Circular No. 2016-01 - Information Obligations Regarding the Risk Central Registry - Update No. I

THE DEPUTY GENERAL MANAGER OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO SEEING Law No. 165 of 17 November 2005, and in particular Article 39 which grants the Central Bank the power to issue regulations and circulars within its areas of competence and Article 50 which assigns to the Central Bank the management and regulation of the service for centralizing information on credit risks; SEEING Article 30, paragraph 3 of the Statute of the Central Bank of the Republic of San Marino, approved by Law No. 96 of 29 June 2005, pursuant to which acts of the Central Bank on supervision matters, deliberated by the Supervisory Coordination, are issued by the General Manager, as well as Article 14, paragraph 5 of the same Statute which governs the case of absence or impediment of the General Manager; SEEING the deliberations of the Supervisory Coordination and the Board of Directors by which the text of Circular No. 2016-01 titled “Information Obligations Regarding the Risk Central Registry – Update I” was approved; HEREBY ISSUES the attached Circular No. 2016-01 which enters into force on 24 March 2016. San Marino, 17 March 2016 Signed THE DEPUTY GENERAL MANAGER Daniele Bernardi

INFORMATION OBLIGATIONS REGARDING THE RISK CENTRAL REGISTRY UPDATE NO. I year 2016 / number 01

Central Bank of the Republic of San Marino Circular No. 2016-01 – Information Obligations Regarding the Risk Central Registry - Update No. I Article 1 – Amendments to Circular No. 2015-02

1. After Chapter 10, the following Chapter is inserted: “11. FINAL AND TRANSITIONAL PROVISIONS 11.1 Launch of return flows Without prejudice to what is provided in the third paragraph of paragraph 1.3, for the purpose of carrying out appropriate checks on the consolidation of risk positions in advance of the CR's data dissemination, return flows, with the exception of those referred to in Chapter 9, will be made available starting from the third quarterly survey referred to in paragraph no. 2.4, last paragraph. 11.2 First information service The service referred to in paragraph 2.10.1 will be available starting from the first consolidation of risk positions following the survey referred to 30.09.2016. 11.3 Non-performing loans The first reporting for the purposes of information obligations to the client and any co-obligors referred to in paragraph 4.1.5, sixth paragraph, is to be understood as coinciding with the quarterly survey referred to in the preceding paragraph 11.1. 11.4 Management of demographic data and status changes Consistently with the purposes referred to in the preceding paragraph 11.1, participating intermediaries must constantly keep updated the demographic information of clients relevant for the CR, as well as that relating to their qualitative status, already starting from the information useful for the first quarterly survey referred to 31.03.2016. 11.5 Credits sold to third parties or written off The provisions of paragraphs nos. 4.4.3 and 4.4.4 concerning the recording in the CR of losses accumulated over time, including those from sales, apply solely to losses realized on a date equal to or subsequent to the entry into force of this Circular.” Article 2 – Entry into force
2. This Circular enters into force on 24 March 2016. Article 3 – Consolidated text
3. The consolidated text with the amendments introduced by this Circular will be made available on the website of the Central Bank of the Republic of San Marino (www.bcsm.sm).