Trust

The regulation of trusts in San Marino was significantly overhauled by Law No. 42 of March 1, 2010 and Delegated Decrees Nos. 49, 50 and 51 of March 16, 2010, which implemented it.
To complete the regulatory framework, the Central Bank:

• in accordance with Article 2, paragraph seven of Delegated Decree No. 49 of March 16, 2010, issued Regulation No. 2010-01. This regulation not only establishes the requirements, conditions, and procedures for obtaining and maintaining authorization to act as a professional trustee, but also outlines the procedures for maintaining and consulting the Register of Authorized Trustees, replacing the previous Register of Trustees;

• in accordance with Articles 28, paragraph five, and 33, paragraph three of Law No. 42 of March 1, 2010, issued Regulation No. 2011-06. This regulation, in addition to specifying which countries trustees may not appoint for investment decisions and establishing procedures for submitting the Book of Events to the Central Bank, governs the additional supervisory information obligations for San Marino financial companies acting as trustees.

In trust matters, the Central Bank, in addition to supervising financial trustees and ensuring the continued compliance with the requirements for the professional exercise of the trustee role in San Marino, also maintains the Register of Trusts, with the Office being listed therein in accordance with Delegated Decree No. 50 of March 16, 2010.

The oversight and supervision of any trust governed by Law 42/2010 fall under the jurisdiction of the Court for Trusts and Fiduciary Relations, as per Article 53 of that Law.