Circular No. 2026-01 - Update Circular on Financial Reporting

CENTRAL BANK OF THE REPUBLIC OF SAN MARINO

Circular No. 2026-01 on updates in the matter of financial reporting

INDEX

Article 1 – Amendments to Circular No. 2017-03................................................................................................................... 3
Article 2 – Amendments to Circular No. 2017-04................................................................................................................... 8
Article 3 – Final and Transitional Provisions ......................................................................................................................... 8

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CENTRAL BANK OF THE REPUBLIC OF SAN MARINO Circular No. 2026-01 on updates in the matter of financial reporting

Article 1 – Amendments to Circular No. 2017-03

1. Table 3.3 titled "dynamics of cash credits towards credit institutions", contained in paragraph 9.1 of Annex B, is replaced as follows:

"Table 3.3: Dynamics of cash credits towards credit institutions The increases and decreases in the amount of gross credit exposures occurring during the financial year must be represented. In particular, in the sub-items:

• Default interest: the interest accrued during the year must be indicated gross of the portion considered unrecoverable;
• Other increases/decreases: all variations in the initial gross credit exposure attributable to factors other than those indicated in the previous sub-items must be included (possible variations in the value of foreign currency credits depending on exchange rate fluctuations, etc.). When the amount of a variation is significant, informative details must be provided at the foot of the table.

Causes/Categories	Deteriorated Credit Exposures
	Bad Debts	Probable Defaults	Overdue and/or Overdrawn
A) Initial Gross Exposure
- of which: for default interest
B) Increases
B1. Inflows from performing credit exposures
B2. Inflows from other categories of deteriorated credit exposures
B3. Default interest
B4. Other increases
C) Decreases
C1. Outflows to performing credit exposures
C2. Outflows to other categories of deteriorated credit exposures
C3. Write-offs
C4. Collections/Repayments
C5. Realizations from sales
C6. Other decreases
D) Final Gross Exposure as of 31.12.t
- of which: for default interest

2. Table 4.4 titled "dynamics of cash credits towards customers", contained in paragraph 9.1 of Annex B, is replaced as follows:

"Table 4.4: Dynamics of cash credits towards customers In this table, the increases and decreases in the amount of gross credit exposures (including leasing credits) occurring during the financial year must be represented. In particular, in the sub-items:

• Default interest: the interest accrued during the year must be indicated gross of the portion considered unrecoverable;
• Other increases/decreases: all variations in the initial gross credit exposure attributable to factors other than those indicated in the previous sub-items must be included (possible variations in the value of credit exposures in foreign currency depending on exchange rate fluctuations, etc.). When the amount of a variation is significant, explicit evidence must be provided in the table or at its foot.

Causes/Categories	Deteriorated Credit Exposures
	Bad Debts	Probable Defaults	Overdue and/or Overdrawn
A) Initial Gross Exposure
- of which: for default interest
B) Increases
B1. Inflows from performing credit exposures
B2. Inflows from other categories of deteriorated credit exposures
B3. Default interest
B4. Other increases
C) Decreases
C1. Outflows to performing credit exposures
C2. Outflows to other categories of deteriorated credit exposures
C3. Write-offs
C4. Collections/Repayments
C5. Realizations from sales
C6. Other decreases
D) Final Gross Exposure as of 31.12.t
- of which: for default interest

3. In Table 5.3 titled "annual variations of immobilized financial instruments" and Table 5.5 titled "annual variations of non-immobilized financial instruments", contained in paragraph 9.1 of Annex B, the following clarification is inserted at the beginning of the section regarding compilation instructions:
   "This table is compiled by CREDIT INSTITUTIONS and INVESTMENT FIRMS."

4. Table 31.1 titled "Prudential Aggregates", contained in paragraph 9.6 of Annex B, is replaced as follows:

"Table 31.1: Prudential Aggregates
In the preparation of this table, which concerns prudential aggregates, the indications of BCSM Regulations nos. 2006/03, 2007/07, 2011/03, 2020/04, 2024/03, 2024/05 and the current supervisory discipline must be followed. The section relating to risk exposure and the capital ratio must be compiled only by REPORTING ENTITIES subject to the specific discipline. The section relating to capital requirements must be compiled exclusively with the specific requirements provided for the relevant type of financial institution.

