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. Specifically, the CBSM holds the financial assets of FONDISS, settles the investment/divestment transactions, verifies compliance with current regulations and with the investment instructions provided by FONDISS or by the delegated professional asset managers and verifies the correctness of the value of the units of the fund as determined monthly by the administrative functions of the fund itself.