Regulation No. 2025-04 - Regulation on the Investor Compensation Fund

THE GENERAL DIRECTOR
OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING REGARD TO Law 17 November 2005 n.165 (Law on banking, financial and insurance enterprises and services) and in particular Article 100-bis, paragraph 6, which attributes to the Central Bank the regulation of the investor compensation system, in compliance with the provisions of the aforementioned paragraphs of the same article; HAVING REGARD TO the Statute of the Central Bank of the Republic of San Marino approved with Law 29 June 2005 n. 96 and subsequent amendments, and in particular Article 30, paragraph 3, according to which acts of the Central Bank in matters of supervision, deliberated by the Supervisory Coordination, are issued by the General Director; HAVING REGARD TO the outcomes of the public consultation procedure on the draft regulation concluded on 8 September 2025 as well as the results of the analyses and projections conducted during the period; HAVING REGARD TO the deliberations of the Supervisory Coordination and the Board of Directors by which the text of Regulation No. 2025-04, named "Regulation on the Investor Compensation Fund", was approved; ISSUES the attached Regulation No. 2025-04 which will enter into force on 23 October 2025. San Marino, 15 October 2025. THE GENERAL DIRECTOR Signed: Dr. Andrea Vivoli

REGULATION
ON THE INVESTOR COMPENSATION FUND year 2025 / number 04

INDEX
PART I INTRODUCTION .......................................................................................................................................3
TITLE I PREAMBLE ................................................................................................................................................3
Article I.I.1 - Legislative Sources ..................................................................................................................................... 3
Article I.I.2 - Definitions ............................................................................................................................................ 3
TITLE II CHARACTERISTICS OF THE PROVISION .................................................................................5
Article I.II.1 - Subject Matter ................................................................................................................................................ 5
Article I.II.2 - Objectives ............................................................................................................................................... 5
Article I.II.3 - Preparation ........................................................................................................................................ 5
Article I.II.4 - Structure ............................................................................................................................................... 5
PART II ADHESION TO THE INVESTOR FUND AND MANAGEMENT ........................................................................6
TITLE I NATURE AND INVOLVED PARTIES .....................................................................................................6
Article II.I.1 - Nature of the fund .................................................................................................................................. 6
Article II.I.2 - Financial Endowment ........................................................................................................................... 6
Article II.I.3 - Parties adhering to the investor fund ................................................................................................... 6
Article II.I.4 - Parties compensable by the fund ........................................................................................................ 7
Article II.I.5 - Methods of adherence to the fund .............................................................................................................. 7
Article II.I.6 - Information obligations towards investors ............................................................................................. 8
Article II.I.7 - Information obligations towards the Management Body ..................................................................... 8
TITLE II COMPETENT BODIES ........................................................................................................................8
Article II.II.1 - Management Body ............................................................................................................................. 8
Article II.II.2 - Competences of the Management Body ................................................................................................. 9
Article II.II.3 - Cooperation .................................................................................................................................... 10
Article II.II.4 - Prerogatives of the Supervisory Coordination ............................................................................... 10
PART III OPERATION OF THE FUND ..................................................................................................... 11
TITLE I COMPENSATION INTERVENTIONS IN FAVOUR OF INVESTORS ............................................. 11
Article III.I.1 - Scope of intervention ........................................................................................................................ 11
Article III.I.2 - Entitled Parties ....................................................................................................................... 11
Article III.I.3 - Excluded Parties ................................................................................................................................. 12
Article III.I.4 - Maximum limit of compensation ...................................................................................................... 13
Article III.I.5 - Determination of the compensation amount .................................................................................. 13
Article III.I.6 - Concurrence between the depositors' fund and the investors' fund ........................................................................... 14
TITLE II COMPENSATION APPLICATION ............................................................................................................ 14
Article III.II.1 - Content, form and deadline for submitting the application ......................................................... 14
TITLE III EXAMINATION AND OUTCOME OF APPLICATIONS ............................................................................... 15
Article III.III.1 - Examination of applications .................................................................................................................... 15
Article III.III.2 - Support of the Liquidation Commissioners ............................................................................................ 16
Article III.III.3 - Deadline for the Central Bank's decision ......................................................................... 16
Article III.III.4 – Appeal Regime ................................................................................................................. 17
TITLE IV COMPENSATION PLAN AND FINANCIAL COVERAGE ............................................................. 17
Article III.IV.1 - Preparation of the compensation plan ........................................................................................ 17
Article III.IV.2 - Financial coverage required from adhering ISPs .............................................................................. 18
TITLE V PAYMENT OF COMPENSATIONS................................................................................................... 19
Article III.V.1 - Payment provisions .............................................................................................................. 19
PART IV FINAL AND TRANSITIONAL PROVISIONS .......................................................................................... 21
TITLE I PENALTY REGIME AND EXCLUSION FROM THE INVESTOR FUND ............................... 21
Article IV.I.1 - Monetary penalties .......................................................................................................................... 21
Article IV.I.2 - Exclusion from the fund ........................................................................................................................ 21
TITLE II FINAL PROVISIONS ......................................................................................................................... 21
Article IV.II.1 - Entry into force.............................................................................................................................. 21