Amount
Supervisory Capital
A1. Basic Capital
A2. Supplementary Capital
A3. Elements to be deducted
A4. Supervisory Capital
Risk Exposure and Capital Ratio [to be indicated where applicable for the type of authorized subject]:
B1. Total amount of risk exposure
C1. Supervisory Capital / Total amount of risk exposure
Capital Requirements [to be indicated where applicable for the type of authorized subject]:
D1. Capital requirement for credit risk
D2. Capital requirement for market risk
D3. Capital requirement for settlement risk
D4. Capital requirement for operational risk
D5. Supervisory expectations for minimum coverage of deteriorated credit exposures
D6. Additional capital requirement related to ABS securitization of system
D7. Capital requirement related to general fixed expenses
D8. Overall capital requirement related to K factors:
D8.1. Requirement related to K factors concerning customer risk
D8.2. Requirement related to K factors concerning market risk
D8.3. Requirement related to K factors concerning enterprise risk
D.9 Capital requirement for exceeding concentration risk limits
D10. Capital requirement measured by the managed mass of common investment funds and other risks
D11. Capital requirement for payment services provided
D12. Capital requirement for the issuance of electronic money
D.13. Capital requirement for the issuance of linked crypto-assets
…

5. The last paragraph of the compilation instructions for Table 33.1 titled "temporal distribution of assets and liabilities", contained in paragraph 9.6 of Annex B, is replaced as follows:
   "The valuation of the table must be limited to financial assets and liabilities, net of interest that will accrue after the REFERENCE DATE, as well as off-balance sheet operations linked to financial assets and liabilities."

6. In Table 1.3 titled "Participations in group companies", contained in paragraph 11.1 of Annex D, under point (2) of the Legend, the indication "Joint Control" is added.

7. Table 3.3 titled "dynamics of cash credits towards credit institutions", contained in paragraph 11.2 of Annex D, is replaced by the following:

"Table 3.3: Dynamics of cash credits towards CREDIT INSTITUTIONS The increases and decreases in the amount of gross credit exposures occurring during the financial year must be represented. In particular, in the sub-items:

• Default interest: the interest accrued during the year must be indicated gross of the portion considered unrecoverable;
• Other increases/decreases: all variations in the initial gross credit exposure attributable to factors other than those indicated in the previous sub-items must be included (possible variations in the value of foreign currency credits depending on exchange rate fluctuations, etc.). When the amount of a variation is significant, informative details must be provided at the foot of the table.

Causes/Categories	Deteriorated Credit Exposures
	Bad Debts	Probable Defaults	Overdue and/or Overdrawn
A) Initial Gross Exposure
- of which: for default interest
B) Increases
B1. Inflows from performing credit exposures
B2. Inflows from other categories of deteriorated credit exposures
B3. Default interest
B4. Other increases
C) Decreases
C1. Outflows to performing credit exposures
C2. Outflows to other categories of deteriorated credit exposures
C3. Write-offs
C4. Collections/Repayments
C5. Realizations from sales
C6. Other decreases
D) Final Gross Exposure as of 31.12.t
- of which: for default interest

8. Table 4.4 titled "dynamics of cash credits towards customers", contained in paragraph 11.2 of Annex D, is replaced by the following:

"Table 4.4: Dynamics of cash credits towards customers In this table, the increases and decreases in the amount of gross credit exposures (including leasing credits) occurring during the financial year must be represented. In particular, in the sub-items:

• Default interest: the interest accrued during the year must be indicated gross of the portion considered unrecoverable;
• Other increases/decreases: all variations in the initial gross credit exposure attributable to factors other than those indicated in the previous sub-items must be included (possible variations in the value of credit exposures in foreign currency depending on exchange rate fluctuations, etc.). When the amount of a variation is significant, explicit evidence must be provided in the table or at its foot.

