The Central Bank of the Republic of San Marino announces the launch of the public consultation procedure on the draft "Regulation updating the rules of transparency towards investors in mutual funds ".
The measure aims to implement Article 17 of Delegated Decree No. 8 of January 24, 2022, titled "Provisions on Financial Matters Implementing Regulations (EU) No. 648/2012, 909/2014, 2015/2365, and 2016/1011". According to this provision, "the Central Bank shall amend the existing regulations issued by the Bank itself concerning collective investment services to establish transparency obligations towards investors regarding the use of securities financing transactions (SFTs) or total return swaps in the management of investment funds, in accordance with Articles 13 and 14 of the SFTR," namely Regulation (EU) 2015/2365 on the transparency of securities financing transactions and reuse.
To ensure alignment with the acquis communautaire in this specific area, the measure consists of five articles, as follows: the first outlines its objectives; the second introduces amendments and additions to Regulation 2006-03 (specifically to Article 1, paragraph 1; Article 122, paragraph 1; and Annex G, Part D, Section B); the third provides for additions to Regulation 2007-06 (notably to Annex A, Explanatory Notes, Paragraph 4, and Annex B, Explanatory Notes, Paragraph 4); the fourth sets out the timeline for entry into force and compliance; and the fifth refers to the consolidated texts.
In light of the limited scope of the intervention, its modest impacts, and the necessity to align with the European transparency standards, the consultation procedure will conclude on October 15th of this year.
Any contributions to the consultation may be sent to the following email address:
dipartimento.vigilanza@bcsm.sm
Please include the following subject line in your email: “Consultation Draft SFTR Regulation.”