Regulation No. 2015-01 - Regulation on Information Supervision

REGULATION ON INFORMATION SUPERVISION
2015 - 01
(Consolidated text as of 29/01/2026 – Update XI)

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI
TABLE OF CONTENTS
PART I INTRODUCTION...................................................................................................... 3
TITLE I PREMISE...................................................................................................................................................................................... 3
Article I.I.1 – Legislative Sources.............................................................................................................................................................................3
Article I.I.2 – Definitions.....................................................................................................................................................................................3
TITLE II OBJECTIVES, SCOPE OF REFERENCE AND STRUCTURE OF THE PROVISION.................................................................. 4
Article I.II.1 – Objectives .......................................................................................................................................................................................4
Article I.II.2 – References.............................................................................................................................................................................................4
Article I.II.3 – Preparation................................................................................................................................................................................4
Article I.II.4 – Structure........................................................................................................................................................................................5
PART II GENERAL PROVISIONS FOR THE COMPLETION AND SUBMISSION OF STATISTICAL REPORTS .............................................................................................. 6
TITLE I ENTITIES RESPONSIBLE FOR THE COMPLETION, CONTROL AND SUBMISSION OF REPORTS ................................... 6
Article II.I.1 – Head of Supervision Reports........................................................................................................................................................6
Article II.I.2 – Operational Contact(s) for Statistical Reports........................................................................................................................6
TITLE II REPORTING MODELS AND OPERATIONAL MANUALS .................................................................................................................. 7
Article II.II.1 – Reporting Models ....................................................................................................................................................................7
Article II.II.2 – Operational Manuals ......................................................................................................................................................................7
TITLE III METHODS FOR COMPLETING AND TRANSMITTING REPORTING MODELS.............................................................. 8
Article II.III.1 – Reporting Frequency and Methods...............................................................................................................................8
Article II.III.2 – Terms and Methods for Transmitting Reports.....................................................................................................8
Article II.III.3 – Exemptions from Periodic Information Supervision Obligations.......................................................................... 10
Article II.III.4 – Reporting Attributes: Sector of Economic Activity and Residence ................................................................... 10
TITLE IV SEMI-ANNUAL DECLARATION OF COMPLIANCE.............................................................................................................. 13
Article II.IV.1 – Contents and Methods of Preparation and Approval ............................................................................................ 13
Article II.IV.2 – Times and Methods of Transmission ..................................................................................................................... 13
PART III CONTROLS ON STATISTICAL REPORTS .................................14
TITLE I AUDIT FIRMS............................................................................................................................................................. 14
Article III.I.1 – Regulatory Sources ..................................................................................................................................................... 14
Article III.I.2 – Methods and Times for Executing Controls.................................................................................................................... 14
TITLE II BOARD OF DIRECTORS ...................................................................................................................................................... 17
Article III.II.1 – Responsibility for Reports ...................................................................................................................................... 17
PART IV FINAL AND TRANSITIONAL PROVISIONS........................................................18
TITLE I ENTRY INTO FORCE AND CONSOLIDATED TEXTS........................................................................................................ 18
Article IV.I.1 – Entry into Force .................................................................................................................................................... 18
Article IV.I.2 – Repeals............................................................................................................................................................. 18
Article IV.I.3 – Consolidated Texts ..................................................................................................................................................... 19
TITLE II AMENDMENTS TO OTHER REGULATORY SOURCES......................................................................................................... 19
Article IV.II.1 – Amendments to Regulation No. 2014-02............................................................................................................. 19
Article IV.II.2 – Amendments to Regulations No. 2007-07 and No. 2011-03....................................................................................... 19
APPENDIX 1 - Reconciliation statement between semi-annual net profit as of June 30 and profit for the same period for supervision capital purposes....................................................................................................................................................................... 21

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI
PART I
INTRODUCTION
Title I
Premise
Article I.I.1 – Legislative Sources

