Regulation no. 2017-02 Amending Regulation no. 2006-01

THE DIRECTOR GENERAL OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING SEEN Law no. 165 of 17 November 2005, and in particular Article 39 which grants the Central Bank the power to issue regulations and circulars within its areas of competence, and Article 11, concerning the register of authorized entities whose information elements are established by the same Central Bank; HAVING SEEN Article 43 of Law no. 144 of 21 December 2016 which provides for the publication of their beneficial owners in the register of authorized entities, as defined in paragraph 2 of the same article; HAVING SEEN Article 30, paragraph 3, of Law no. 96 of 29 June 2005, according to which the acts of the Central Bank concerning supervision, adopted by the Supervision Coordination Committee, are issued by the Director General; HAVING SEEN the resolutions of the Supervision Coordination Committee and the Governing Council by which Regulation no. 2017-02, named “Amending Regulation of Regulation no. 2006-01”, was adopted; ISSUES the attached Regulation no. 2017-02 which enters into force on 1 March 2017. San Marino, 16 February 2017 Signed: THE DIRECTOR GENERAL Dr. Lorenzo Savorelli

AMENDING REGULATION OF REGULATION NO. 2006-01 year 2017/ number 02

Central Bank of the Republic of San Marino Regulation no. 2017-02 amending Regulation no. 2006-01 Article 1 – Amendments to Regulation no. 2006-01

1. In paragraph 1 of Article 1:

• the words “and integrations” are removed from the legislative references;
• the following definition is added: “beneficial owners: natural persons falling within the definition referred to in Article 43 of Law no. 144 of 21 December 2016;”
• the definitions are consequently reordered alphabetically.

2. In paragraph 2 of Article 3, letters f), j) and l) are replaced as follows: “f) the economic operator code and, for banks, also the relevant ABI code;” “j) the list of branches in the Republic and, for bank branches, also the relevant CAB;” “l) shareholders registered in the Shareholders' Register, holding shares in the share capital equal to or greater than 2%;”.

3. In paragraph 3 of Article 3, letter g) is replaced as follows: “g) shareholders registered in the Shareholders' Register of the parent company, holding shares in the share capital equal to or greater than 2%;”.

4. In paragraph 4 of Article 3, letter d) is replaced as follows: “d) shareholders registered in the Shareholders' Register of the parent company, holding shares in the share capital equal to or greater than 2%;”.

5. In paragraph 5 of Article 3, the following letter is added: “g) the BENEFICIAL OWNERS.”.

6. In Article 3, the following paragraph is added: “6. The publication of the BENEFICIAL OWNERS referred to in letter g) of the preceding paragraph also entails the indication in the REGISTER of shareholders registered in the Shareholders' Register of the Sammarinese financial undertaking, or of the parent company of the foreign AUTHORIZED ENTITY, for holdings of less than 2%, when the same shareholders are linked by the same BENEFICIAL OWNERS.”. Article 2 – Final Provisions

7. This Regulation enters into force on 1 March 2017.

8. As a result of this Regulation, the information provided by authorized entities to the Central Bank to comply with the direct provisions of Article 43 of Law no. 144 of 21 December 2016 is also subject to the timely update obligations referred to in Article 7 of Regulation no. 2006-01. Article 3 – Consolidated Text of Regulation no. 2006-01

9. The text of Regulation no. 2006-01, consolidated with the amendments introduced by this Regulation, will be made available on the Central Bank's website (www.bcsm.sm).