REGULATION ON PAYMENT SERVICES AND ELECTRONIC MONEY ISSUANCE

(PAYMENT INSTITUTIONS AND EMIs)
Year 2020 / Number 04

(Consolidated text as of 29/01/2026 - Update VIII)

Central Bank of the Republic of San Marino Regulation No. 2020-04 on payment services and electronic money issuance (payment institutions and EMIs) – Update VIII

INDEX

PART I INTRODUCTION

TITLE I PRELIMINARIES
Article I.I.1 - Legal Sources .............................................................................................................. 9
Article I.I.2 - Definitions ...................................................................................................................... 9

TITLE II OBJECTIVES AND STRUCTURE OF THE PROVISION
Article I.II.1 – Objectives.. ...................................................................................................................... 19
Article I.II.2 – References… ...................................................................................................................... 20
Article I.II.3 - Preparation ................................................................................................................ 20
Article I.II.4 - Structure ....................................................................................................................... 20

TITLE III EXCLUSIONS AND INSTITUTIONS UNDER SPECIAL REGIME
Article I.III.1 - Exclusions from the scope of application ...................................................................... 21
Article I.III.2 - Obligation to communicate ......................................................................................... 23
Article I.III.3 - Institutions under special regime ............................................................................................ 23

PART II ACTIVITIES OF INSTITUTIONS

TITLE I PRELIMINARIES
Article II.I.1 - Legal Sources ........................................................................................................... 24
Article II.I.2 - Administrative Sanctions .............................................................................................. 24

TITLE II EXERCISABLE ACTIVITIES
Article II.II.1 - Reserved Activities......................................................................................................... 24
Article II.II.2 - Illegal Practice ................................................................................................................ 25
Article II.II.3 - Financing Activities.................................................................................................... 25
Article II.II.4 - Other Exercisable Activities............................................................................................. 26
Article II.II.5 - Savings Collection Instruments............................................................................ 26

TITLE III REQUIREMENTS REGARDING PROTECTION OF CLIENT FUNDS
Article II.III.1 - Common forms of protection and dedicated equity ........................................................ 26
Article II.III.2 - Accounting records of client funds.............................................................. 27
Article II.III.3 - Methods for keeping funds received from clients for payment services or against issued electronic money..................................................................... 27

PART III AUTHORIZATION

TITLE I PRELIMINARIES
Article III.I.1 - Legal Sources.......................................................................................................... 29
Article III.I.2 - Administrative Sanctions............................................................................................. 29

TITLE II AUTHORIZATION FOR CONSTITUTION
Article III.II.1 - Signatories of the application ........................................................................................... 29
Article III.II.2 - Form of the application ............................................................................................... 29
Article III.II.3 - Content of the application ......................................................................................... 29
Article III.II.4 - Declaration of controlling subjects..................................................................... 30
Article III.II.5 - Beneficial Owners......................................................................................................... 31
Article III.II.6 - Methods of submitting the application ................................................................ 31
Article III.II.7 - Term of the provision...................................................................................................... 31
Article III.II.8 - Suspension of the term ........................................................................................... 31
Article III.II.9 - Interruption of the term............................................................................................ 31

TITLE III MINIMUM REQUIREMENTS
Article III.III.1 - Criteria for drafting the deed of incorporation.................................................................. 32
Article III.III.2 - Legal type............................................................................................................... 33
Article III.III.3 - Company Seat .................................................................................................... 33

Central Bank of the Republic of San Marino
Regulation No. 2020-04 on payment services and electronic money issuance (payment institutions and EMIs) – Update VIII 2

Article III.III.4 - Share Capital........................................................................................................ 34
Article III.III.5 - Locked Deposit................................................................................................... 34
Article III.III.6 - Requirements for promoters............................................................................................ 35
Article III.III.7 - Requirements for corporate officers.......................................................................... 35
Article III.III.8 - Activity Program ...................................................................................................... 35

