The Central Bank of the Republic of San Marino has issued new rules for independent financial advisors, replacing the existing framework and setting updated conduct and organisational requirements aligned with Directive 2014/65/EU (MiFID II). Regulation No. 2025-02 enters into force on 25 September 2025. The measure repeals Regulation No. 2020-03 and applies without transitional arrangements. It is intended to complement and coordinate with Regulation No. 2024-05, which already transposed MiFID II standards for investment service providers such as banks, investment firms and management companies. The Central Bank adopted the final text without significant changes from the consulted draft, citing the lack of consultation feedback and the absence to date of qualified independent financial advisors operating in San Marino.
Central Bank of San Marino 2025-09-19
Central Bank of the Republic of San Marino replaces independent financial advisor regime to align with MiFID II effective 25 September 2025
The Central Bank of the Republic of San Marino issued Regulation No. 2025-02, establishing new rules for independent financial advisors in alignment with MiFID II, effective 25 September 2025. This replaces Regulation No. 2020-03 and complements Regulation No. 2024-05, which applies to investment service providers. The final text was adopted without significant changes due to the absence of consultation feedback and qualified advisors in San Marino.