Regulation No. 2006-02 - Consultation Procedures for Draft Regulations

Regulation No. 2006-02
CONSULTATION PROCEDURES
FOR DRAFT REGULATIONS

Art. 1 – Definitions

1. For the purposes of this Regulation, the following terms shall mean:
   a) "Central Bank": Central Bank of the Republic of San Marino; b) "LISF": Law of 17 November 2005, No. 165; c) "authorized entities": entities authorized to carry out one or more reserved activities pursuant to Law of 17 November 2005, No. 165;

Art. 2 - Scope and Legal Sources

1. This Regulation governs the consultation procedures referred to in the fifth paragraph of Article 38 of the LISF and finds its legal sources in Articles 38, fifth paragraph, and 39 of the LISF.

Art. 3 - Purpose and Subject of the Consultation Procedure

1. The consultation procedure provides the Central Bank of the Republic of San Marino with information regarding the appropriateness of a project by the same authority, its impact, its feasibility, and the consensus it gathers.
2. The consultation procedure is launched for the preparation of measures of a general nature, which have broad scope and concern essential interests of authorized entities and/or clients of authorized entities, and which the Central Bank of the Republic of San Marino intends to issue in implementation of the LISF.

Art. 4 – Participation in the Consultation Procedure

1. The following are invited to express their opinion:
   a) representative associations of the interests of authorized entities pursuant to the LISF; b) representative associations of consumer interests.
2. In addition to the associations referred to in the first paragraph, the Central Bank may identify and invite other subjects or associations to express their opinion, or open the consultation procedure to the public.

Art. 5 – Criteria of Representativeness

1. In order for opinions expressed by an association referred to in Article 4, first paragraph, letter a), to be considered representative of the interests of authorized entities pursuant to the LISF, the association must deposit with the Central Bank of the Republic of San Marino a certified copy of its Statute and a certificate of validity, pursuant to Article 4, second paragraph, of Law of 13 June 1990, No. 68, updated, and an updated list of members.

2. In order for opinions expressed by an association referred to in Article 4, first paragraph, letter b), to be considered representative of consumer interests, the association must meet the requirements set forth in Article 6 of Law of 28 October 2005, No. 144, and deposit with the Central Bank of the Republic of San Marino a copy of the deed of registration with the Unified Court pursuant to Article 6, first paragraph, of the same law, a certified copy of the Statute, and an updated list of corporate officers.

3. The associations referred to in Article 4, first paragraph, are also required to communicate to the Central Bank any changes to the information contained in the documents deposited pursuant to the first and second paragraphs of this Article, within 15 days.

Art. 6 – Launch of the Consultation Procedure

1. The Central Bank launches the consultation procedure following a specific resolution by the Supervisory Coordination.
2. The resolution referred to in the first paragraph must contain, pursuant to Article 4, the list of subjects invited to submit their opinion and the indication of any opening of the procedure to the public.
3. The Central Bank transmits to the associations referred to in Article 4, first paragraph, and to other subjects invited to submit an opinion:
   a) the draft measure subject to the consultation procedure; b) any accompanying report; c) any other documentation prepared by the Central Bank for the purposes of participation in the aforementioned procedure.
4. In the event that the consultation procedure is open to the public, the Central Bank publicly announces its launch on its website, indicating the methods by which the documentation referred to in the third paragraph may be obtained.

Art. 7 – Organization, Format, and Deadline

1. The Central Bank prepares the consultation procedure, ensures its conduct, and collects and evaluates the results.
2. The consultation procedure is conducted in writing, in paper form and/or in electronic form.
3. The associations referred to in Article 4, first paragraph, and other subjects invited to express an opinion agree with the Central Bank on the methods for transmitting opinions in electronic form.
4. The deadline for responding is established considering the content and scope of the project and is indicated in the resolution referred to in Article 6, first paragraph.

Art. 8 – Treatment of Opinions

1. The Central Bank of the Republic of San Marino takes note of the opinions expressed and evaluates them in relation to the purposes set forth in Article 3, first paragraph.

San Marino, 25 April 2006.