TITLE IV INTERMEDIATE COMPLIANCE
Article III.IV.1 - Constitution of companies........................................................................................ 36
Article III.IV.2 - Transmission of the deed of incorporation ........................................................................... 36

TITLE V ELIGIBILITY FOR COMMENCEMENT OF OPERATIONS
Article III.V.1 - Preliminaries ................................................................................................................... 36
Article III.V.2 - Terms of the application............................................................................................. 37
Article III.V.3 - Form of the application ............................................................................................... 37
Article III.V.4 - Content of the application ......................................................................................... 37
Article III.V.5 - Variations and integrations to the activity program................................................. 37
Article III.V.6 - Methods of submitting the application ................................................................ 37
Article III.V.7 - Term of the provision ..................................................................................................... 38
Article III.V.8 - Reiteration of the application ..................................................................................... 38
Article III.V.9 - Minimum requirements ....................................................................................................... 38
Article III.V.10 - Inspections..................................................................................................... 39
Article III.V.11 - Communication of commencement of operations....................................................................... 39

TITLE VI ACTIVITIES OF FOREIGN ENTITIES
Chapter I Branches of foreign PSP..........................................................................................................................39
Article III.VI.1 - Requirements for authorization ................................................................................. 39
Article III.VI.2 - Authorization application..................................................................................... 40
Article III.VI.3 - Activity Program...................................................................................................... 41
Article III.VI.4 - Requirements for branch managers.............................................................................................. 42
Article III.VI.5 - Authorization procedure........................................................................................... 42
Article III.VI.6 - Applicable provisions........................................................................................... 42

Chapter II Provision of services without establishment.........................................................................................43
Article III.VI.7- Scope of application of the discipline................................................................... 43
Article III.VI.8 - Conditions for authorization .............................................................................. 44
Article III.VI.9 - Authorization application..................................................................................... 45
Article III.VI.10 - Authorization procedure......................................................................................... 46
Article III.VI.11 - Applicable provisions......................................................................................... 46

Chapter III Representative Offices .....................................................................................................................46
Article III.VI.12 - Prohibition on exercising reserved activities ................................................................ 46
Article III.VI.13 - Requirements ................................................................................................................ 46
Article III.VI.14 - Procedure............................................................................................................... 46

TITLE VII VARIATION, WAIVER, AND REVOCATION OF AUTHORIZATION
Article III.VII.1 - Request for variation........................................................................................... 47
Article III.VII.2 - Waiver of authorization ................................................................................... 48
Article III.VII.3 - Revocation of authorization.................................................................................... 48

PART IV CORPORATE OFFICERS

TITLE I REFERENCE
Article IV.I.1 – Applicable provisions for corporate officers of institutions....................................... 50

PART V OWNERSHIP STRUCTURES

TITLE I PRELIMINARIES
Article V.I.1 - Legal Sources........................................................................................................... 51

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Regulation No. 2020-04 on payment services and electronic money issuance (payment institutions and EMIs) – Update VIII 3

Article V.I.2 - Administrative Sanctions.............................................................................................. 51

TITLE II REQUIREMENTS
Chapter I Honesty ..............................................................................................................................................51
Article V.II.1 - Requirements..................................................................................................................... 51
Article V.II.2 - Certification methods .......................................................................................... 52
Article V.II.3 - Foreign certificates.......................................................................................................... 52
Article V.II.4 - Validity requirements for certificates.............................................................................. 52
Article V.II.5 - Exempted subjects......................................................................................................... 52

Chapter II Sound and Prudent Management .....................................................................................................53
Article V.II.6 - Requirements..................................................................................................................... 53
Article V.II.7 - Information Note ........................................................................................................ 54
Article V.II.8 - Attached Documentation........................................................................................... 55

