Regulatory Alerts2023-03-31
Regulation No. 2019-01 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions
The Central Bank of the Republic of San Marino issued Regulation No. 2019-01 to establish rules regarding the expiration of authorizations and the collection of secretariat fees. The regulation mandates that applicants must reiterate authorization requests if more than six months have passed since issuance without execution, unless a shorter term is specified. It further stipulates that secretariat fees for specific private requests are calculated based on complexity and must be paid within 30 days, otherwise the requests are considered withdrawn.
Central Bank of the Republic of San Marino Regulation No. 2019-01 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions
Article 20 – Expiration Term of Granted Authorizations
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Unless a shorter term is indicated within the specific authorization decision and subject to special provisions for the periodic verification of the maintenance of registration requirements in the public rolls or registers kept by the Central Bank, applicants who have not executed the authorization granted by the supervisory authority for more than six months are obliged, provided its utility remains, to reiterate the authorization request in order to demonstrate the persistence of the conditions and requirements under which the lapsed authorization was granted.
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In the event of reiterating the request, the applicant may also make use of the documentation and information already produced, provided they are still current.
Article 21 – Secretariat Fees for Investigative Activities upon Request
- If the Central Bank requires private subjects, other than those recipients of Delegated Decree No. 117 of November 6, 2006 and subsequent amendments, to pay secretariat fees for activities resulting from:
a) authorization requests; b) requests for opinions; c) interpretative questions on current provisions; d) requests for certification of data contained in public registers and rolls;
such fees shall be quantified based on the complexity of the requested activity and the consequent time and costs to fulfill it.
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The amount of the secretariat fees as well as the estimated response times to process the request shall be promptly communicated to the applicant.
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The Central Bank shall commence the investigative activity subject to the receipt of the secretariat fees as liquidated above.
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Authorization requests, requests for opinions, and interpretative questions for which secretariat fees have been applied shall be considered withdrawn if the payment of such fees does not occur within 30 days from their liquidation.