The Central Bank of the Republic of San Marino announces the launch of a public consultation on the following draft Regulation:
Miscellaneous Regulation on Targeted Revisions to the Existing Supervisory Provisions.
Among the most relevant proposed measures of public interest, the following are highlighted:
- The simplification of the rules governing the Register of Authorized Entities, with a view to enhancing the international openness of the system (home country control principle) and promoting the use of corporate websites by leveraging hyperlinks;
- The introduction of a requirement for all San Marino-authorized entities to publish on their websites the same financial statements—covering at least the last three fiscal years—already disclosed in the Register of Authorized Entities, in line with the above-mentioned principle;
- The adaptation of the Credit Registry to allow participation, in relation to banking or financial credits, by Special Purpose Vehicles (SPVs) or Servicers acting on their behalf;
- The streamlining of the simplified registration procedure in San Marino for Payment Service Providers (PSPs) based in the EU, enabling them to offer acquiring services—including through the acceptance of electronic money—to San Marino-based economic operators, as well as the extension of the deadline for regularizing existing services under ongoing arrangements, from December 31, 2021, to June 30, 2022.
The consultation period will conclude on January 15, 2022.
Any contributions to the consultation can be sent via email to: vigilanza.regolamentare@bcsm.sm, specifying “Miscellaneous Regulation - Consultation” in the subject line.