Register of fiduciary shareholdings
As a result of Article 23d, Paragraph 3 of Law No. 92 of June 17, 2008, as amended by Article 37 of Delegated Decree No. 154 of October 31, 2023, which adapts national legislation to international conventions and standards on preventing and combating money laundering and terrorist financing, the Register of Effective Holders of Trust Entrustments (REGTEA) will be established, effective August 23, 2024.
The aforementioned Article 23d, as outlined in Paragraph 3, stipulates that "In the case of trust entrustment, resident trustees must report information regarding the natural persons who are beneficial owners of the trust to the Office of the Register of Trusts, for storage in a special register. In the case of a non-resident trustee, disclosure is required only if the assets subject to the trust generate income within the Republic of San Marino."
The trustee must disclose the data and information on beneficial ownership in paper format, using the appropriate forms. This can also be done with the technical assistance of the professionals referred to in Article 20, paragraph 1, letters a) and c) of Law No. 92/2008, as amended.
According to Paragraph 8 of Article 23d, letters b), c), and d), notices of beneficial owners must be submitted:
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within 30 days of the conclusion of the relevant contract or the occurrence of the conditions for disclosure outlined in Paragraph 3 of the same article;
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within 30 days of any change in the beneficial owner declared under the previous paragraph;
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annually, in the month of April, regardless of any changes, for the purpose of verifying the data in the register. This communication can also be made by submitting a declaration stating that no changes have occurred.
In accordance with Article 115, paragraph 1, of Delegated Decree No. 154 of October 31, 2023, for fiduciary entrustments existing on the date the relevant Register of Effective Holders is established, the thirty-day period specified in paragraph 8, letter b) of Article 23-quinquies of Law No. 92/2008, as amended, will begin on the date the Register of Effective Holders of Fiduciary Entrustments is established, i.e., August 23, 2024.
Access to the contents of the REGTEA, pursuant to paragraphs 9 and 10 of Article 23d of Law No. 92/2008, as amended, is granted as follows:
(a) to the Judicial Authority, the Court for Trust and Fiduciary Relations, the FIA, the Central Bank, the Police Forces, the Interpol National Central Office (also acting as ARO), the Tax Office, the Central Liaison Office, the Control Activities Office, and the Economic Activities Office, in the performance of their institutional duties, free of charge, with timely and unlimited access via direct electronic means;
b) to designated individuals for supporting the execution of customer due diligence obligations for the persons referred to in paragraphs 1, 2, and 3 of Article 23d of Law No. 92/2008, as amended, who are their clients, with timely access, including via direct electronic means;
c) to parties able to demonstrate a legitimate interest in accessing the registry contents, subject to authorization, in accordance with the regulations set by the President of the Court for Trust and Fiduciary Relations.
The individuals referred to in (c) shall be authorized by an order from the President of the Court for Trust and Fiduciary Relations, who may establish specific provisions for the processing of information on a case-by-case basis. The regulations of the President of the Court for Trusts and Fiduciary Relations outline the conditions for authorization, as well as the procedure for granting such authorization.
In accordance with Article 113(1) of Delegated Decree No. 154 of October 31, 2023, "persons who can demonstrate a legitimate interest" are defined as:
(a) individuals who, under the provisions of Article 14 of Law No. 183 of October 29, 2021, were holders of rights of access to the trust holdings file under Law No. 98 of June 7, 2010, and the relevant Enlarged Public Sector Office or Entity, as well as the Agency for Economic Development - Chamber of Commerce S.p.a., within the limits specified in the Sole Article, paragraphs 1 and 1 bis of Decree-Law No. 125 of July 30, 2015, as amended, including for the completion of procedures outlined in Delegated Decree No. 87 of May 26, 2023;
b) companies engaging in transactions with legal entities required to report to the register referred to in Article 23-quater of Law No. 92/2008, as amended, or with trusts and trusteeships required to report to the register referred to in Article 23-quinquies of the same law;
(c) members of the Great and General Council.
The procedures for reporting beneficial owners, as well as the procedures for consulting the information contained in the Register of Beneficial Owners by the entities specified by law, are governed by the Operating Instructions available at the link below.
Once the Register of Beneficial Owners of Trusts is established, all entities with direct electronic access will need to submit an accreditation request to the Office of the Register of Trusts, which should be sent via tNotice to the CBSM address.
Additional guidance regarding the content of this request, as well as instructions for accessing the system, will be provided by the CBSM upon activation of the new direct electronic access methods, with proper notice to follow.
Until the new direct electronic access methods are activated through the PA portal, designated parties can access the register upon request, following the procedures outlined in the Operating Instructions. Meanwhile, the Authorities will continue to access the Register of Trust Beneficial Owners using the current access methods and credentials. Authorities without credentials are encouraged to contact the Trust Registry Office for further instructions.
Operating Instructions (pdf)
Direct Telematic Access Operating Manual (pdf)
Forms to be used
The following forms should be used for reporting beneficial owners and any subsequent changes, for annual reporting, and for requesting access to the information in the Register of Beneficial Owners of Trusts.
Model letter accompanying the beneficial owner communication
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Model beneficial owner communication
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Model beneficial owner communiation in case of undetermined beneficiary
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Model letter accompanying communication of changes
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Model annual communication
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Model of request for access to information
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Any requests for clarification may be sent to registro.trust@bcsm.sm.