Administrative fees
The administrative fees, as outlined in Article 21 of CBSM Regulation No. 2019-01, are applied in relation to investigative activities conducted by the Supervision Department, initiated by private entities not already under supervision for the purposes defined in Delegated Decree No. 117/2006, as amended, and pertaining to:
A. Permit applications
B. Requests for opinions and interpretations of existing provisions
C. Requests for certification of data in public records and registers
(a) Permit applications
In such cases, the fees are categorized based on the supervisory classification of the entity for which Central Bank authorization is requested. This distinction is made between "authorized entities," "other entities supervised or required to be registered in registers maintained by CBSM," and "other entities." The fee amounts are set according to the maximum rate for banks, with adjustments made for other entities based on the operational complexity of the intermediaries, while also considering the potential for offering multiple products and services together.
For foreign financial firms, the fees are lower compared to those for a new incorporation, considering the prudential supervisory regime to which they are already subject in their home country. Additionally, a further distinction is made based on the geographical area (EU/non-EU), reflecting the ongoing alignment between the EU's banking and financial supervisory provisions and those in force in San Marino, in line with the current Monetary Convention. This alignment facilitates the analysis during the preliminary investigation.
Market entry authorizations - financial enterprises
| TYPE OF AUTHORIZATION PROCESS RELEVANT TO THE SUPERVISORY DEPARTMENT |
AUTHORIZED PARTIES | ||||||||
| Banks | Companies Financial |
Trust Companies | Investment Firms | SG | Insurance companies | IDP-IMEL | CASP | Art Issuer | |
| Authorization to engage in restricted activities | 15.000 | 7.500 | 5.000 | 7.500 | 5.000 | 10.000 | 4.000 | 6.000 | 4.000 |
| Enabling operation | 2.500 | 1.250 | 1.250 | 1.250 | 1.250 | 2.000 | 1.250 | 1.250 | 1.250 |
| Authorization to purchase significant holdings in authorized parties | 1,500 (PF)/ 3,000 (PNF)/ 5,000 if controlling | ||||||||
| Authorization of foreign financial enterprises branch | 7,500 (EU)/ 10,000 (EXTRA EU) |
3,750 (EU)/ 5,000 (EXTRA EU) |
2,750 (EU) / 3,750 (EXTRA EU) |
3,750 (EU) / 5,000 (EXTRA EU) |
NA (*) | 5,000 (EU) / 7,500 (EXTRA EU) |
2,000 (EU) / 3,000 (EXTRA EU) |
||
| Authorization to provide services foreign financial enterprises without establishment | 5,000 (EU) / 7,500 (EXTRA EU) |
2,500 (EU) / 3,750 (EXTRA EU) |
1,750 (EU) / 2,500 (EXTRA EU) |
2,500 (EU) / 3,750 (EXTRA EU) |
NA (*) | 1.500 (EU) / 2.500 (EXTRA EU) |
1,500 (EU) / 2.500 (EXTRA EU) |
||
| Notification of opening representative offices by foreign financial enterprises | 2,500 (EU) / 3,750 (EXTRA EU) |
1,750 (EU) / 2,500 (EXTRA EU) |
NA (*) | 1,250 (EU) / 1,500 (EXTRA EU) |
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(*) - In the case of SGs, there is no provision for the operation in San Marino of foreign SGs as the permitted operation is the offering of parts of foreign UCIs through San Marino authorized entities and there is no authorization screening on foreign SGs.
If the Central Bank already holds relevant information and documentation for evaluating the petition, based on other petitions or roles held by the petitioner within the banking and financial system, a 25 percent discount may be applied at the discretion of the Directorate, subject to a minimum fee of 1,200 euros.
Market entry authorizations - entries in registers and registries
Administrative fees were determined based on the following factors:
-
reduced reduced complexity of operations associated with the type of entity;
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absence of capital and prudential parameters similar to those of authorized entities;
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limited systemic risk;
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possibility of operating as natural persons.
In line with these criteria, the following simplified fee structure was adopted for registration in the respective registers of:
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insurance intermediaries;
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financial promoters;
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independent financial advisors;
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professional trustees;
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servicers.
the following simplified fee structure was adopted:
- euro 500 for individuals/personal firms
- euro 1,000 for non-individuals/companies.
Prospectuses and white papers
Proceedings for the approval of the prospectus (ex art. 107 of Law 165/2005) and those for the notification/publication of the white paper (ex art. 8 paragraph 1 of D.D. 138/2024), require the payment of a fixed amount of 4,000 euros and 2,000 euros, respectively, for each proceeding.
(b) Requests for opinions and interpretations of existing provisions
Regarding questions and requests for opinions, the costs will be determined on a case-by-case basis, considering the analysis, study, research, or interpretation required to provide the response. A minimum secretarial fee of €1,500 will apply.
Administrative fees are therefore charged only when the questions or opinions involve interpretive activities related to current regulations or require timely clarification
and identification of the rules applicable to a specific case. This includes situations where prior analysis of the concrete case is necessary, rather than simply referencing specific provisions or outlining the correct application methods of current supervisory regulations.
(c) Requests for certification of data in public records and registers
With regard to requests for formal attestation of data contained in public registers and rolls kept by the Central Bank for supervisory purposes, fixed secretarial fees of 100 euros shall be charged for each register or roll whose data, whether historicized or current, are subject to attestation.
(d) Method of application of administrative fees
Since the commencement of preliminary activities by the Vigilance Department is contingent upon the collection of the administrative fees, as outlined above, in the case of:
-
Authorization petitions, the documentation must be accompanied by a copy of the transfer order in favor of the Central Bank of the Republic of San Marion using the following bank details (IBAN): SM93 V 03225 09800 000010017382 and indicating as the reason for payment "Secretarial fees ex art.21 Reg.2019-01- Instance ref[ ... report the name of the entity in reference to which the petition is made ...]";
- opinions and/or questions, the amount of the secretarial fees as well as the estimated response time to process the request will be the subject of timely communication by Central Bank to the applicant, with instructions for payment of the relevant fees.
Applications for authorization, requests for opinions, and interpretative questions for which administrative fees have been charged will be considered withdrawn if the fees are not paid within 30 days of the settlement. Similarly, in cases of requests for certification of data in public registers, rolls, or lists, if the payment has not been received along with a copy of the transfer order, the request will lapse after an additional 30 days.
(Administrative fee schedule updated by board resolution on 06/11/2024)