The Central Bank of the Republic of San Marino announces that, on June 3, 2020, it issued Regulation No. 2020-02, titled “Amending Regulation No. 2010-01 on the professional practice of trustee services in the Republic of San Marino.”
This regulation implements Article 2 of theDelegated Decree no.49 dated March 16, 2010, as recently amended by Law No. 123/2019. It sets out detailed provisions regarding the requirements and procedures for registration on the Register of Authorized Trustees, as well as the causes and consequences of cancellations and suspensions, with particular emphasis on the mandatory annual training.
Following the comprehensive consultation process concluded on May 14th, the reform has been further expanded and is now more focused on administrative simplification. Key changes include: the use of digital or in-person signatures as an alternative to notarized authentications; electronic registered mail as a substitute for paper-based mail; the accreditation of courses and tests conducted entirely online, provided they are organized by San Marino's professional bodies for lawyers and accountants, and adhere to the required annual hours; streamlining of administrative procedure timelines; verification of insurance requirements through annual receipt acknowledgment instead of a policy binding requirement; independent checks on beneficial owners through electronic access to the relevant registries; and opening up the market for so-called trust company (removal of the minimum capital requirement and mandatory financial statement certification, except for the obligation of a Sole Auditor or Board of Auditors; redefinition of the R.U.T. role in a manner more compatible with the trustee's corporate structure; inclusion of fund managers within the scope of professional training; and equivalence between the English and Italian languages for procedural purposes).
These reforms complement those already outlined in the consultation draft, including:
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The encouragement of immediate registration for qualified individuals, which entails, on the one hand, a one-year deadline for new registrants to apply for authorization, and on the other hand, the introduction of a self-suspension regime for those registered individuals who, no longer or not yet, perform the professional trustee role as per current regulations, and wish to suspend their insurance obligations, while maintaining only those related to training and supervision.
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The establishment of a new, dedicated, and separate section within the Professional Trustees' Registry to publicly acknowledge, and thereby enhance, the specialized trust-related training completed by the relevant lawyer or accountant, particularly in relation to potential professional roles as Resident Agents for San Marino trusts administered abroad, if requested by the attorney or the accountant.
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The introduction of a new annual self-declaration model to confirm the maintenance of requirements, as stipulated in paragraph 7-bis of Article 2 of the aforementioned Decree, attached as Annex 5 to the new regulation, replacing the entire certification package that needs to be renewed.
In this regard, it is clarified that the model, which can be signed digitally or in person at CBSM or in the presence of a Notary, is already available for use by all registered trustees. These trustees are encouraged to use it starting from the 2020 FY and for the following calendar years, in compliance with the declaration deadline of May 31st.
Regarding the activation of the new section for Resident Agents Training, the information will also be made publicly available on this homepage by The Central Bank.