino
The measure updates the Implementing Regulation of Delegated Decree No. 49 of March 16, 2010, as last amended by Law No. 123/2019, in order to:
- Attach the additional self-declaration form to be submitted by May 31 of each year, in accordance with the new paragraph 7-bis of Article 2 of the aforementioned Decree;
- Implement, in accordance with paragraph 7, letter f) of the same article, the provisions regarding mandatory annual training, establishing, starting from the current year, the accreditation of trust-related courses organized by the Professional Orders of Lawyers and Accountants, meeting specific qualitative, quantitative, and organizational standards, whether conducted in person or through remote methods (e-learning, webinars, etc.), also in relation to the ongoing social distancing measures;
- Align the professional qualifications of the Heads of Trustee Offices for trust companies and financial firms, and strengthen transparency requirements for the effective ownership structures of trustee entities in corporate form, for supervisory purposes;
- Introduce a dedicated and separate section in the Register of Professional Trustees to publicly acknowledge, and thus highlight, the specific trust-related training acquired, when requested by the relevant lawyer or accountant, even with respect to its usefulness for the professional exercise of the position of Resident Agent.
The consultation will conclude on May 14, 2020.