Regulation No. 2026-01 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions

THE GENERAL DIRECTOR OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING REGARD TO Law 17 November 2005, No. 165 (Law on banking, financial and insurance undertakings and services) and in particular Article 39, which grants the Central Bank of the Republic of San Marino the power to issue measures containing binding provisions of a general nature; HAVING REGARD TO the Statute of the Central Bank of the Republic of San Marino approved by Law 29 June 2005, No. 96 and in particular Article 30, paragraph 3, according to which the acts of the Central Bank in the matter of supervision, deliberated by the Supervisory Coordination, are issued by the General Director; CONSIDERING the needs to:

• update the text of regulations and circulars to subsequent changes and integrations of the regulatory framework;
• consolidate on a normative basis the interpretative and application guidelines already expressed by the Supervisory Authority;
• harmonize the homogeneous disciplines contained in sectoral regulations;
• strengthen in clarity, completeness and effectiveness the text of certain provisions, based on application feedback;
• introduce rules of cross-cutting scope and/or of an interpretative nature applicable to the supervisory regulation; HAVING REGARD TO the resolutions of the Supervisory Coordination and the Board of Directors by which the text of Regulation No. 2026-01, named “Miscellany of targeted review interventions to current supervisory provisions”, was approved; ISSUES the attached Regulation No. 2026-01 which enters into force on 29 January 2026. San Marino, 15 January 2026 THE GENERAL DIRECTOR (Signed) Dr. Andrea Vivoli

MISCELLANY OF TARGETED REVIEW INTERVENTIONS TO CURRENT SUPERVISORY PROVISIONS year 2026 / number 01

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions INDEX Article 1 - Amendments to Regulation No. 2016-02 “corporate balance sheet and consolidated balance sheet of authorized subjects” .....................................................................................................................................................................1 Article 2 - Amendments to Regulation No. 2006-01 “register of authorized subjects”......................................1 Article 3 - Amendments to Regulation No. 2020-04 “payment services”........................................................1 Article 4 - Amendments to Regulation No. 2024-02 “insurance and reinsurance distribution”.....................2 Article 5 - Amendments to Regulation No. 2014-01 “financial promoters” ........................................................2 Article 6 - Amendments to Regulation No. 2025-02 “independent financial consultants”.................................3 Article 7 - Amendments to Regulation No. 2007-07 “banking activity” ................................................................5 Article 8 - Amendments to Regulation No. 2011-03 “credit activity” ...............................................................5 Article 9 - Amendments to Regulation No. 2009-04 “reports by insurance undertakings”...........................6 Article 10 - Amendments to Regulation No. 2014-02 “anti-usury threshold rates”......................................................6 Article 11 - Amendments to Regulation No. 2008-01 “insurance activity”.........................................................6 Article 12 - Amendments to Regulation No. 2024-05 “investment services” ..................................................6 Article 13 - Amendments to Regulation No. 2021-02 “rigor procedures”........................................................7 Article 14 - Amendments to Regulation No. 2015-01 “informational supervision”.....................................................7 Article 15 - Amendments to Circular No. 2015-02 “risk central”......................................................................8 Article 16 - Amendments to Regulation No. 2006-03 “collective investment services”.................................8 Article 17 - Amendments to Regulation No. 2016-01 “deposit guarantee fund”...........................................8 Article 18 - Amendments to Regulation No. 2015-02 “national payment system” .................................8 Article 19 - Amendments to Regulation No. 2010-01 “professional trustees” ......................................................9 Article 20 – Final provisions...........................................................................................................................................9 Article 21 – Entry into force ................................................................................................................................ 10 Article 22 – Consolidated texts ................................................................................................................................. 10

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions 1 Article 1 - Amendments to Regulation No. 2016-02 “corporate balance sheet and consolidated balance sheet of authorized subjects”

