Regulatory Alerts2024-01-01
Regulation No. 2023-04 on Consolidated Financial Statements Integrating Regulation No. 2016-02 and Circular No. 2017-03
The Central Bank of the Republic of San Marino issued Regulation No. 2023-04 to integrate existing rules on consolidated financial statements, requiring authorized entities to align their reporting with updated definitions, consolidation methods, and disclosure obligations. The regulation mandates that consolidated financial statements be prepared and approved by the Board of Directors within six months of the fiscal year-end, with specific documentation submitted to the Bank within thirty days of approval. It also introduces new table structures, updates terminology regarding minority interests, and establishes detailed guidelines for the preparation and publication of consolidated reports effective from January 1, 2024.
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