1. This Regulation falls within the scope of the implementing provisions of Law No. 165 of November 17, 2005, as provided for by Article 41, paragraph 1, and, for credit institutions, implements the reference in Article VIII.II.3 of BCSM Regulation 2007-07.
2. The regulatory power of the Central Bank of the Republic of San Marino to request information also finds its legislative source in Law No. 96 of June 29, 2005, and subsequent amendments, particularly in Article 34, paragraph 1.
3. The sanctioning power of the Central Bank of the Republic of San Marino with regard to the provisions contained in this Regulation finds its legislative source in Article 31 of Law No. 96 of June 29, 2005, as implemented by Decree 76 of May 30, 2006, and subsequent amendments.
   Article I.I.2 – Definitions
4. For the purposes of this Regulation and in general in the regulations pertaining to individual SUPERVISION REPORTS, the expressions used are to be understood with the following meaning:

• “BCSM / Central Bank”: Central Bank of the Republic of San Marino, also defined as “Supervisory Authority”;
• “REFERENCE DATE”: the last day of the period to which the REPORTS refer;
• “LISF”: Law No. 165 of November 17, 2005, and subsequent amendments;
• “OPERATIONAL MANUAL”: a collection of operational rules and regulatory interpretations to be used for the completion and submission of REPORTS to BCSM (cf. Part II Title II of this Regulation, also defined as “manual”);
• “REPORTING MODEL”: an information tool used for the completion of REPORTS (cf. Part II Title II of this Regulation, also defined as “model”);
• “REFERENCE REGULATIONS”: BCSM provisions which, in implementation of Article 41, paragraph 1, of the LISF, regulate, together with the OPERATIONAL MANUALS, the information obligations of REPORTING ENTITIES;
• “STATEMENT”: part of the MODEL composed of homogeneous data; the individual REFERENCE REGULATIONS and OPERATIONAL MANUALS qualify the content of the individual STATEMENTS;
• “OPERATIONAL CONTACT(S) for the report”: person(s) in charge of completing specific REPORTS (cf. Part II Title I of this Regulation);
• “HEAD OF SUPERVISION REPORTS”: head of the function responsible for completing all REPORTS sent to BCSM (cf. Part II Title I of this Regulation);
• “SUPERVISION REPORTS”: periodic and non-periodic surveys of information prepared in accordance with company accounting data and/or management information systems which, within the scope of the information supervision powers referred to in Article 41, paragraph 1, of the LISF, are transmitted to the Supervision Department;
• “SECTORIZATION”: aggregation of certain values into economic sectors, as qualified in Part II Title III of this Regulation;
• “REPORTING ENTITIES”: entities authorized to carry out one or more of the reserved activities indicated in Appendix 1 of the LISF, with the exception of those indicated in letters G) and H), having their registered office, or, if foreign, a branch, in Sammarinese territory; in this Regulation, they are also defined as “reporting intermediaries/entities”;
• “TABLES”: tabular aggregation of items that, individually or with other TABLES, make up the STATEMENT;
• “ITEM”: elementary data of the REPORT, to be entered in the STATEMENTS by completing the relevant REPORTING MODEL; if necessary in relation to the information obligations provided, the ITEM is further articulated into sub-items.

2. Hereinafter, the use of defined terms is highlighted in UPPERCASE.
3. For terms not listed in this glossary, reference is made to the definitions reported in BCSM Regulations No. 2007-07, 2011-03, 2006-03, 2014-04 and No. 2016-02 and, more generally, in the LISF.
4. The specific REFERENCE REGULATIONS and their respective OPERATIONAL MANUALS may present more detailed glossaries containing definitions useful for individual SUPERVISION REPORTS.
   Title II
   Objectives, scope of reference and structure of the provision
   Article I.II.1 – Objectives
5. This Regulation consolidates into a single organic provision the general supervision rules applicable to REPORTS prepared and sent to BCSM by REPORTING ENTITIES, in relation to the information obligations established by the individual REFERENCE REGULATIONS.
   Article I.II.2 – References
6. For the illustration of specific provisions pertaining to individual REPORTS, reference is made to the relevant REFERENCE REGULATIONS and individual OPERATIONAL MANUALS.
7. For specific information obligations on foreign entities authorized to carry out reserved activities in Sammarinese territory exclusively under a service provision regime without establishment, reference is made to a specific provision.
   Article I.II.3 – Preparation
8. The Regulation, in accordance with Article 38, paragraph 5 of the LISF and the implementing Regulation No. 2006-02, has been subject to prior consultation.

