Regulation No. 2023-01 — Miscellaneous targeted revisions to current supervisory provisions

Text in force from 29.01.2026 due to the repeal under Article VII.II.1, paragraph 3 of Regulation No. 2025-05

Article 16 – Final Provisions

1. The commencement of inspection audits, as referred to in Article 42 of Law No. 165/2005 and subsequent amendments, suspends the running of time limits for any authorization proceedings initiated by the inspected entity for the entire duration of said audits.

2. Where required for supervisory purposes, the civil status certificate, the certificate of no prior bankruptcy, the certificate referred to as "insolvency proceedings" or its foreign equivalent, may be considered mutually equivalent.

3. For supervisory purposes, where the production of a certified copy of resolutions adopted by the statutory bodies of supervised entities is required, a simple copy may also be considered equivalent, provided it is accompanied by a declaration of conformity with the original signed by the legal representative.

4. Authorized entities must make the advertising nature of the information provided recognizable by clearly specifying within the content itself that it constitutes an advertising message with promotional purposes, using methods consistent with the medium used, even when within the direct control of the entity itself (own website, own profile or social network channel, etc.).

5. Authorized entities intending to insert advertising messages on the network outside of the website or profiles/channels directly related thereto must verify that, where the domain extension is not Sammarinese, effective geotargeting measures are ensured to allow viewing only by network users physically located in Sammarinese territory during their web browsing. To this end, a note must be sent to the Central Bank of the Republic of San Marino within 30 days from the start of such initiative, providing feedback on the tests conducted regarding the actual effectiveness of the applied geotargeting tools.

6. Anyone may request formal attestation of the data contained in the registers and lists kept by the Central Bank of the Republic of San Marino and already published on the website www.bcsm.sm.

7. Paragraph 1 of Article 20 of Regulation No. 2019-01 is hereby replaced as follows:

"1. Unless a shorter term is indicated within the specific authorization measure and subject to special provisions for the periodic verification of the maintenance of registration requirements in public registers or lists kept by the Central Bank, applicants who have not executed the authorization obtained from the supervisory authority for more than six months have the obligation, provided its utility remains, to reiterate the authorization application in order to prove the persistence of the conditions and requirements in light of which the lapsed authorization was granted."

8. Paragraph 1 of Article 21 of Regulation No. 2019-01 is hereby replaced as follows:

"1. Whenever the Central Bank requests private entities, other than those addressed by Delegated Decree 6 November 2006 No. 117 and subsequent amendments, to pay administrative fees for activities resulting from:
a) authorization applications;

Text in force from 29.01.2026 due to the repeal under Article VII.II.1, paragraph 3 of Regulation No. 2025-05

b) requests for opinions; c) interpretative questions on current provisions; d) requests for attestation of data contained in public registers and lists; such fees shall be quantified based on the complexity of the requested activity and the consequent time and costs to fulfill it."

9. Pending the implementation regulation of D.D. 26/03/2019 No. 50 regarding prudential supervision, including consolidated and supplementary, authorized entities that, through controlled financial enterprises, become assignees of assets, liabilities, businesses or business units, as well as assets or legal relationships identifiable as a block, transferred pursuant to Article 92, paragraph 2, of Law 17/11/2005 No. 165 and subsequent amendments, within the framework of operations that are systemically unbalanced for the assignee but authorized by the Supervisory Authority in pursuit of the purposes referred to in Article 37, paragraph 1, of the same Law, may apply to their participation in the assignee financial enterprise the regime of asset weighting with the increased coefficient of 250% instead of the regime of deduction from supervisory capital, provided that both the controlling authorized entity and the assignee financial enterprise respect the minimum capital coverages required for their respective sector. Upon the cessation of this latter condition:
   a) for the controlling authorized entity but not for the subsidiary, the following shall be applied to the participation in the assignee financial enterprise:

• the regime of deduction from the supervisory capital of the parent company, up to the amount of the higher value (pro-rata) between the minimum supervisory capital and the sum of the minimum capital coverages, referred to the sector of the assignee financial enterprise;
• the regime of asset weighting at 250%, for any excess part;
  b) for the assignee financial enterprise, the ordinary prudential treatment regime of the participation in the controlled financial enterprise is restored for the controlling authorized entity.