1. At Article III.II.5, after paragraph 8, the following paragraph is added: “9. The provisions of the previous paragraph 6 do not apply to authorized subjects who are also required to comply with the special provisions on the trading portfolio as set out in Regulation No. 2024-05, Part VII, Title IV, Chapter I.”.
2. The progressive numbering of the three paragraphs following paragraph 8 of Article III.II.5 is consequently modified. Article 2 - Amendments to Regulation No. 2006-01 “register of authorized subjects”
3. At Article 3, paragraph 2, after letter o), the following letter is added: “p) the intermediaries or independent agents that it may use for operations on San Marino territory.”.
4. At Article 8, paragraph 1 is replaced as follows: “1. THE CENTRAL BANK proceeds to the deletion of AUTHORIZED SUBJECTS from the REGISTER in the following cases: a) revocation of authorization pursuant to Article 10 of LISF; b) revocation of authorization pursuant to Article 85 of LISF in relation to the opening of the compulsory administrative liquidation procedure; c) loss of authorization pursuant to Article 99 of LISF in relation to the opening of an ordinary liquidation procedure following the dissolution of the company, deliberated by the shareholders or declared by the Commissioner of the Law; d) modification of the corporate object with waiver of any reserved activity, pursuant to the combined provisions of Articles 8 and 47 of LISF; e) merger by incorporation or by constitution of a new company pursuant to Article 52 of LISF; f) reconversion into an undertaking no longer falling within AUTHORIZED SUBJECTS as a result of the resolution program pursuant to Law No. 102/2019 and subsequent amendments. In the case of foreign financial undertakings, THE CENTRAL BANK proceeds to deletion in relation to foreign situations and/or measures when analogous.”.
5. At Article 8, paragraph 2, the reference to the “immediate written communication to the deleted financial undertaking” is added with “containing, among other things, the determination of the fees accrued pursuant to the Delegated Decree 6 November 2006 n.117”. Article 3 - Amendments to Regulation No. 2020-04 “payment services”
6. At Article III.VI.7, paragraph 3, the following final preamble is added: “- the PAYMENT ORDER DISPOSAL SERVICE (PIS) and the ACCOUNT INFORMATION SERVICE (AIS) provided by foreign PSPs on PAYMENT ACCOUNTS rooted in San Marino PSPs (open banking).”.
7. At Article III.VI.8, paragraph 2 is replaced as follows:

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions 2 “2. In the case of PSPs, established in a country of the E.U. or the E.E.A. or otherwise bound by current international agreements to transpose the EU acquis in the financial matter, which intend to provide PAYMENT SERVICES, also through acquisition/employment of electronic money issued abroad, operating under the regime of PROVISION OF SERVICES WITHOUT ESTABLISHMENT, the issuance of authorization is subject solely to the verification of the conditions set out in letters b), c), d), e), h) of the previous paragraph.”. 3. At Article VIII.II.4, paragraph 2 is replaced as follows: “2. Regarding the procedures for updating the sign models and operational manuals, reference is made to Regulation No. 2015-01.”. Article 4 - Amendments to Regulation No. 2024-02 “insurance and reinsurance distribution”

1. At Article 1, paragraph 1, the definition of LIFE INS is replaced as follows: “Life INS: the pre-contractual informative document to be used for life insurance products other than insurance investment products;”.
2. At Article 81, paragraphs 1, 2 and 3 are replaced as follows: “1. Intermediaries must send to the Central Bank, by 31 March of each year, starting from the first calendar year following that of their registration in the Register: a) an information flow on the activity carried out in the previous year and having as its object, in the cases referred to in the previous Article 73, solely the activity carried out on San Marino territory, at the branch referred to in paragraph 5 of the same Article; b) the self-declaration conforming to the model named “insurance intermediaries: self-declaration of permanence of requirements”.
3. The information flow referred to in letter a) of the previous paragraph 1 must be sent in xls format using the standard model published on the website www.bcsm.sm, while the self-declaration referred to in letter b) of the same paragraph must arrive authenticated or digitally signed in accordance with the law.
4. The documentation referred to in the previous paragraph 1 must reach THE CENTRAL BANK through one of the following alternative methods: a) the information flow, by electronic registered mail (T-Notice or PEC); b) the self-declaration, by:

• electronic registered mail (T-Notice or PEC), if digitally signed in accordance with the law;
• paper registered mail, if subscribed before a public official who attests to its authenticity;
• hand delivery, if to be subscribed directly at THE CENTRAL BANK, pursuant to Article 104, paragraph 1 of LISF.”. Article 5 - Amendments to Regulation No. 2014-01 “financial promoters”

