Pursuant to Law no. 98 dated 7 June 2010, the Register of Fiduciary Investments (also referred to as RFI) has been set up at the Central Bank of the Republic of San Marino. In accordance with the specifications of Article 2, sub-section 2, of the aforesaid law, fiduciary companies, established in San Marino or abroad, in the cases in which the mandate refers to investments in San Marino companies, are in fact obliged to send to the Supervisory Department of the Central Bank of the Republic of San Marino, a written communication containing the personal details of the mandators, the size of the investment attributable to each one and, where these are not natural persons, the personal details of their beneficial owners, the latter as defined by Law no. 92 dated 17 June 2008 (www.aif.sm). A communication must also be sent to report any subsequent change in the shareholding structure of their trustors and/or of their beneficial owners.
On 20 July 2010 the Secretary of State for Industry, Handicraft and Commerce, issued a Circular pursuant to Article 7 paragraph 3 of Law 98/2010. It is recommended that fiduciary companies consult the updated version of the Operating Instructions. A list of the amended paragraphs is provided below:
2 Validity commencement date;
3 Communication channels;
5 Dispatch terms;
8 Transitional provisions (eliminated);
8 - Examples (former paragraph 9);
9 Fax model password transmission.
With specific regard to the processes pertaining to Article 2, paragraph 2, which directly involve the Central Bank of the Republic of San Marino, the notices must be sent using two separate procedures: paper format and electronic format.
The communications sent by ordinary mail must comply with the facsimile and the instructions for its compilation provided here under.
The communications provided in writing, according to the specified structure and format, must be sent to:
Register of fiduciary investments pursuant to Law No. 98/2010
c/o Central Bank of the Republic of San Marino Via del Voltone, 120, 47890 San Marino Rep. of San Marino
The ticket to affix on the envelope containing the investment schedule is available here.
The reports provided in electronic format, in accordance with the structure and format specified here should be sent using one of the following two methods:
e-mail: the documents must be sent by e-mail to the account account email@example.com ; for reasons of confidentiality these documents may be compressed using the .zip standard and protected by password. The password must be communicated to the Central Bank by the fiduciaries companies by fax to the number +378 0549 882328 in accordance with the model attached to the operating instructions;
ordinary mail: the optical medium (CD-R/ DVD-R) on which the electronic document is stored must be sent by ordinary mail, to the same address indicated for the communications in written form.
The instructions for compilation are specified in the manual indicated above.
Requests for clarification
Any requests for clarification may be sent to the following address info. firstname.lastname@example.org
No further communication channels are permitted for request for clarification (e.g. telephone, fax or personal interview).
Some of the most frequently asked questions and their answers are available here.