The Central Bank of the Republic of San Marino announces the initiation of a public consultation on the draft "Regulation on investment solicitation."
This Regulation, implemented in accordance with the regulatory mandates outlined in Title I of Part III ("Issuer Regulation") of the LISF, specifically Articles 106, 107, and 108, aims to establish a solid legal framework that consolidates the guidelines and practices previously adopted in the assessment and authorization processes related to investment solicitation in San Marino. It also sets forth standards of transparency and fairness applicable to all offerors, whether they are designated distributors (Sammarinese financial intermediaries) or direct issuers (including non-financial or non-Sammarinese entities), drawing from the latest comparable standards adopted at the European level, particularly Regulation (EU) 2017/1129 and its implementing legal acts.
Specifically, the Regulation:
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outlines the circumstances under which the publication of an information prospectus for investment solicitation in financial products requires authorization in San Marino, identifying relevant exclusions;
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defines the structure and minimum mandatory contents of the prospectus, along with associated clarity and transparency standards;
- regulates the authorization process, specifying the procedures, timelines, and responsible parties.
The consultation period will conclude on October 20 of this year.
Contributions to the consultation may be sent via email to: dipartimento.vigilanza@bcsm.sm, with the subject line: “Consultation on Prospectus Regulation”.