Regulation No. 2011-04: Update I on the Domestic Address Exchange Service (SRD)

THE GENERAL DIRECTOR OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO

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 subsequent amendments, which attributes to it, among other things, the functions of management, regulation, and supervision of the payment system of the Republic;

HAVING REGARD to the resolution of the Board of Directors by which the present text, modifying Regulation 2007-04 concerning the Domestic Address Exchange Service (SRD), was approved;

HEREBY ISSUES

the attached Regulation No. 2011-04, which enters into force on 24 October 2011.

San Marino, 28 September 2011 Signed: THE GENERAL DIRECTOR Mario Giannini

Central Bank of the Republic of San Marino Regulation No. 2011-04: Update I of Regulation No. 2007-04

REGULATION ON THE DOMESTIC ADDRESS EXCHANGE SERVICE (SRD) Year 2011 / Number 04 UPDATE I

Article 1 – Amendments to Regulation No. 2007-04 on the domestic address exchange service.

1. Article 16, paragraph 1, letter e) is replaced as follows: “e) with regard solely to bank checks, in addition to the physical exchange, ADHERENTS are obliged to exchange them electronically through the exchange of ACCOUNTING FLOWS and IMAGE FLOWS, by using the RIS, as defined by the technical sheet of the SAN MARINO INTERBANK NETWORK named “Domestic Checks”, approved by the CENTRAL BANK. These flows must contain all information necessary for the automated processing of negotiated credit instruments, also aimed at settlement via MULTILATERAL NETTING among ADHERENTS. If the exchange from one ADHERENT to another ADHERENT proves incomplete, the first must resubmit to the second, on the next working day, the physical material and the related ACCOUNTING FLOW and IMAGE FLOW. Upon closure of the SRD SERVICE, the CENTRAL BANK, after verifying the presence of the physical material, the ACCOUNTING FLOW, and the IMAGE FLOW, authorizes the Technical Manager of the SAN MARINO INTERBANK NETWORK to send the daily electronic flows to the dealing ADHERENTS.”

2. Article 16, paragraph 4 is replaced as follows: “4. The return of any irregular ADDRESSES must be immediately communicated to the presenting ADHERENT using the most suitable tool and must take place no later than the second working day following the day of the initial exchange.”

3. Article 18, paragraph 1 is replaced as follows: “1. For unpaid checks, communication shall be given by the DEALING BANK with a suitable message of the SAN MARINO INTERBANK NETWORK or, in the absence thereof, with a accounting letter exchanged in the SRD SERVICE, no later than the second working day following the day of the initial exchange. The aforementioned term is to be considered peremptory; failure to respect it determines the presumption of payment, without prejudice to the right to assert one's claims in court.”

4. Point 2 of the economic conditions inserted within the Technical Sheet “Operational aspects and economic conditions”, attached to Regulation No. 2007-04, is replaced as follows: “2. unpaid checks: communication a) value date: equal to the working day following the date of exchange in the SRD SERVICE of the communication of non-payment; b) commissions: not applied; c) timing: no later than the 2nd working day following the date of exchange in the SRD SERVICE of the negotiated check; communication to be sent via fax no later than 17:00.”

Article 2 – Entry into force.

This regulation enters into force on 24 October 2011, and shall apply from addresses presented on that date. From the same date, Circular No. 2007-02 of 27 July 2007 is deemed repealed.