The Central Bank of the Republic of San Marino published a speech by President Catia Tomasetti outlining how the EU Association Agreement could reshape the country’s financial system. Speaking at a University of the Republic of San Marino conference, Tomasetti described passporting as a route for San Marino intermediaries to enter the EU single market, building on the central bank’s earlier priorities for EU regulatory alignment. Access would be phased by sector and remain conditional on regulatory, supervisory and financial-system assessments. San Marino must transpose 451 EU financial services acts and consider 13 European Commission recommendations. Before passporting begins, EU assessments will examine implementation of the relevant acquis, the adequacy of supervisory infrastructure and the condition of the financial system, including bank and insurer asset quality. A staggered approach covering banking, insurance and reinsurance, asset management, and securities markets would be available for 15 years after the agreement enters into force. The central bank sees asset management and insurance as possible early candidates, while banking integration may take longer because of the more complex adjustments required. Market opening would be reciprocal at each stage. The central bank is preparing for the transition by strengthening supervisory staffing and training, analyzing how to implement and maintain alignment with EU rules, and developing relationships with foreign and European supervisory authorities. Tomasetti emphasized that implementation will require coordinated, multiyear work by public institutions, the central bank and financial intermediaries.

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