PART I
INTRODUCTION
Title I
Preamble
Article I.I.1 - Legislative Sources

1. This Regulation falls within the category of implementing measures of Law 17 November 2005 n. 165, provided for by Article 39 and draws its legislative source from Article 100-bis of the cited law and from Delegated Decree 22 November 2018 n. 148 transposing Directive 97/9/EC.

2. The regulatory powers of the Central Bank of the Republic of San Marino over authorized subjects find their legislative source also in Law 29 June 2005, n. 96, and in particular in Articles 33 and 34.

3. The sanctioning powers of the Central Bank are regulated by Article 31 of Law 29 June 2005 n. 96 and the violation of the provisions contained in this Regulation is punished by Article 16 of Decree 30 May 2006 n. 76 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:

• "ACIP": total amount of protected investments with the same investment service provider, calculated for the purpose of determining the respective contribution share;

• "T/Q cheque": cheque of withdrawal and receipt, i.e., a non-transferable cheque, attesting to a sum available to a beneficiary, payable on sight by the latter, after the beneficiary himself has signed for withdrawal on the front of the cheque and for receipt on the back of the same;

• "Central Bank": Central Bank of the Republic of San Marino referred to in Law 29 June 2005 n. 96 and subsequent amendments;

• "directorial tasks": directorial tasks as defined in Article I.I.2 of BCSM Regulation No. 2024-05 on investment services and activities;

• "Supervisory Coordination": internal body of the Central Bank that, as the competent authority, adopts the decision for compulsory administrative liquidation;

• "application": request for reimbursement to the investor compensation system established in the Republic of San Marino pursuant to Article 100-bis of the LISF;

• "financial endowment": total financial resources of the investor compensation fund;

• "corporate officers": corporate officers as defined by BCSM Regulation No. 2024-05 on investment services and activities;

• "depositors' fund": deposit guarantee system established in the Republic of San Marino pursuant to Article 100 of the LISF;

• "investors' fund": investor compensation system established in the Republic of San Marino pursuant to Article 100-bis of the LISF;

• "protected investment": investment operation compensable under this regulation, to the extent falling within the maximum compensation limit;

• "investor": subject who has entrusted sums of money and/or financial instruments, within the framework of investment operations, to an investment service provider;

• "compulsory liquidation": compulsory administrative liquidation as regulated in Part II, Title II, Chapter II of the LISF;

• "LISF": Law 17 November 2005, n. 165 and subsequent amendments;

• "joint investment operation": investment operation carried out on behalf of two or more investors or on which two or more investors have rights that can be exercised with the signature of one or more of them;

• "investment operation": operation falling within those regulated by BCSM Regulation No. 2024-05 on investment services and activities, including those carried out in the exercise of ancillary services;

• "Management Body": internal body of the Central Bank responsible for the management of the investor fund;

• "investment service provider" or "ISP": financial undertaking as defined in BCSM Regulation No. 2024-05 on investment services and activities;

• "compensation system": institutional system aimed at guaranteeing compensation to investors in the event of an investment service provider's inability to meet its obligations towards client investors;

• "Community State": Member State of the European Union or the European Economic Area;

• "Non-Community State": State not falling within the definition of "Community State" in this Article;

• "liability statement": document drawn up by the Liquidation Commissioners within the compulsory administrative liquidation procedure referred to in Article 90, paragraph 6, of the LISF, including the Separate Section for those entitled to the return of assets;

• "financial instruments": the instruments referred to in Annex 2 of the LISF;

• "branch": place of activity as defined in Article 1 of the LISF.

