Regulatory Alerts2008-07-11
Circular No. 2008-05 — Procedure for Authorization under Article 64, Paragraph 7 of Law No. 165 of 17 November 2005
The General Director of the Central Bank of the Republic of San Marino issued Circular No. 2008-05 to establish the criteria for authorizing derogations from San Marino law and jurisdiction in contracts for reserved activities. Authorized subjects must demonstrate that applying San Marino law would impede or severely hinder service provision and document their assessment of associated legal risks. The supervisory authority will decide on applications within sixty days, considering factors such as the issuance of financial instruments for foreign distribution or the necessity of foreign intermediaries for specific products.
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