Regulatory Alerts2021-05-17
Regulation No. 2011-06 - Implementing Regulation on Trusts and Supervision of Financial Trustees
The Central Bank of the Republic of San Marino issued Regulation No. 2011-06 to implement secondary legislation regarding trusts and establish supervisory requirements for financial trustees. The regulation mandates that trustees cannot delegate investment choices to entities in high-risk countries and requires financial trustees to submit an Analytical Inventory of Assets and aggregated data to the Central Bank. It further defines the procedures for presenting the Event Book to supervisors and outlines the operational manuals and reporting formats for compliance.
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