2. Unless otherwise specified, for the purposes of these provisions, the definitions contained in the LISF as well as those in BCSM Regulation No. 2024-05 and subsequent amendments apply.
3. In the subsequent articles of this Regulation, the words recalling the definitions in the previous paragraph 1 are printed in UPPERCASE.

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

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

Article I.II.2 - Objectives

1. This Regulation aims to implement Article 100-bis of the LISF, introduced by Delegated Decree 22 November 2018 n. 148 transposing the provisions of Directive 97/9/EC of 3 March 1997, which falls among those to be implemented in the San Marino legal order by virtue of the commitments undertaken by the Republic of San Marino towards the European Union with the signing of the current Monetary Convention.

Article I.II.3 - Preparation

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

Article I.II.4 - Structure

1. This 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 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.

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

1. The INVESTOR FUND has the nature of an estate with an autonomous destination, i.e., it enjoys perfect patrimonial autonomy both with respect to the CENTRAL BANK and with respect to the DEPOSITORS' FUND. The INVESTOR FUND is aimed at compensating INVESTORS in the event of COMPULSORY LIQUIDATION of an ISP, if the latter is unable to meet its obligations, i.e., to return to each INVESTOR the sums of money and/or FINANCIAL INSTRUMENTS belonging to them.
2. The INVESTOR FUND does not have its own legal personality, distinct from that of the CENTRAL BANK entity, which administers it through the MANAGEMENT BODY appointed internally pursuant to Article II.II.1 and within the framework of the rules on organization and personnel of the CENTRAL BANK referred to in Chapter I, Title V, of Law 29 June 2005 n.96 and subsequent amendments.

Article II.I.2 - Financial Endowment

1. The FINANCIAL ENDOWMENT is constituted in the event that an intervention by the INVESTOR FUND becomes necessary, through contributions requested by the MANAGEMENT BODY from adhering ISPs, in compliance with what is provided in Article III.IV.2.
2. The FINANCIAL ENDOWMENT is held at the CENTRAL BANK for the time strictly necessary to execute the payment of recognized compensations.
3. By virtue of what is provided in the preceding paragraphs and in Article II.I.1, the FINANCIAL ENDOWMENT temporarily available at the CENTRAL BANK is held in sight deposits in a dedicated, interest-free account titled to the INVESTOR FUND.
4. In the absence of actual management activity of the FINANCIAL ENDOWMENT, the preparation of an annual statement of the INVESTOR FUND is not required.

Article II.I.3 - Parties adhering to the investor fund

1. All ISPs are required to adhere to the INVESTOR FUND, except for those authorized exclusively for the investment service referred to in letter D7 or falling among the investment firms referred to in Article III.III.4, paragraph 1, first indent, of BCSM Regulation No. 2024-05.

2. San Marino BRANCHES of ISPs having their seat in a COMMUNITY STATE may adhere to the INVESTOR FUND, in order to integrate the protection offered by the COMPENSATION SYSTEM of the State of origin, based on the methods provided in Article II.I.5 paragraph 2.

3. San Marino BRANCHES of ISPs having their seat in a NON-COMMUNITY STATE are required to adhere to the INVESTOR FUND, in order to integrate any protection offered by the State of origin, based on the methods provided in Article II.I.5 paragraph 3.

