Regulatory Alerts2017-10-01
Regulation No. 2017-05 - Amending Regulation No. 2016-01 on the Deposit Guarantee Fund
The Central Bank of the Republic of San Marino issued Regulation No. 2017-05 to amend the Deposit Guarantee Fund framework, introducing updated definitions and replacing terms such as 'covered deposits' with 'protected deposits'. The regulation clarifies the powers of the Management Body, expands the scope of eligible deposits, and establishes a reimbursement timeline of seven working days following the commencement of compulsory administrative liquidation. It also sets a target financial endowment of at least 0.8% of protected deposits by July 2024 and outlines specific exclusion criteria and exceptional suspension procedures for repayments.
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