Regulatory Alerts2026-01-29
Regulation No. 2025-02 on Independent Financial Advisors
The Central Bank of the Republic of San Marino issued Regulation No. 2025-02 to establish a comprehensive regulatory framework for independent financial advisors, defining their scope, registration requirements, and operational conduct. The regulation mandates the creation of a public registry managed by the Central Bank, detailing strict eligibility criteria regarding honorability, professionalism, and independence for both individuals and legal entities. It further imposes rigorous obligations on advisors concerning client information, conflict of interest management, and cross-border activities to ensure market integrity and consumer protection.
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