Regulation No. 2016-01 - Deposit Guarantee Scheme

REGULATION
ON THE DEPOSIT GUARANTEE FUND year 2016 / number 01 (Consolidated text as of 29/01/2026 - Update VI)

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI

INDEX
PART I INTRODUCTION .......................................................................................................................................4
TITLE I PRELIMINARY PROVISIONS ................................................................................................................................................4
Article I.I.1 - Legal Sources..................................................................................................................................... 4
Article I.I.2 - Definitions ............................................................................................................................................ 4
TITLE II CHARACTERISTICS OF THE PROVISION .................................................................................6
Article I.II.1 - Subject Matter ................................................................................................................................................ 6
Article I.II.2 - Objectives............................................................................................................................................... 6
Article I.II.3 - Preparation ........................................................................................................................................ 6
Article I.II.4 - Structure ............................................................................................................................................... 6
PART II ADHESION TO THE FUND AND MANAGEMENT...................................................................................................7
TITLE I NATURE AND INVOLVED PARTIES.....................................................................................................7
Article II.I.1 - Nature of the fund .................................................................................................................................. 7
Article II.I.2 - Participating Entities .................................................................................................................................. 7
Article II.I.3 - Guaranteed Parties.................................................................................................................................. 7
Article II.I.4 - Methods of Adhesion to the Fund.............................................................................................................. 8
TITLE II COMPETENT AUTHORITIES........................................................................................................................8
Article II.II.1 - Cooperation...................................................................................................................................... 8
Article II.II.2 - Supervisory Coordination .......................................................................................................... 9
Article II.II.3 - Management and Control Bodies of the Fund ............................................................................................ 9
Article II.II.4 - Competences of the Management Body................................................................................................. 9
PART III OPERATION OF THE FUND ..................................................................................................... 11
TITLE I REIMBURSEMENT INTERVENTIONS IN FAVOUR OF DEPOSITORS ...................................................... 11
Article III.I.1 - Scope of Application of Interventions ........................................................................................... 11
Article III.I.2 - Admissibility of Deposits................................................................................................................ 11
Article III.I.3 - Coverage Level .......................................................................................................................... 13
Article III.I.4 - Determination of the Refundable Amount....................................................................................... 13
Article III.I.5 - Reimbursement .......................................................................................................................................... 14
TITLE II FINANCING AND USE OF FUNDS.............................................................................................16
Article III.II.1 - Ordinary Contributions ................................................................................................................... 16
Article III.II.2 - Extraordinary Contributions ............................................................................................................. 17
Article III.II.3 - Other Sources of Financing ............................................................................................................ 17
Article III.II.4 - Calculation of Contribution Shares............................................................................................... 18
TITLE III OBLIGATIONS............................................................................................................................................18
Article III.III.1 - Reporting Obligations of Participating Entities .............................................................................. 18
Article III.III.2 - Obligations of the Management Body.................................................................................................. 18
Article III.III.3 - Information Obligations towards Depositors ................................................................. 19
TITLE IV RELATIONS WITH OTHER GUARANTEE SYSTEMS ...........................................................................20
Article III.IV.1 - Granting of Loans................................................................................................................... 20
Article III.IV.2 - Cooperation................................................................................................................................. 21
TITLE V PENALTY REGIME AND EXCLUSION FROM THE FUND .......................................................22
Article III.V.1 - Monetary Penalties......................................................................................................................... 22
Article III.V.2 - Exclusion from the Fund....................................................................................................................... 22
TITLE VI EXTRAORDINARY INTERVENTIONS OF THE FUND................................................................................22
Article III.VI.1 - Expansion of Intervention Tools ................................................................................... 22
Article III.VI.2 - Methods of Intervention in Cases of Extraordinary Administration.................................................. 23
Article III.VI.3 - Methods of Intervention in Cases of Bank Resolution ................................................................. 23
Article III.VI.4 - Further Method of Intervention in Cases of Compulsory Liquidation .................................................... 24
PART IV APPLICABLE PROFILES..........................................................................................................................25
TITLE I APPLICATIVE CIRCULAR..................................................................................................................25
Article IV.I.1 - Determination of Risk Profile and Contribution Base ....................................................... 25
Article IV.I.2 - Model Signaling of the Contribution Base .................................................................................... 25
TITLE II REPORTING RELATING TO THE CONTRIBUTION BASE..........................................................25