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI
Article I.II.4 – Structure

1. The Regulation is divided into four Parts, each of which is divided into Titles. Each Title is divided into Articles.
2. The Article, which represents the basic regulatory unit, has a compound numbering, i.e., formed by three different sub-numberings, separated by a dot: the first part indicates the Part, the second the Title, the third the Article.

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI
PART II
GENERAL PROVISIONS FOR THE COMPLETION AND SUBMISSION OF STATISTICAL REPORTS Title I Entities responsible for the completion, control and submission of reports
Article II.I.1 – Head of Supervision Reports

1. Individual REPORTING ENTITIES shall identify internally the figure of the HEAD OF SUPERVISION REPORTS, who is entrusted with the responsibility for the completion of all REPORTS sent to BCSM. The appointment of the HEAD OF SUPERVISION REPORTS, as well as their eventual subsequent replacement, is carried out following a resolution of the Board of Directors, to be sent in copy to the Supervisory Authority, from which the effective date of the new Head must emerge.
2. The HEAD OF SUPERVISION REPORTS coordinates the activity of the OPERATIONAL CONTACTS for the REPORTS or of the individual Organizational Units, if distinct, responsible for the preparation of the REPORTS and controls their integrity (in terms of full conformity with the REPORTING MODEL issued by BCSM), their correct completion, as well as their regular and timely submission to BCSM, by the OPERATIONAL CONTACTS, in relation to the individual deadlines provided by the specific REFERENCE REGULATIONS.
3. In the case of general communications from BCSM to all REPORTING ENTITIES, e.g., the issuance of a new REPORTING MODEL, these are sent to the attention of the HEAD OF SUPERVISION REPORTS, who, in addition to ensuring their submission to the Board of Directors, the Board of Statutory Auditors, and the Head of the Executive Structure, arranges for internal channeling to the individual Organizational Units or to the competent OPERATIONAL CONTACT(S).
4. If the Supervisory Authority requests clarifications or reporting rectifications from the REPORTING ENTITY, such communications are sent to the HEAD OF SUPERVISION REPORTS together with the OPERATIONAL CONTACT(S) for the specific REPORT.
5. REPORTING ENTITIES shall establish appropriate internal organizational safeguards (e.g., through delegations) aimed at ensuring the performance of the activities referred to in the preceding article even during periods of absence of the HEAD OF SUPERVISION REPORTS.
   Article II.I.2 – Operational Contact(s) for Statistical Reports
6. In relation to the internal organization of the REPORTING ENTITY, one or more OPERATIONAL CONTACTS for each REPORT may be designated, responsible for completing the REPORTING MODEL and sending it to BCSM within the deadlines provided by the specific REFERENCE REGULATIONS.

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI
2. The role of OPERATIONAL CONTACT may coincide with the HEAD OF SUPERVISION REPORTS, provided that safeguards are in place to ensure the regular performance of the activity even during periods of absence of the aforementioned subject.
3. REPORTING ENTITIES shall complete the REPORTING MODELS with the indication of the HEAD OF SUPERVISION REPORTS and, for the individual REPORT, of its OPERATIONAL CONTACT(S).
Title II
Reporting Models and Operational Manuals
Article II.II.1 – Reporting Models

1. To facilitate REPORTING ENTITIES in the correct completion of REPORTS, the REPORTING MODELS necessary for fulfilling the information obligations provided by the individual REFERENCE REGULATIONS are available in the reserved area of the CENTRAL BANK's website (www.bcsm.sm).
2. The REPORTING MODELS are divided into STATEMENTS, which include the ITEMS to be populated for the completion of the REPORT, possibly organized into TABLES.
3. Each STATEMENT is identified by a code and a name, also used in the REFERENCE REGULATIONS and MANUALS to uniquely identify the data to be completed.
4. The REPORTING MODELS are adopted by resolution of the Supervision Coordination of the CENTRAL BANK, updated to conform to any modifications of their respective OPERATIONAL MANUALS, and brought to the attention of the REPORTING ENTITIES in advance of their effective date, proportional to the varying relevance and operational impacts of each REPORTING MODEL and each of its updates.
   Article II.II.2 – Operational Manuals
5. The OPERATIONAL MANUALS for the completion of REPORTS by REPORTING ENTITIES are available in the reserved area of the CENTRAL BANK's website (www.bcsm.sm) together with the relevant REPORTING MODELS.
6. The MANUALS illustrate the operational rules to be observed for the completion and submission of REPORTS to the CENTRAL BANK, supplementing what is provided by the REFERENCE REGULATIONS.
7. The OPERATIONAL MANUALS may also contain interpretive indications and clarifications useful for the correct application of the REFERENCE REGULATIONS.
8. The OPERATIONAL MANUAL and its updates are adopted by resolution of the Supervision Coordination and communicated in a manner similar to that described above for the REPORTING MODELS.

