Whistleblowing Reports
They go by this name the reports provided for in paragraphs 1a, 1b and 1c of Article 68 of the LISF, as introduced by Article 17 of Delegated Decree March 29, 2019 No. 61 (MiFID2 transposition decree) and implemented, for procedural aspects, by CBSM Regulation No. 2007-01, as recently amended by Reg.2020-05. This new category of reports differs from the traditional category of reports, now classified as "reports-exposed," in multiple respects, which are synopsized below for the sake of clarity:
| Reports-whistleblowing | Reports-whistleblowing |
|---|---|
| Who can file them? (a) customers of supervised entities such as banks, finance companies, trust and management companies, investment firms and insurance companies, payment and e-money issuing institutions, financial promoters, independent financial advisers and insurance intermediaries. (b) consumer advocacy associations. |
anyone, including those who are or have been employees or exponents for supervised entities (insider whistleblowing). |
| To report what? (a) alleged failures to comply with the rules of the LISF (including those to which the law itself refers and those set out in its annexes) and/or with the provisions contained in the implementing measures issued by the Supervisory Authority, when such failures result in alleged injury to one's own rights, or the interests of consumers; (b) errors committed, to the detriment of the reporters, by the same supervised entities in the communications transmitted by them for the purposes of the Central Risks and Protest Information System. |
alleged violations of the same rules listed alongside in all other cases where such violations do not harm their own legal sphere or the interests of consumers, by anyone who is obliged to do so, including in a personal capacity, in relation to the role exercised or the office held within the ownership, organizational or governance structures of the supervised entities. |
| To whom should they be submitted? To the Supervision Department of the Central Bank of the Republic of San Marino. |
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| How should they be drafted? In written and signed form in the absence of standardized reference templates. |
In writing and signed, with an invitation to use the standardized template attached to the Regulations. |
| By what methods can they be transmitted? a) electronic or paper registered mail to the Central Bank of the Republic of San Marino - Vigilance Department, Via del Voltone n. 120 - 47890 San Marino; b) delivery brevi manu to the same address specified above, with simultaneous issuance of a receipt. |
(a) in one of the ways listed alongside; (b) mail to whistleblowing@bcsm.sm with the report attached in electronic format; (c) oral exposition directly at the Vigilance Department at the address given opposite and by appointment, resulting in the signing of the report prepared by the staff in charge. |
| With what possible effects on the reported person? Initiation of administrative supervisory proceedings against the reported person, suitable for the adoption, depending on the gravity ascertained, of corrective, sanctioning and/or penalty measures. |
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| With what possible general benefits? Greater effectiveness and timeliness of supervisory actions to ensure the fairness, transparency and diligence of supervised entities in their dealings with customers. |
Greater effectiveness and timeliness of supervisory actions to protect the supervised entity, its stakeholders and the stability and trust in the system. |
| With what additional possible tasks for the reporting subject? The submission of the report does not generate any further incumbencies, except for the possibility of corresponding to any requests from the Vigilance for additions and clarifications in written and/or verbal form, hence the inadmissibility of anonymous reports and the opportunity to supplement the report with available supporting documentation. |
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| With what level of confidentiality for the reporting party? WHEREAS, all information acquired in the exercise of Vigilance is covered by official secrecy, the contents of the report, including the identity of the reporting person, are shared only with the reporting parties, as part of the investigations initiated in the interest of the reporting person. |
WHEREAS, all information acquired in the exercise of Supervision is covered by official secrecy, in cases of whistleblowing the Supervisory Authority guarantees: (a) a secure and specific channel of communication; b) adequate protection of the reporting person against retaliatory, discriminatory or otherwise unfair conduct resulting from the report; (c) confidentiality on the identity of the reporter and the alleged perpetrator of the violation for all stages of the procedure, except with the consent of the reporter or when knowledge is essential for the defense of the reported person. |
| Does the reporting person have the right to know the development and outcome of the report? No. The supervisory activity conducted as a result of the reports received (like any other supervisory activity) is covered by official secrecy, even towards the reporter, having in no case arbitration or conciliatory purposes. |
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* In the event that the unitary object of the request entails the initiation of more than one listed activity, the respective fees will not be added together but the higher one will be applied as it refers to the most relevant activity.
** Request for extension with respect to deadlines provided for in the regulations in force.
*** Any retransmission of supervisory reports, whether at the initiative of the supervised entity or at the request of CBSM (except for those for errors blocking the loading into the database), even if made within the original submission deadline. With specific regard to the reports referred to in Circular 2015-02, these include: reports of adjustments to the amounts per individual CR subject; cancellations of monthly risk reporting; reports of changes in status provided that they are in modification or cancellation; and reports of master data changes as a result of an error. In any case, the amount applied on a cumulative annual basis to each supervised subject for this consumer fee item may not exceed the sum of 25,000 euros.
**** Each submission of supervisory reports after the submission deadline, unless a waiver or extension is obtained in advance on a reasoned application. With regard to the reports referred to in Circular 2015-02, this also includes reports of change of status to extinction of non-performing loans when made more than 5 working days after the event date.
***** The fee-per-consumption fee is applied for each register, register or list whose data, whether historicized or current, are the subject of the request for formal attestation.