The Central Bank of the Republic of San Marino has opened a public consultation on a draft “miscellaneous” regulation that would make targeted amendments across multiple supervisory frameworks covering banks, financial companies, investment firms, payment service providers, and insurance and investment intermediaries. The draft package would, among other changes, coordinate accounting treatment for securities trading portfolios across existing rules, expand the Register of Authorized Persons to include brokers and agents used in San Marino by San Marino financial companies, and extend the special authorisation regime to foreign third-party providers offering account information services and payment initiation services on payment accounts rooted in the territory. It also proposes to simplify and align ongoing information and professionalism requirements for insurance intermediaries, financial promoters and independent financial advisers, update the definition of “related parties” for banks, financial companies and investment firms, coordinate bank rules with the framework for second-pillar capital requirements and calendar provisioning, and revise the anti-usury framework by using a weighted average for late-payment surcharge points when determining thresholds. Further measures include codifying criteria for the Article 88(4) LISF report within the enforcement procedures regulation, simplifying top-management validation of regulatory reporting flows by moving to an annual cycle, clarifying reporting obligations for applicants during authorisation proceedings, and setting transitional expectations for investment service providers on contractual transparency obligations linked to the implementing rules for Article 100 bis of the ISL. The consultation closes on December 29, 2025. The draft envisages entry into force in January 2026, with selected measures applying later or on a phased basis, including the trading-portfolio coordination from July 1, 2026 and the anti-usury changes from the reporting reference date March 31, 2026, alongside specific near-term deadlines such as February 28, 2026 for certain investor-compensation related information obligations.
Central Bank of San Marino 2025-11-25
Central Bank of the Republic of San Marino launches consultation on draft package of targeted revisions to supervisory rules
The Central Bank of the Republic of San Marino has launched a public consultation on a draft regulation proposing amendments across supervisory frameworks for banks, financial companies, investment firms, and other financial entities. Key changes include harmonizing accounting for securities trading portfolios, expanding the Register of Authorized Persons, revising the anti-usury framework, simplifying regulatory reporting, and aligning professionalism requirements for financial intermediaries.