TITLE III AUTHORIZATION FOR ACQUISITION OF SIGNIFICANT PARTICIPATIONS
Article V.III.1 - Scope of application............................................................................................. 55
Article V.III.2 - Subjected parties........................................................................................................... 56
Article V.III.3 - Authorization application ...................................................................................... 56
Article V.III.4 - Declaration of controlling subjects..................................................................... 57
Article V.III.5 - Term of the provision ...................................................................................................... 57
Article V.III.6 - Evaluation criteria ................................................................................................ 57

TITLE IV COMMUNICATION OBLIGATIONS
Article V.IV.1 - Ownership structures..................................................................................................... 58
Article V.IV.2 - Voting agreements......................................................................................................... 58

TITLE V INTERVENTION POWERS
Article V.V.1 - Revocation of authorization........................................................................................ 59
Article V.V.2 - Annulment of shareholder resolutions.................................................................. 59
Article V.V.3 - Order to alienate the participation................................................................................ 59
Article V.V.4 - Verification on the permanence of requirements ..................................................................... 59

PART VI BALANCE SHEET

TITLE I PRELIMINARIES
Article VI.I.1 - Legal Sources.......................................................................................................... 61
Article VI.I.2 - Administrative Sanctions ............................................................................................ 61

TITLE II GENERAL NORMS
Article VI.II.1 - General obligations...................................................................................................... 61
Article VI.II.2 - Composition of the balance sheet ....................................................................................... 61
Article VI.II.3 - Audit obligations for Sanmarinese institutions and branches of foreign institutions
........................................................................................................................ 61
Article VI.II.4 - Certification of the audit firm and auditors...................................................................... 62
Article VI.II.5 - Reference ....................................................................................................................... 62

PART VII PRUDENTIAL SUPERVISION

TITLE I PRELIMINARIES
Article VII.I.1 - Legal Sources ........................................................................................................ 63
Article VII.I.2 - Administrative Sanctions ........................................................................................... 63
Article VII.I.3 - Extension of organizational adequacy requirements.............................................................................. 63

TITLE II SUPERVISORY CAPITAL
Article VII.II.1 - Structure of supervisory capital....................................................................................... 63
Article VII.II.2 - Basic Capital................................................................................................................... 63
Article VII.II.3 - Supplementary Capital....................................................................................................... 64
Article VII.II.4 - Deductions ................................................................................................................ 64

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Regulation No. 2020-04 on payment services and electronic money issuance (payment institutions and EMIs) – Update VIII 4

Article VII.II.5 - Limits and restrictions................................................................................................... 65
Article VII.II.6 - Minimum amount of supervisory capital ............................................................ 65
Article VII.II.7 - Derogations ................................................................................................................... 65

TITLE III CAPITAL REQUIREMENTS
Article VII.III.1 - Mandatory Provisioning................................................................................ 65
Article VII.III.2 - Requirement against payment services provided.............................................................................. 65
Article VII.III.3 - Calculation Method A .............................................................................................. 66
Article VII.III.4 - Calculation Method B....................................................................................................... 66
Article VII.III.5 - Requirement against the issuance of electronic money........................................................................ 66
Article VII.III.6 - Requirement against credit risk..................................................................................................... 67
Article VII.III.7 - Specific provisions ......................................................................................................... 67
Article VII.III.8 - Overall capital requirement...................................................................................................... 67

TITLE IV ORGANIZATIONAL REQUIREMENTS
Chapter I General Norms.......................................................................................................................................67
Article VII.IV.1 - Characteristics of the organization ....................................................................................... 68
Article VII.IV.2 - Corporate control functions .............................................................................................................. 69
Article VII.IV.3 - Role of corporate bodies and dialectics in the exercise of corporate governance functions
......................................................................................................... 70

Chapter II Corporate Bodies and Structures.........................................................................................................70
Article VII.IV.4 - Board of Directors....................................................................................................................... 70
Article VII.IV.5 - Head of the executive structure.......................................................................................................... 71
Article VII.IV.6 - Internal auditing............................................................................................................................. 72
Article VII.IV.7 - Compliance................................................................................................................................. 72
Article VII.IV.8 - [Text truncated in source]