Article II.I.4 - Parties compensable by the fund

1. The INVESTOR FUND compensates, within the limits provided by this Regulation, INVESTORS for relationships with San Marino ISPs and their BRANCHES in COMMUNITY STATES, as well as INVESTORS for relationships with San Marino BRANCHES of ISPs having their seat in COMMUNITY STATES, if adhering integratively or, in any case, for relationships with BRANCHES of NON-COMMUNITY ISPs.
2. The INVESTOR FUND may also compensate, upon request to be submitted to the MANAGEMENT BODY pursuant to Article II.I.5 paragraph 1, INVESTORS for relationships with San Marino BRANCHES of ISPs in NON-COMMUNITY STATES. The compensation of the INVESTOR FUND operates within the coverage limits offered by the schemes of such States, where present, and in any case not beyond the limits provided by this Regulation.

Article II.I.5 - Methods of adherence to the fund

1. San Marino ISPs, pursuant to what is provided in Article II.I.4 paragraph 2, if they intend to request the protection of the INVESTOR FUND for their BRANCHES operating in NON-COMMUNITY STATES, are required to submit a specific adherence request to the MANAGEMENT BODY.

2. San Marino BRANCHES of ISPs operating in COMMUNITY STATES, if they decide to request the protection of the INVESTOR FUND in order to integrate the compensation offered by the COMMUNITY STATE of origin pursuant to Article II.I.2 paragraph 2, must submit an adherence application to the MANAGEMENT BODY attaching the following documents:
   a) the statute and regulations of the COMPENSATION SYSTEM to which they adhere in the COMMUNITY STATE of origin, in order to identify the level and scope of protection provided to INVESTORS; b) the financial statements of the last two financial years, if available.

3. The adherence to the INVESTOR FUND of San Marino BRANCHES of ISPs having their seat in NON-COMMUNITY STATES where a COMPENSATION SYSTEM exists is subject to the prior signing of a bilateral agreement between the INVESTOR FUND and the COMPENSATION SYSTEM of the NON-COMMUNITY STATE, in order to verify its equivalence with the compensation provided by this Regulation, at least regarding the scope of protection and the level of coverage offered.

4. Adherence to the INVESTOR FUND has effect:
   a) for San Marino ISPs and San Marino BRANCHES of ISPs having their seat in NON-COMMUNITY STATES, from the date of registration in the Register of Authorized Subjects, pursuant to Article 11 of the LISF; b) for San Marino BRANCHES of ISPs having their seat in COMMUNITY STATES, from the date of the decision taken by the MANAGEMENT BODY.

Article II.I.6 - Information obligations towards investors

1. Adhering ISPs inform INVESTORS, on durable medium, before the conclusion of an INVESTMENT OPERATION and in any case at least annually, of their adherence to the INVESTOR FUND, its operation and cases of intervention, as well as the level of compensation provided and exclusions.
2. The aforementioned information is provided in Italian and in the official language of the State hosting the BRANCHES of San Marino ISPs, and must also indicate the internet page of the INVESTOR FUND, where the necessary information for INVESTORS is contained.
3. Adherence to the INVESTOR FUND is indicated in the acts and correspondence of adhering ISPs.
4. ISPs do not use the information referred to in the preceding paragraphs for advertising purposes.
5. In the event that an ISP withdraws, where permitted, or is excluded from the INVESTOR FUND, it must inform its INVESTORS within one month of such withdrawal or exclusion and allow the aforementioned INVESTORS to terminate contractual relationships concerning INVESTMENT OPERATIONS without any penalty.

Article II.I.7 - Information obligations towards the Management Body

1. At any time and upon request of the MANAGEMENT BODY, adhering ISPs are required to provide the aforementioned body, through the Supervision Department of the CENTRAL BANK, the information necessary for the performance of its activity.

Title II
Competent bodies
Article II.II.1 - Management Body

1. The powers of administration of the INVESTOR FUND belong to the CENTRAL BANK, for whose exercise it appoints, within its organizational structure, a specific MANAGEMENT BODY, composed of at least 3 members who meet and validly deliberate by majority of the components.
2. The appointment and replacement of the members of the MANAGEMENT BODY belongs to the Board of Directors of the CENTRAL BANK, as well as the choice, among them, of the one who assumes the presidency. The term of office of each member ends

upon the expiration of the term of the Board of Directors, unless renewed. The members of the MANAGEMENT BODY may be reappointed.
3. The MANAGEMENT BODY operates with the participation of at least half of its members plus one. Decisions are taken by an absolute majority of the members present. In the event of a tie, the vote of the President prevails.
4. The MANAGEMENT BODY is assisted by a Secretariat, appointed by the President of the MANAGEMENT BODY, responsible for drawing up the minutes of the meetings and for the administrative and technical support of the BODY.