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI
Article IV.II.1 - Timing of Reporting ...................................................................................................... 25
Article IV.II.2 - Branches........................................................................................................................................ 25
TITLE III METHODS AND TIMING OF CONTRIBUTIONS .................................................................................26
Article IV.III.1 - Ordinary Contribution Shares ................................................................................................... 26
Article IV.III.2 - Extraordinary Contribution Shares ............................................................................................. 26
PART V FINAL PROVISIONS...........................................................................................................................27
TITLE I COORDINATION AND TRANSITIONAL PROVISIONS..............................................................27
Article V.I.1 - Coordination with the Compulsory Administrative Liquidation Procedure........................................... 27
Article V.I.2 - Transitional Provisions...................................................................................................................... 28
TITLE II ENTRY INTO FORCE AND REPEALS ........................................................................................28
Article V.II.1 - Entry into Force............................................................................................................................... 28
Article V.II.2 - Repeal ..................................................................................................................................... 28
ANNEX I: STANDARD INFORMATION FORM FOR DEPOSITORS…………………………………29

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI

PART I
INTRODUCTION
Title I
Preliminary Provisions
Article I.I.1 - Legal Sources

1. This Regulation falls within the category of implementing measures of Law No. 165 of 17 November 2005,
   provided for by Article 39 and draws its legislative source from Article 100 of the aforementioned law, Article 4 of the Delegated Decree No. 111 of 22 July 2011, Article 56 of Law No. 189 of 22 December 2015 and Articles 18 and 19 of Law No. 102 of 14 June 2019.
2. The regulatory powers of the Central Bank of the Republic of San Marino over authorized entities find their
   legislative source also in Law No. 96 of 29 June 2005, and in particular in Articles 33 and 34.
3. The sanctioning powers of the Central Bank are regulated by Article 31 of Law No. 96 of 29 June 2005 and the
   violation of the provisions contained in this Regulation is punished by Article 16 of Decree No. 76 of 30 May 2006 and subsequent amendments.

Article I.I.2 - Definitions

1. For the purposes of this Regulation, the expressions used shall be understood with the following meaning:

• “T/Q cheque”: cheque of withdrawal and receipt, i.e., a non-transferable cheque sent by the bank to the
  beneficiary, attesting to a sum available to them, payable on demand by the beneficiary upon application, by the beneficiary themselves, of signature for withdrawal on the front of the cheque, and for receipt on the back of the same;
• “low-risk assets”: bank deposits and financial instruments weighted for prudential supervision purposes
  at 0%, 20% or 50%;
• “Central Bank”: Central Bank of the Republic of San Marino pursuant to Article 100, paragraph 2, of
  Law No. 165 of 17 November 2005 and subsequent amendments;
• “EU bank”: the bank with deposits having its registered office and central administration in an EU
  State, as defined in this Article;
• “non-EU bank”: the bank with deposits having its registered office and central administration in a
  non-EU State, as defined in this Article;
• “San Marino bank”: the bank with deposits having its registered office in the Republic of San Marino;
• “joint account”: an account held by two or more persons, or on which two or more persons have rights,
  exercised through the signature of one or more of such persons;
• “Supervisory Coordination”: an internal body of the Central Bank that, as the competent authority, adopts the
  compulsory administrative liquidation measure;

