The Central Bank of the Republic of San Marino issued a package of targeted amendments to its supervisory framework through Regulation No. 2026-01, a 22-article measure that revises and supplements 19 existing regulations and circulars and adds cross-cutting final provisions. The changes, adopted following a public consultation, update requirements spanning banking, credit, investment and collective investment services, payment services and the national payment system, insurance and distribution, registries for intermediaries, reporting and information flows, depositor protection, and professional trustee rules. Key measures include aligning the structure and public disclosure of the Independent Financial Adviser Registry with the insurance and reinsurance intermediaries registry; incorporating clarifications into the investment services rulebook on dealing-portfolio valuation, including independent price verification at least monthly and an optional standardised 0.10% valuation adjustment; and strengthening coordination between depositor protection and banking rules, including use of a standard depositor information module before opening a protected deposit and annual re-delivery where periodic reporting is due. In payments, the amendments expressly address open banking services (payment initiation and account information) provided by foreign payment service providers (PSPs) on payment accounts held with San Marino PSPs, adjust authorisation conditions for certain EU/EEA PSPs providing services without establishment, and open the RIS to settlement accounts between non-bank PSPs while updating settlement mechanics for SCT flows. The package also updates the anti-usury framework to capture additional information and to publish a system-wide weighted average of late-payment margin points, revises periodic supervisory submissions for insurance intermediaries and financial promoters (including a 31 March annual submission deadline and prescribed formats and channels), tightens certain fitness/qualification pathways for promoters and independent advisers, and refines liquidation procedure reporting to require an opening, non-going-concern balance-sheet-based position. The regulation enters into force on 29 January 2026, with specified phased application: certain accounting-related changes apply from 1 July 2026; the revised insurance undertaking reporting deadline applies from reporting for financial year 2025 due by 31 January 2026; anti-usury reporting changes apply from the reporting date with reference date 31 March 2026; and selected registry application requirements apply to registration applications still pending at entry into force. A transitional deadline also requires investment service providers newly subject to investor compensation fund information obligations to comply by 28 February 2026, and consolidated versions of the amended texts will be made available by the Central Bank.

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