1. At Article 8, paragraph 1, letter e) is deleted.
2. At Article 11, paragraph 2 is replaced as follows:

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions 3 “2. To prove possession of the requirement set out in letter b) of the previous paragraph, it is required to pass within the last 12 months a specific suitability assessment test accredited by THE CENTRAL BANK if carried out in San Marino or, if carried out abroad, anyway suitable: a) for registration in homogeneous rolls or registers kept by other supervisory authorities of Member States of the European Union or by foreign self-regulatory bodies recognized in said countries for the exercise of activities equivalent to that of FINANCIAL PROMOTER; b) for obtaining professional certifications issued by associations recognized by the supervisory authorities of Member States of the European Union for the aforementioned purposes. If the suitability assessment test has been passed: a) in the period prior to the last 12 months preceding the application for registration, the requirement set out in letter b) of paragraph 1 shall be deemed to exist provided that at least one training course for professional updating of a duration not less than 60 hours with a positive outcome certificate has been carried out in the last year, save for cases of continuous registration, during such prior period, in homogeneous registers kept by Authorities having their seat in countries of the European Economic Area or with which agreements are in force pursuant to Article 103 of LISF; b) abroad, the requirement set out in letter b) of paragraph 1 shall be deemed to exist until any failure to pass, as a result of the second attempt, the Specific Integrative Test, accredited by the Central Bank and carried out upon summons by the same, having as its exclusive object this Regulation and the relevant Sammarinese regulation in the matter.”. 3. At Article 25, paragraph 1 is replaced as follows: “1. FINANCIAL PROMOTERS must send to THE CENTRAL BANK, by 31 March of each year, starting from the first calendar year following that of their registration in the REGISTER: a) an information flow on the activity carried out in the previous year; b) the self-declaration conforming to the model named “off-site offerers: self-declaration of permanence of requirements for the exercise of the activity of financial promoter”. 2. The information flow referred to in letter a) of the previous paragraph 1 must be sent in xls format using the standard model published on the website www.bcsm.sm, while the self-declaration referred to in letter b) of the same paragraph must arrive authenticated or digitally signed in accordance with the law. 3. The documentation referred to in the previous paragraph 1 must reach THE CENTRAL BANK through one of the following alternative methods: a) the information flow, by electronic registered mail (T-Notice or PEC); b) the self-declaration, by:

• electronic registered mail (T-Notice or PEC), if digitally signed in accordance with the law;
• paper registered mail, if subscribed before a public official who attests to its authenticity;
• hand delivery, if to be subscribed directly at THE CENTRAL BANK, pursuant to Article 104, paragraph 1 of LISF. Article 6 - Amendments to Regulation No. 2025-02 “independent financial consultants”

1. At Article 3, paragraph 2, letter a) is replaced as follows: “a) Section A – Natural persons who professionally exercise INDEPENDENT FINANCIAL CONSULTANCY on their own;”.
2. At Article 4, paragraphs 1 and 2 are replaced as follows: “1. In Section A of the REGISTER, for each registered natural person, the following information is reported: a) registration number; b) date of registration;

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions 4 c) surname and name; d) place and date of birth; e) name of the firm and economic operator code with which the natural person carries out on their own the activity of INDEPENDENT FINANCIAL CONSULTANCY; f) main seat of the activity and place of conservation of mandatory documents; e) any measures adopted by THE CENTRAL BANK. 2. In Section B of the REGISTER, for each INDEPENDENT FINANCIAL CONSULTANCY COMPANY registered, the following information is reported: a) registration number; b) date of registration; c) corporate name, which however formed, must contain the words “INDEPENDENT FINANCIAL CONSULTANCY COMPANY” or the acronym “IFCC”; d) economic operator code; e) address of the main seat and any secondary seats; f) surname and name, place and date of birth, of those who:

• are the legal representative of the INDEPENDENT FINANCIAL CONSULTANCY COMPANY, as well as, if appointed, the CEO and the General Manager;
• provide to CLIENTS the service of INDEPENDENT FINANCIAL CONSULTANCY, on behalf of the INDEPENDENT FINANCIAL CONSULTANCY COMPANY also in places other than the seats of the company itself; g) any measures adopted by THE CENTRAL BANK.

3. At Article 5, paragraph 4 is replaced as follows: “4. Without prejudice to what is provided in the previous paragraph, THE CENTRAL BANK publishes on its website (www.bcsm.sm) the list of INDEPENDENT FINANCIAL CONSULTANTS, as well as an extract of the REGISTER containing the most updated information regarding the elements referred to in Article 4, paragraphs 1 and 2.”.
4. At Article 7, paragraph 2 is replaced as follows: “2. To prove possession of the requirement set out in letter b) of the previous paragraph, it is required to pass within the last 12 months a specific suitability assessment test accredited by THE CENTRAL BANK if carried out in San Marino, or, if carried out abroad, anyway suitable: a) for registration in homogeneous rolls or registers kept by other supervisory authorities of Member States of the European Union or by foreign self-regulatory bodies recognized in said countries for the exercise of activities equivalent to those of INDEPENDENT FINANCIAL CONSULTANT; b) for obtaining professional certifications issued by associations recognized by the supervisory authorities of Member States of the European Union for the aforementioned purposes. If the suitability assessment test has been passed: a) in the period prior to the last 12 months preceding the application for registration, the requirement set out in letter b) of paragraph 1 shall be deemed to exist provided that at least one training course for professional updating of a duration not less than 60 hours with a positive outcome certificate has been carried out in the last year, save for cases of continuous registration, during such prior period, in homogeneous registers kept by Authorities having their seat in countries of the European Economic Area or with which agreements are in force pursuant to Article 103 of LISF; b) abroad, the requirement set out in letter b) of paragraph 1 shall be deemed to exist until any failure to pass, as a result of the second attempt, the Specific Integrative Test, accredited by THE CENTRAL BANK and carried out upon summons by the same, having as its exclusive object this Regulation and the relevant Sammarinese regulation in the matter.
5. At Article 7, paragraph 4 is replaced as follows:

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions 5 “4. For subjects registered in Section B of the REGISTER, the requirements set out in this Article apply to those who, in any capacity, provide INDEPENDENT FINANCIAL CONSULTANCY to CLIENTS.”. 6. As a result of the modifications introduced in the previous paragraphs 1 and 2, the following are repealed: a) paragraph 5 of Article 18; b) the fourth preamble, letter d), paragraph 1 of Article 16. Article 7 - Amendments to Regulation No. 2007-07 “banking activity”

1. At Article I.I.2, paragraph 1, point 1 of the definition of “related parties” is replaced as follows: “1. The participant in the bank's capital and whoever exercises the rights inherent to it, as well as whoever holds, also jointly, control of the bank and, in cases where the control participation is held by a legal subject other than a natural person, also those who, individually or collectively, administer it;”.
2. At Article II.IV.1, paragraph 2 is repealed.
3. At Article VII.II.6, after paragraph 1, the following paragraph is added: “2. The supervisory capital that exceeds the minimum coverages referred to in the previous paragraph 1, must be at least equal to the additional “prudential coverage” referred to in Circular No. 2023-01.”.
4. At Article VIII.II.4, paragraph 2 is replaced as follows: “2. Regarding the procedures for updating the sign models and operational manuals, reference is made to Regulation No. 2015-01.”. Article 8 - Amendments to Regulation No. 2011-03 “credit activity”
5. At Article I.I.2, paragraph 1, point 1 of the definition of “related parties” is replaced as follows: “1. the participant in the financial undertaking's capital and whoever exercises the rights inherent to it, as well as whoever holds, also jointly, control of the financial undertaking and, in cases where the control participation is held by a legal subject other than a natural person, also those who, individually or collectively, administer it;”.
6. At Article VIII.II.4, paragraph 2 is replaced as follows: “2. Regarding the procedures for updating the sign models and operational manuals, reference is made to Regulation No. 2015-01.”.
7. Every reference to “qualified counterparties” is replaced by the expression “qualified clients”.
8. Paragraph 2 of Article X.I.4 is repealed.
9. Paragraph 2 of Article XI.II.1 is repealed.

Central Bank of the Republic of San Marino Regulation No. 2026-01 Miscellany of targeted review interventions to current supervisory provisions 6 Article 9 - Amendments to Regulation No. 2009-04 “reports by insurance undertakings”

1. At Article 9, paragraph 2 is replaced as follows: “2. INSURANCE UNDERTAKINGS transmit the reports referred to in Article 6 within and no later than 31 January following the closing of the financial year.”. Article 10 - Amendments to Regulation No. 2014-02 “anti-usury threshold rates”
2. At Article 14, paragraph 1, after letter c), the following letter is inserted: “d) number of relationships that contributed to the determination of the points of increase as a title of delay, referred to in the previous letter c).”.
3. At Article 20, paragraph 1 is replaced as follows: “1. Without prejudice to what is provided in Article 17 paragraph 5), which provides for the exclusion of interest on delay and similar charges from the expenses participating in the determination of the effective global rate and consequently from the threshold rates, in the Circular referred to in the previous Article 8 paragraph 2, the system weighted average of the points of increase for delay will also be published, detected quarterly based on the statistical detection referred to in the previous Article 14, paragraph 1, letter c). In cases of delay, the average referred to above must therefore be added to the average effective global rate published for the reference category or subcategory to then determine the threshold on such sum.”. Article 11 - Amendments to Regulation No. 2008-01 “insurance activity”
4. At Article 131, the heading is modified to “distribution” and paragraph 2 is replaced as follows: “2. If the distribution, direct or indirect, has as its object DEDICATED CONTRACTS, as such reserved for PROFESSIONAL CLIENTS and with DEDICATED INTERNAL FUND, the information set referred to in Article 16 paragraph 3 of Annex I is composed solely of the documents referred to in paragraph 2 of the same Article, drawn up in conformity with the previous Article 97, and the obligation of publication thereof on the site as well as the provisions of Article 37 of Regulation No. 2024-02 and subsequent amendments do not apply.”. Article 12 - Amendments to Regulation No. 2024-05 “investment services”
5. At Article I.I.2, paragraph 1, point I of the definition of “related party” is replaced as follows: “I. participant in the investment undertaking's capital and whoever exercises the rights inherent to it, as well as whoever holds, also jointly, control of the investment undertaking and, in cases where the control participation is held by a legal subject other than a natural person, also those who, individually or collectively, administer it;”.
6. At Article I.I.2., paragraph 1, the definition of “derivative financial instrument” is replaced as follows: “derivative financial instrument: financial instrument financed”