Article II.II.2 - Competences of the Management Body

1. The MANAGEMENT BODY has the following competences:
   a) manage the INVESTOR FUND; b) determine the contribution amounts to be paid by adhering ISPs, in accordance with Article III.IV.2; c) examine the applications for compensation submitted by INVESTORS; d) determine the amount of compensation to be paid to each entitled INVESTOR; e) authorize the payment of compensations; f) adopt the compensation plan referred to in Article III.IV.1; g) request information from adhering ISPs pursuant to Article II.I.7; h) adopt internal regulations for the operation of the MANAGEMENT BODY; i) perform any other act necessary or useful for the achievement of the objectives of the INVESTOR FUND.
2. The MANAGEMENT BODY may delegate the exercise of some of its competences to one or more of its members, except for those expressly reserved by law or by this Regulation.
3. The MANAGEMENT BODY may avail itself of the technical and professional support of external experts, appointed by the CENTRAL BANK, for the performance of specific activities.

Article II.II.3 - Cooperation

1. The MANAGEMENT BODY cooperates with the Supervisory Coordination and with the Liquidation Commissioners in the performance of its functions.
2. The MANAGEMENT BODY provides the Supervisory Coordination with the information necessary for the exercise of its supervisory powers.
3. The MANAGEMENT BODY provides the Liquidation Commissioners with the information necessary for the performance of their duties.

Article II.II.4 - Prerogatives of the Supervisory Coordination

1. The Supervisory Coordination has the power to review the decisions of the MANAGEMENT BODY.
2. The Supervisory Coordination may annul the decisions of the MANAGEMENT BODY if they are contrary to law or to this Regulation.
3. The Supervisory Coordination may substitute itself in the decisions of the MANAGEMENT BODY in the cases provided for by law.

PART III
OPERATION OF THE FUND
Title I
Compensation interventions in favour of investors
Article III.I.1 - Scope of intervention

1. The INVESTOR FUND intervenes in the event of the COMPULSORY ADMINISTRATIVE LIQUIDATION of an ISP, in order to compensate INVESTORS for the loss of funds and/or financial instruments entrusted to the ISP.
2. The intervention of the INVESTOR FUND is limited to the cases provided for by this Regulation and does not cover losses due to market risks or other risks not attributable to the ISP.

Article III.I.2 - Entitled Parties

1. The following are entitled to compensation from the INVESTOR FUND:
   a) INVESTORS who have entrusted funds and/or financial instruments to an ISP; b) INVESTORS who have entrusted funds and/or financial instruments to a BRANCH of an ISP in a COMMUNITY STATE, if the BRANCH adheres to the INVESTOR FUND; c) INVESTORS who have entrusted funds and/or financial instruments to a BRANCH of an ISP in a NON-COMMUNITY STATE, if the BRANCH adheres to the INVESTOR FUND.
2. The following are not entitled to compensation:
   a) ISPs; b) corporate officers of ISPs; c) INVESTORS who are legal persons, except for small and medium-sized enterprises; d) INVESTORS who have entrusted funds and/or financial instruments to an ISP for professional purposes.

Article III.I.3 - Excluded Parties

1. The following are excluded from compensation:
   a) INVESTORS who have participated in fraudulent or illicit operations; b) INVESTORS who have not complied with the information obligations provided for by this Regulation; c) INVESTORS who have not submitted the application for compensation within the deadline provided for by this Regulation.
2. The MANAGEMENT BODY may exclude from compensation INVESTORS who have contributed to the insolvency of the ISP.

Article III.I.4 - Maximum limit of compensation

1. The maximum amount of compensation for each INVESTOR is EUR 20,000.
2. The maximum amount of compensation is calculated per INVESTOR and per ISP.
3. In the event of joint investment operations, the maximum amount of compensation is divided among the INVESTORS involved.

