Public Consultation initiated on September 23, 2024

The Central Bank of the Republic of San Marino has announced the launch of a public consultation on the draft “Regulation on payment operations (SEPA)”.

The new regulation aims to update the sector's regulations following the reforms introduced by Regulation (EU) 886/2024 regarding instant payments (transactions to be completed within seconds, 24/7) and Regulation (EU) 1230/2021, which repeals and replaces Regulation (EC) 924/2009 on cross-border payments.

This intervention will replace Regulation 2013-05 “Entry into the Single Euro Payments Area (SEPA)” and amend Regulation 2020-04 on payment services and electronic money issuance, aligning it with the so-called PSD2, particularly regarding the prohibition on beneficiaries charging fees for the payer’s use of payment cards.

The intervention is part of an ongoing process to align with European regulations, as stipulated by the Monetary Agreement, and aims to ensure the continuity of San Marino's payment system's compliance with SEPA standards. The goals are:

• by January 9 2025, the launch of the service for receiving instant payments and daily screening of customers for compliance with targeted financial sanctions (see Annex 3 to the draft Regulation);
• by October 9 2025, the launch of the service for sending instant payments and the preliminary verification of payment beneficiaries (see Annex 2 to the draft Regulation).

The The consultation period will run until October 28, 2024. Contributions can be sent by email to: dipartimento.vigilanza@bcsm.sm