The laws governing trusts in San Marino have been thoroughly innovated by Law no. 42 dated 1 March 2010 and by the respective Implementing Decrees dated 16 March 2010 no. 49, 50 and 51.
For the purpose of completing the regulatory framework, the Central Bank:
- in compliance with the provisions of art. 2, seventh paragraph of the Delegated Decree no. 49 dated 16 March 2010, issued the Regulation no. 2010-01, which, besides establishing the requirements, conditions and procedures for obtaining and maintaining the authorisation to exercise the office of professional trustee, also governs the procedures for keeping and consulting the register of professional trustees, which replaces the previous Register of Trustees;
- in compliance with the provisions of articles 28 fifth paragraph and 33 third paragraph of the Law no. 42 dated 1 March 2010, issued the Regulation no.2011-06, which, besides identifying the countries that may not be the recipient of the trusts delegated by the trustee as regards to the selection of investments, and establishing the procedures for presenting the Book of Events to the Central Bank, also regulates the additional duties of information supervision which the financial undertakings of San Marino are required to fulfil when acting as trustees.
On the issue of trusts, the Central Bank, besides supervising the financial trustees and verifying the existence and maintenance of the requirements for the professional exercise of the office of trustee in the territory of San Marino, is also the holder of the Trust Register, since the Trust Register Office is located with the Central Bank itself pursuant to the aforementioned Delegated Decree no. 50 dated 16 March 2010.
Control and supervise of any trust governed by the Law 42/2010, according to the article 53 of the same Law, pertain to the Court of Trusts and Fiduciary Relations of the Republic of San Marino