Regulatory Alerts2017-09-30
Regulation No. 2013-03 on the Clearing Guarantee Fund
The Central Bank of the Republic of San Marino issued Regulation No. 2013-03 to establish and govern the Clearing Guarantee Fund, which safeguards the payment system against risks arising from foreign clearing intermediaries. The regulation mandates that all domestic banks using these services contribute to the fund based on their savings collection, with a minimum contribution of 25,000 euros, and outlines the procedures for fund management, intervention triggers, and capital restoration. Additionally, it amends previous regulations to impose stricter internal audit reporting requirements regarding the accuracy and completeness of data flows submitted to the central bank.
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