Causes/Categories	Deteriorated Credit Exposures
	Bad Debts	Probable Defaults	Overdue and/or Overdrawn
A) Initial Gross Exposure
- of which: for default interest
B) Increases
B1. Inflows from performing credit exposures
B2. Inflows from other categories of deteriorated credit exposures
B3. Default interest
B4. Other increases
C) Decreases
C1. Outflows to performing credit exposures
C2. Outflows to other categories of deteriorated credit exposures
C3. Write-offs
C4. Collections/Repayments
C5. Realizations from sales
C6. Other decreases
D) Final Gross Exposure as of 31.12.t
- of which: for default interest

9. In Table 5.3 titled "annual variations of immobilized financial instruments" and Table 5.5 titled "annual variations of non-immobilized financial instruments", contained in paragraph 11.2 of Annex D, the following clarification is inserted at the beginning of the section regarding compilation instructions:
   "This table is compiled by CREDIT INSTITUTIONS and INVESTMENT FIRMS."

10. Letter C1 of point 3 of Table 7.1 titled "composition of item 90 'Technical reserves chargeable to reinsurers'", contained in paragraph 11.2 of Annex D, is modified as follows:
    "C1. Reserves related to contracts whose benefits are linked to investment funds, market indices, and dedicated funds."

11. Table 20.1 titled "movement of item 60 'End-of-employment treatment'", contained in paragraph 11.3 of Annex D, is eliminated. The numbering of subsequent tables is consequently updated.

12. Letter C1 of Table 21.1 titled "composition of item 90 'Technical reserves'", contained in paragraph 11.3 of Annex D, is modified as follows:
    "C1. Reserves related to contracts whose benefits are linked to investment funds, market indices, and dedicated funds."

13. Table 22.4 titled "composition of item 130 'Third-party equity'", contained in paragraph 11.3 of Annex D, is replaced as follows:

"Table 22.4: Composition of item 130 'Equity attributable to third parties' This table must report the list of consolidated participations with third-party interests.

	31.12.t	31.12.t-1	Variations
	Amount	%
Equity attributable to third parties
1. …
2. …
3. …

14. From Table 22.10 titled "composition of item 190 'Profit (loss) for the year'", contained in paragraph 11.3 of Annex D, the following part is eliminated:
    "At the foot of the table, indicate the proposal for the allocation of profits or the coverage of losses, or, if applicable, the allocation of profits or the coverage of losses, pursuant to Article V.II.8, paragraph 1, letter d) of the REGULATION."

15. In Table 22.12 titled "statement of changes in consolidated equity", contained in paragraph 11.3 of Annex D, the content of the last item is replaced by the following:
    "Equity attributable to third parties."

16. Table 26.1 titled "detail of item 30 'Dividends and other income'", contained in paragraph 11.6 of Annex D, is replaced by the following:

"Table 26.1: Detail of item 30 'Dividends and other income'

	31.12.t	31.12.t-1	Variations
	Amount	%
A) On shares, quotas, and other equity financial instruments
B) On non-consolidated participations
C) On non-consolidated participations in group companies
Total

17. The introduction to Table 31.3 titled "Remuneration", contained in paragraph 11.6 of Annex D, is modified as follows:
    "The 'of which of the parent company' indicates the amount of remuneration due to the directors, auditors, and management of the parent company for the performance of such functions, also in controlled companies. At the foot of the table, the further information required by Article VII.II.10 of the REGULATION, paragraph 1, letter c), must be indicated."

18. The last paragraph of the compilation instructions for Table 40.1 titled "Temporal distribution of assets and liabilities", contained in paragraph 11.7 of Annex D, is replaced as follows:
    "The valuation of the table must be limited to financial assets and liabilities, net of interest that will accrue after the REFERENCE DATE, as well as off-balance sheet operations linked to financial assets and liabilities."

Article 2 – Amendments to Circular No. 2017-04

1. Paragraph 8 of paragraph 20, titled "Schedule 15 – Further information with quarterly periodicity", is replaced as follows:
   "8. REPORTING ENTITIES that can exercise credit activity provide information on changes occurring during the quarter regarding the classification of credit exposures by credit quality, new grants, collections and/or repayments, and write-offs."

Article 3 – Final and Transitional Provisions

1. This Circular enters into force on April 8, 2026.

2. Without prejudice to what is provided in the following paragraph 3, the amendments to Circular No. 2017-03 set out in Article 1 apply starting from the preparation of the individual and consolidated financial statements relating to the 2025 financial year.

3. The amendment provided for in paragraph 4 of Article 1 applies starting from the preparation of the 2026 financial statements.

4. The amendments to Circular No. 2017-04 set out in Article 2 apply starting from the reporting referred to March 31, 2026.