Regulatory Alerts2026-01-29
Regulation No. 2006-03 on Collective Investment Services
The Central Bank of the Republic of San Marino issued Regulation No. 2006-03 to establish the comprehensive regulatory framework for Investment Management Companies (SGs) and Collective Investment Funds (FCIs). The regulation defines authorization procedures, capital requirements, governance standards, and prudential rules for SGs while classifying FCIs into specific categories such as UCITS III, open, closed, reserved, and alternative funds. It further mandates strict operational controls, risk containment measures, and supervisory reporting obligations to ensure the sound management of collective investment schemes.
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