Circular No. 2005-02 - Implementing Regulation of Pre-Authorized Debits (Direct Debit) of the Extended Public Administration

Public and private participation entity
Established by Law No. 21 of 12/2/1986 – Registry of Companies No. 180 Eco.Op.SM04262 – Endowment Fund €12,911,425.00 paid in Legal Headquarters – Via del Voltone, 120 – 47890 San Marino – Republic of San Marino Tel. 0549-882325 fax 0549-882328 Country code: (+)378 - swift code: icsmsmsm – www.bcsm.sm ________________________________________________________________________________________________________________________________________________________________

San Marino, September 9, 2005
CIRCULAR: 02 - 05

To the banks of the Republic of San Marino

YOUR HEADQUARTERS
SUBJECT: Implementing Regulation of "Pre-Authorized Debits (Direct Debit) of the Extended Public Administration". ___________________________________________________________________________

As is well known, the extended public administration relies on the Central Bank for the management of collections and payments in the public sector, regulated by specific conventions. Among the payment instruments used by various entities to settle debts towards the extended public administration are also pre-authorized debits. The Central Bank, in order to regulate the matter vis-à-vis the involved parties (extended PA, banks, and debtors towards the extended PA), pursuant to Law No. 96 of June 29, 2005, has issued the attached Implementing Regulation of Pre-Authorized Debits (Direct Debit) of the Extended Public Administration, which will enter into force on October 3, 2005. In order to make the entire process more efficient, the Central Bank has deemed it necessary to automate the transmission of flows, containing the specific messaging of Pre-Authorized Debits (Direct Debit) of the Extended Public Administration, between the Central Bank and all banks. Therefore, with the same effective date, the new application family of the Sammarinese Interbank Network (RIS), named Pre-Authorized Debits (Direct Debit) of the Extended Public Administration, will be activated, the technical sheet of which has already been provided by the Technical Manager of the network.

______________________________________________________________________________________________________________________________________________________________ Banks are invited to activate the necessary interventions and procedural adjustments in order to allow regular operation in compliance with this regulation. For any needs, you are invited to contact the Payment Systems and Financial Intermediaries service at telephone number 0549 882680, fax number 0549 885319, and e-mail sist.pagamento@bcsm.sm. Best regards. Prof. Luca Papi
Annex 1