10. Considering the prolongation of the financial market instability situation induced by the ongoing conflict between Russia and Ukraine, the reduced application, from 50% to 25%, of the deduction from supplementary supervisory capital of net losses on the immobilized portfolio is extended until the prudential supervisory report referred to 30.06.2023.

11. In relation to the modifications set forth in paragraphs 9 and 10 of this Article and in Articles 4 (paragraph 4), 6 (paragraphs 4 and 5), 7 (paragraphs 2 and 3) and 13 of this Regulation, the deadlines for sending supervisory reports due on 15 April 2023 are exceptionally extended to 23 April 2023. Specifically regarding the modification under Article 6, paragraph 4, technological investments aimed at the banking information system are to be considered "instrumental to the continuity of strategic operational functions," and their deduction is authorized for values already recorded among intangible fixed assets at a rate of 1/5 for each fiscal year starting from the 2022 financial statement.

Text in force from 29.01.2026 due to the repeal under Article VII.II.1, paragraph 3 of Regulation No. 2025-05

12. For the purposes of what is provided by Article III.II.1, paragraph 1, of Regulation No. 2016-01, certain terms reported in said Regulation and in Circular No. 2017-01 are exceptionally advanced by 3 months for the year 2024, as specified below:

• Reg. 2016-01, Art. IV.III.1, paragraph 3: deadline 30 June instead of 30 September;
• Circ. 2017-01, paragraph 3, paragraph 2: deadline 31 May instead of 31 August;
• Circ. 2017-01, sub-paragraph 3.1, paragraph 1: deadline 30 April instead of 31 July;
• Circ. 2017-01, sub-paragraph 5.4, paragraph 1: deadline 30 April instead of 31 July.

13. Authorized entities must reserve the title of "Deputy General Manager" to the figure who effectively, within the executive structure, performs the function of "deputy director" in accordance with supervisory provisions. The function of "deputy director," which is not necessary in the presence of alternative and functional substitute mechanisms, is identifiable only when all the following characteristics are met:

• vicariousness (deputy): in the event of absence of the Head of the Executive Structure, the substitute mechanism must be full, automatic, and effective, without the need for further delegations or recourse to other internal bodies or committees whose intervention was not already required for the replaced figure;
• uniqueness (director): there cannot be more than one deputy director, as they must succeed to the function of Head of the Executive Structure, which is similarly monocratic;
• universality (general): the area of competence of the deputy director must be extended to all operational sectors, as they must succeed to the function of Head of the Executive Structure, which is similarly general.

14. [REPEALED]

15. To make the supervisory regulation more resilient to modifications in the Companies Law, any specific reference to Article 1, paragraph 1, point 9, of the same Law for the purpose of identifying the suitability requirements that must concur with the special honorability requirements provided by sector regulation is repealed; consequently, in said regulation, reference shall be made to the Companies Law, as it stands from time to time, without further detailed indications.

16. Following the detection of a material error, the reference to Delegated Decree 6 July 2022 No. 100 contained in Article 31, paragraph 4, letter e) of Reg. 2022-04 is to be correctly understood as Delegated Decree 27 July 2020 No. 126, with consequent "errata corrige".

17. For authorized entities that already provide for the electronic transmission of analytical information regarding:
    a) ownership titles, participations, and owned real estate, within the report referred to as "Balance Sheet Data (Reg. 2016-02)"; b) impaired credit exposures, within the report referred to as "Analytical Report on Doubtful Credits (prot. n. 22/8546)":
    the corresponding provisions of Circular No. 2017-03, paragraph 4.1, paragraph 3, which provide for their submission in paper form by 30 June of each year, do not apply.