Regulation No. 2011-05 Amending Regulation No. 2006-03 on Collective Investment Services

THE GENERAL DIRECTOR OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING REGARD to Law No. 165 of 17 November 2005, and in particular Article 39, which grants the Central Bank of the Republic of San Marino the power to issue measures containing binding and general provisions; HAVING REGARD to the Statute of the Central Bank of the Republic of San Marino approved by Law No. 96 of 29 June 2005, and in particular Article 30, paragraph 3 of the said Statute, pursuant to which acts of the Central Bank in matters of supervision, deliberated by the Supervisory Coordination, are issued by the General Director; HAVING REGARD to the Regulation concerning the discipline of collective investment services in the Republic of San Marino (No. 2006-03); HAVING REGARD to the resolutions of the Supervisory Coordination and the Board of Directors by which the text of the second amending Regulation to Regulation No. 2006-03 concerning the discipline of collective investment services in the Republic of San Marino was approved, aimed at updating the current regulation in relation to the subsequent need to extend its scope of application; HEREBY ISSUES the attached Regulation No. 2011-05, which enters into force on today's date. San Marino, dated 21 December 2011 SIGNED: THE GENERAL DIRECTOR Mario Giannini

REGULATION AMENDING REGULATION NO. 2006-03 ON MATTERS OF COLLECTIVE INVESTMENT SERVICES year 2011 / number 05 UPDATE II

Central Bank of the Republic of San Marino Regulation No. 2011-05 amending Regulation No. 2006-03 on matters of collective investment services - Update II 1 Article 1 – Amendments to Part III, Title II of Regulation No. 2006-03 on matters of collective investment services.

1. Following Chapter VI of Title II of Part III of Regulation No. 2006-03 on matters of collective investment services, the following Chapter is added: “Chapter VII – CLOSED-END COMMON INVESTMENT FUNDS” and the following Articles are introduced: “Article 119-bis - Scope of application
2. The management regulation of FUNDS established in closed form, referred to in the preceding Chapters IV, V and VI of this Title, may provide for the subscription of shares through the contribution of assets referred to in Article 103, paragraph 1. Article 119-ter – Publicity regime for FUNDS with contribution of credits
3. If credits are contributed, the ceding Management Company (SG) must notify the CENTRAL BANK of the completion of the contribution of the assets referred to in the previous Article.
4. The CENTRAL BANK shall make the notification public through: a) a request to the Unified Court for posting ad valvas and at all Castles of the Republic; b) the insertion of the notice and its link to the notification on a specific page of its website.
5. The publication indicates: a) the distinctive elements allowing the identification of the object of the contribution; b) the date of effectiveness of the contribution; c) the methods (places, hours) through which any interested party can acquire information on their situation, where this is necessary.
6. The SG, on behalf of the ceding FUND, must notify the individual interested party by registered mail with return receipt within 30 days from the completion of the contribution to the FUND, together with the information necessary to ensure the correct and punctual fulfillment of its obligations. Article 119-quater - Content of the application for approval of the regulation
7. The application for approval of the FUND's regulation must be accompanied – in addition to what is provided for in Article 125 – by an informative note containing the description of the contributed assets and the organizational measures adopted by the SG for the management of the FUND, if the same involves an extension of operations into new compartments, including any outsourcing to which the SG intends to resort for efficient asset valuation.
8. A copy of the contribution deed is transmitted to the CENTRAL BANK within 10 days from the signing.”