---
title: Warning from the Central Bank of the Republic of San Marino Regarding the exercise of independent financial advisor activities during the transitional regime
description: With regard to those who, whether natural or legal person, although not among the authorized persons under the LISF, in the meantime of the Regulations to...
---

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# [Warning from the Central Bank of the Republic of San Marino Regarding the exercise of independent financial advisor activities during the transitional regime](https://www.bcsm.sm/en/news/warning-from-the-central-bank-of-the-republic-of-san-marino-regarding-the-exercise-of-independent-financial-advisor-activities-during-the-transitional-regime)

 Written by [BCSM](https://www.bcsm.sm/en/news/author/bcsm) | 13 Apr 2021

Regarding those individuals or entities who, although not falling within the category of authorized persons under the LISF, are engaged in the professional activity of independent financial investment advisory services, pending the enactment of the implementing regulation of Article 25-bis of the LISF and the establishment of the relevant Register

**the Central Bank of the Republic of San Marino**

In accordance with Article 33, paragraph 3, of the Delegated Decree No. 61 of March 29, 2019, and considering the time elapsed since the deadline set for the informational submission (July 31, 2019), the number of communications received, and the possibility that other entities may have commenced or intend to commence the relevant activity during the additional transitional period;

**invites**

the aforementioned parties, who have not yet complied in accordance with Article 33, paragraph 3, to provide the required information using the same methods or by email to [dipartimento.vigilanza@bcsm.sm](mailto:dipartimento.vigilanza@bcsm.sm);

**reminds**

the same parties that, although operating under a transitional regime, are still subject to the provisions of paragraphs 1, 4, and 5 of Article 25-bis of the LISF, concerning the exercise of the activity;

**specifies**

that, pursuant to the provisions defined in letter m-ter) of Article 1, paragraph 1, of the LISF, the aforementioned information requirements do not apply to those consultants whose recommendations;

a) although relating to transactions involving specific financial instruments, are not personalized, as they are not directed to one or more identified clients (lack of a subjective element) – for example, *investment research, financial analysis, and other forms of recommendations concerning financial instruments, provided they are aimed exclusively at the general public*;

b) while personalized, do not concern transactions involving specific financial instruments, but instead relate to "types" of financial instruments (lack of an objective element) – f*or example, asset allocation and financial planning;*

**is available**

to interested parties who request clarification, via email, regarding the applicability or non-applicability of the provisions set forth in Article 25-bis of the LISF, based on the detailed information they provide about their activities;

**confirms**

that the Regulation establishing the Register of Independent Financial Advisors, including the transitional provisions for those who must register in order to continue their activities, will be adopted shortly, following the public consultation procedure pursuant to Article 38, paragraph 5 of the LISF.

[View full post](https://www.bcsm.sm/en/news/warning-from-the-central-bank-of-the-republic-of-san-marino-regarding-the-exercise-of-independent-financial-advisor-activities-during-the-transitional-regime)

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