Regulatory Alerts2021-04-01
Circular No. 2021-01 — Moment of Immission for the Finality of Transfer Orders in San Marino Systems
The Vice Director of the Central Bank of the Republic of San Marino issued Circular No. 2021-01 to establish the precise moment when transfer orders become final within San Marino's payment systems, in compliance with Delegated Decree No. 111/2018. The regulation defines specific timestamps for finality across various systems, including interbank transfers, domestic credit transfers, and public administration direct debits, based on transmission or settlement events. This circular entered into force on April 1, 2021, and repealed the previous Circular No. 2008-03.
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