Other Functions

Listed below there are the functions assigned to the Central Bank of the Republic of San Marino in the past pursuant to other regulatory provisions other than the Statutes:

Banknotes and Coins. The Central Bank is active in the prevention of fraud and counterfeiting of Euro denominated banknotes and coins, through the systemic management of the authenticity and fitness checking, based on the provisions of the Monetary Agreement and in concert with the international authorities appointed for this purpose. Additionally, the CBSM manages the systemic needs as regards to the procurement and payment of cash, as well as the gathering of statistical information on the recirculation of cash.

Trust. In the field of trust, the Central Bank achieves three different functions: to supervise financial trustees (if the office of trustee is exercised by a person authorized under the Law No. 165 of November 17, 2005); to check the existence and permanence of the requirements for the professional exercise of the office of trustee in the territory of San Marino, for the purpose of keeping the Professional Trustee Register pursuant to the Delegate Decree No.49 of March 16, 2010; to keep the Register of the Trust pursuant to the Delegate Decree No.50 of March 16, 2010..

Register of fiduciary shareholdings.Pursuant to Article 14 of Law No. 183 of October 29, 2021, and as a result of the provisions of Article 37 of Decree-Law No. 139 of December 11, 2017, as of November 3, 2021, the reporting obligations set forth in Article 2 paragraph 2 of Law No. 98 of June 7, 2010 regarding the Register of fiduciary shareholdings (here in after:“the Register”) ceased. Information on the shareholdings in San Marino companies held by San Marino or foreign fiduciary companies has been maintained in the Register.Pursuant to the aforementioned Article 14 of Law No.183 of October 29, 2021, any reference in the current laws and decrees to the Register is to be understood as referring to the “register of beneficial owners” set forth in Article 23-quater of Law No. 92 of June 17, 2008.

Custodian bank of the Supplementary welfare fund FONDISS. Law no. 191 of 6 December 2011, for the establishment in the Republic of San Marino of the supplementary welfare fund named FONDISS, assigned to the Central Bank of the Republic of San Marino the function of custodian bank of the relevant resources. Therefore, the CBSM, besides performing for FONDISS the Treasury functions related to the collection of welfare contributions and to the payment of the benefits, also performs the typical activities of a custodian bank; these activities are particularly important in terms of protection of the taxpayers and control.