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI

• “banking crisis”: a situation of serious difficulty of a bank participating in the Fund leading to extraordinary
  administration, resolution procedure or compulsory administrative liquidation;
• “depositor”: the holder or, in the case of a joint account, each of the holders of the deposit;
• “deposit”: a credit balance, resulting from funds deposited in an account or from temporary situations arising
  from banking operations (including the issuance of prepaid cheques, money orders or similar instruments), which the bank must return according to the applicable legal and contractual conditions, including a fixed-term deposit and a savings deposit;
• “admissible deposit”: a deposit that is not excluded from protection in accordance with Article III.I.2 of
  this Regulation;
• “protected deposit”: the part of the admissible deposit that does not exceed the coverage level referred to in Article
  III.I.3 of this Regulation;
• “unavailable deposit”: a deposit that has matured and is due and payable which has not been reimbursed by the bank
  according to the legal and contractual conditions applicable to it where the supervisory authority has decided to initiate the compulsory administrative liquidation procedure, with the effects referred to in Article 87 of Law No. 165 of 17 November 2005 and subsequent amendments;
• “financial endowment”: cash, deposits and low-risk assets, liquidable within a period not
  exceeding that fixed by Article III.I.5, and payment commitments up to the limit established by Article III.II.1;
• “Fund”: the deposit guarantee fund established in the Republic of San Marino;
• “payment commitments”: bank payment commitments fully guaranteed, provided that the
  guarantee:
  a) consists of low-risk assets; b) is not encumbered by third-party rights and is available to the Fund;
• “LISF”: Law No. 165 of 17 November 2005 and subsequent amendments;
• “compulsory liquidation”: compulsory administrative liquidation as regulated in Part II, Title II,
  Chapter II of Law No. 165 of 17 November 2005 and subsequent amendments;
• “target level”: the minimum amount of financial means available that the deposit guarantee fund
  is required to reach pursuant to Article III.II.1;
• “Management Body”: an internal body of the Central Bank that, as the designated authority, is responsible
  for the management of the deposit guarantee fund;
• “AS procedure”: extraordinary administration as regulated in Part II, Title II, Chapter I of
  Law No. 165 of 17 November 2005 and subsequent amendments;
• “resolution procedure”: bank resolution action for distressed banks as regulated by Law
  No. 102 of 14 June 2019 and subsequent amendments;
• “guarantee system”: deposit guarantee system established in an EU State;
• “EU State”: indicates the Member State of the European Union or the European Economic Area;
• “non-EU State”: indicates the State not falling within the definition of “EU State” referred to in
  this Article;

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI

• “branch”: a place of business that constitutes a part of the bank, lacking legal personality and exercising
  in whole or in part, the reserved activities for which the bank has been authorized.

2. Unless otherwise specified, for the purposes of these provisions, the definitions contained in Law
   No. 165 of 17 November 2005 and subsequent amendments as well as those in Regulation No. 2007-07 and subsequent amendments apply.
3. In the subsequent articles of this Regulation, words that refer to the definitions in the previous paragraph
   1 are reported in CAPITAL LETTERS.

Title II
Characteristics of the provision
Article I.II.1 - Subject Matter

1. This Regulation sets rules and procedures regarding the operation of the FUND.

Article I.II.2 - Objectives

1. This Regulation aims to implement Article 100 of the LISF, Delegated Decree No. 111 of
   22 July 2011, as amended by Law No. 189 of 2015 and taking into account the discipline introduced in 2019 with Law No. 102, Articles 18 and 19, while simultaneously transposing the EU provisions contained within Directive 2014/49/EU of 16 April 2014, falling among those to be implemented in the San Marino legal order by virtue of the commitments assumed by the Republic of San Marino towards the European Union with the signing of the current Monetary Convention.

Article I.II.3 - Preparation

1. The Regulation, in conformity with what is provided by Article 38, paragraph 5 of the LISF and the implementing Regulation
   No. 2006-02, was subject to a public consultation procedure.

Article I.II.4 - Structure

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

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI

PART II
ADHESION TO THE FUND AND MANAGEMENT
Title I
Nature and involved parties
Article II.I.1 - Nature of the fund

1. The FUND has the nature of an estate with an autonomous destination, i.e., it enjoys perfect patrimonial autonomy
   with respect to the CENTRAL BANK, responding within the limits of its own assets, save for the possibility of recourse to extraordinary contributions and/or other forms of financing, to the guarantee of DEPOSITORS, both in cases of BANKING CRISIS in which it is required to intervene (COMPULSORY LIQUIDATION) and in all other cases of BANKING CRISIS in which the intervention is nonetheless adopted to protect the interests of the same DEPOSITORS. The FUND does not have its own legal personality, distinct from that of the CENTRAL BANK entity, which manages it through the MANAGEMENT BODY appointed internally pursuant to Article II.II.3 and within the framework of the norms on organization and personnel of the CENTRAL BANK referred to in Chapter I, Title V, of Law No. 96 of 29 June 2005 and subsequent amendments.

