Regulatory Alerts2007-08-13
Circular No. 2007-03 - Obligations of Trust Companies under Article 17 of the Companies Law
The General Director of the Central Bank of the Republic of San Marino issued Circular No. 2007-03 to regulate the compliance obligations of trust companies regarding the certification of settlors under Article 17 of the Companies Law. The circular mandates that trust companies must obtain settlor certifications prior to accepting mandates and periodically throughout the relationship, while strictly prohibiting the acceptance of mandates from subjects deemed unsuitable. These requirements apply to all existing and new mandates concerning participations in San Marino companies, with the circular entering into force on August 13, 2007.
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