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI Title III Methods for completing and transmitting reporting models
Article II.III.1 – Reporting Frequency and Methods

1. REPORTS have different frequencies and characteristics, as provided by the REFERENCE REGULATIONS.
2. The REPORTING MODELS must be completed by REPORTING ENTITIES, in accordance with company accounting data and management information systems (for non-accounting information), in relation to the period to which the REPORT refers, observing the provisions of the specific REFERENCE REGULATIONS, together with the operational indications reported in the individual MANUALS.
3. Amounts in euros must be rounded to the nearest unit, disregarding fractions less than 50 cents and rounding up to the next unit for fractions equal to or greater than 50 cents, unless otherwise specified in the MANUALS.
4. Unless otherwise indicated in the specific REFERENCE REGULATION, accounting items expressed in currencies other than the euro must be valued in euros according to the spot reference exchange rates published by the European Central Bank on the REFERENCE DATE or, if not available, those of the last available preceding date.
5. Any errors in the completion of the REPORT, communicated by the Supervisory Authority or independently detected by the REPORTING ENTITY, entail the obligation of a timely reporting rectification to be sent to BCSM, indicating in the appropriate notes field - provided by the REPORTING MODEL - the submission date of the previous rectified REPORT, the reason for the error, and the indication of the modified data, together with the reference to any BCSM request.
6. If, with reference to a REPORT or a part thereof, there is no information to be communicated to the CENTRAL BANK, the REPORTING ENTITY must nevertheless fulfill the information obligation by sending the REPORTING MODEL with an indication in the notes field of the absence of information.
   Article II.III.2 – Terms and Methods for Transmitting Reports
7. REPORTS must be transmitted by REPORTING ENTITIES to the CENTRAL BANK within the deadlines established by the specific REFERENCE REGULATIONS.
8. If the deadline referred to in the preceding paragraph coincides with a non-working day, this deadline is not subject to postponement.
9. REPORTS must be submitted to the CENTRAL BANK in electronic format using the transmission procedure available in the reserved area of the CENTRAL BANK's website (www.bcsm.sm).
10. The user manual for the electronic transmission procedure is made available in the reserved area of the BCSM website.

Central Bank of the Republic of San Marino
Regulation 2015-01 on Information Supervision – Update XI
5. If the electronic transmission procedure for supervision reports is not functioning, or REPORTING ENTITIES cannot, for technical reasons, use this procedure, they must contact the Supervision Department of the CENTRAL BANK to receive instructions regarding possible alternative methods for transmitting REPORTS1.
6. To ensure the conformity of the transmitted information with the results of company accounting and management information systems, the procedures for preparing reporting data must be specifically approved by the Board of Directors, together with the internal control system performed on these procedures. The approved procedures must ensure, among other things, the reconciliation of reporting data with the results of company accounting and management information systems and must also ensure the reconstructability and documentability of the links between company accounting and the management information systems used and the data present in the supervision reports.
7. REPORTING ENTITIES must:

• prior to sending the first electronic transmission of REPORTS, request the credentials (username and password) to access the reserved area of the website and use the electronic transmission procedure. The relevant form2 (published on the CENTRAL BANK's website) must be signed by the Head of the executive structure or by an administrator of the REPORTING ENTITY;
• prior to sending the first electronic transmission of REPORTS and, subsequently, in June of each year, sign and transmit to the CENTRAL BANK, using the same REPORT transmission procedure, the specific form3 published in the reserved area of the CENTRAL BANK's website showing the approval referred to in the preceding paragraph.

8. Questions relating to the