Article II.I.2 - Participating Entities

1. SAN MARINO BANKS participate in the FUND.
2. BRANCHES of EU BANKS operating in the Republic of San Marino may participate in the FUND,
   in order to integrate the protection offered by the guarantee system of the State of origin, based on the methods provided in Article II.I.4 paragraph 2.
3. BRANCHES of NON-EU BANKS operating in the Republic of San Marino participate in the FUND,
   in order to integrate the protection offered by the State of origin, based on the methods provided in Article II.I.4 paragraph 3.

Article II.I.3 - Guaranteed Parties

1. The FUND guarantees, within the limits provided by this Regulation, the DEPOSITORS of SAN MARINO BANKS, the
   DEPOSITORS of their BRANCHES in EU STATES, as well as the DEPOSITORS of BRANCHES authorized in San Marino of EU BANKS, if participating integratively, and NON-EU BANKS.
2. The FUND may also guarantee, upon request to be submitted to the MANAGEMENT BODY pursuant to Article II.I.4
   paragraph 1, the DEPOSITORS of BRANCHES of SAN MARINO BANKS in NON-EU STATES. The guarantee of the FUND operates within the coverage limits offered by the schemes of such Countries, where present, and in any case not beyond the limits provided by this Regulation.

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI
Article II.I.4 - Methods of Adhesion to the Fund

1. SAN MARINO BANKS, pursuant to what is provided by Article II.I.3 paragraph 2, if they intend to request
   the protection of the FUND for their BRANCHES operating in NON-EU STATES, are required to submit to the MANAGEMENT BODY a specific request for adhesion.
2. San Marino BRANCHES of EU BANKS, if they decide to request the protection of the FUND in order
   to integrate the guarantee offered by the EU STATE of origin pursuant to Article II.I.2 paragraph 2, must submit to the MANAGEMENT BODY an application for adhesion attaching the following documents:
   a) statutes and regulations of the GUARANTEE SYSTEM to which they adhere in the EU STATE of origin, in order to identify the level and scope of protection provided to DEPOSITORS; b) the financial statements of the last two fiscal years, if available; c) the reports referred to in Article III.III.1 referring to the most recent data collection date.
3. The adhesion to the FUND of San Marino BRANCHES of NON-EU BANKS is subject to
   the prior signing of a bilateral agreement between deposit insurance schemes concluded between the Republic of San Marino and the NON-EU STATE, in order to verify the presence of an equivalent protection of depositors to that prescribed by this Regulation, at least regarding the scope of protection and the level of coverage offered.
4. The adhesion to the FUND has effect:
   a) for SAN MARINO BANKS and San Marino BRANCHES of NON-EU BANKS, from the date of registration in the Register of Authorized Entities, pursuant to Article 11 of the LISF; b) for San Marino BRANCHES of EU BANKS, from the date of the resolution adopted by the MANAGEMENT BODY.
5. Without prejudice to what is provided in Article V.I.2 paragraph 3 of this Regulation, within 60 days from the date on
   which the adhesion to the FUND takes effect, the participating entity is required to pay the relevant contribution share.

Title II
Competent Authorities
Article II.II.1 - Cooperation

1. The SUPERVISORY COORDINATION, as the competent authority, and the MANAGEMENT BODY, as the designated
   authority, in the exercise of their autonomous powers, referred to in the following Articles, cooperate with each other.

Central Bank of the Republic of San Marino
Regulation No. 2016-01 - Deposit Guarantee Fund - Update VI
Article II.II.2 - Supervisory Coordination

1. The SUPERVISORY COORDINATION assumes the resolution to initiate the rigor procedure consequent to the
   BANKING CRISIS as soon as possible and in any case not later than five working days from having established for the first time that a participating bank has not returned DEPOSITS that have matured and are due and payable.
2. The SUPERVISORY COORDINATION is also responsible, pursuant to Article 23 paragraph 9 of Decree No. 76 of
   30 May 2006, for imposing or archiving the sanctioning proceedings referred to in Article III.V.1.
3. The SUPERVISORY COORD

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