Article III.I.5 - Determination of the compensation amount

1. The compensation amount is determined by the MANAGEMENT BODY, taking into account the amount of funds and/or financial instruments entrusted to the ISP and the value of the assets recovered in the liquidation procedure.
2. The compensation amount is reduced by the amount of any advances already paid to the INVESTOR.
3. The MANAGEMENT BODY may decide to pay a provisional compensation amount, to be adjusted once the final amount of compensation has been determined.

Article III.I.6 - Concurrence between the depositors' fund and the investors' fund

1. In the event that an ISP is authorized to provide both deposit-taking services and investment services, the INVESTOR FUND and the DEPOSITORS' FUND may intervene concurrently.
2. The compensation provided by the INVESTOR FUND is calculated independently of the compensation provided by the DEPOSITORS' FUND.
3. The INVESTOR FUND has the right of subrogation in the rights of the INVESTORS against the ISP up to the amount of the compensation paid.

Title II
Compensation application
Article III.II.1 - Content, form and deadline for submitting the application

1. The application for compensation must be submitted to the MANAGEMENT BODY in writing, on durable medium, and must contain the following information:
   a) name and surname or name of the legal person of the INVESTOR; b) address and contact details of the INVESTOR; c) details of the ISP against which the application is submitted; d) amount of funds and/or financial instruments entrusted to the ISP; e) documentation proving the entrustment of funds and/or financial instruments.
2. The application must be submitted within six months from the date of the decision of compulsory administrative liquidation of the ISP.
3. The MANAGEMENT BODY may extend the deadline for submitting the application in justified cases.

Title III
Examination and outcome of applications
Article III.III.1 - Examination of applications

1. The MANAGEMENT BODY examines the applications for compensation submitted by INVESTORS.
2. The MANAGEMENT BODY may request additional information from the INVESTORS and from the Liquidation Commissioners.
3. The MANAGEMENT Body may carry out inspections and audits of the records of the ISP.

Article III.III.2 - Support of the Liquidation Commissioners

1. The Liquidation Commissioners provide the MANAGEMENT BODY with all the information necessary for the examination of the applications.
2. The Liquidation Commissioners assist the MANAGEMENT Body in the verification of the amounts of funds and/or financial instruments entrusted to the ISP.

Article III.III.3 - Deadline for the Central Bank's decision

1. The MANAGEMENT Body must issue a decision on the applications for compensation within six months from the date of submission of the application.
2. The MANAGEMENT Body may extend the deadline for issuing the decision in justified cases.

Article III.III.4 – Appeal Regime

1. The decisions of the MANAGEMENT Body may be appealed to the Supervisory Coordination within thirty days from the notification of the decision.
2. The appeal suspends the effectiveness of the decision appealed against.
3. The Supervisory Coordination must issue a decision on the appeal within sixty days from the date of submission.

Title IV
Compensation plan and financial coverage
Article III.IV.1 - Preparation of the compensation plan

1. The MANAGEMENT Body prepares a compensation plan, which must be approved by the Board of Directors of the Central Bank.
2. The compensation plan must indicate the estimated amount of compensation to be paid, the sources of financing and the timing of the payments.

Article III.IV.2 - Financial coverage required from adhering ISPs

1. The MANAGEMENT Body requests contributions from adhering ISPs to finance the compensation plan.
2. The contribution amount is calculated based on the amount of protected investments of each ISP.
3. The contribution must be paid within thirty days from the request of the MANAGEMENT Body.

Title V
Payment of compensations
Article III.V.1 - Payment provisions

1. The compensation is paid by the MANAGEMENT Body to the entitled INVESTORS.
2. The compensation is paid by means of a T/Q cheque.
3. The MANAGEMENT Body may decide to pay the compensation by bank transfer, in justified cases.
4. The compensation is paid within thirty days from the date of the decision of the MANAGEMENT Body.

PART IV
FINAL AND TRANSITIONAL PROVISIONS
Title I
Penalty regime and exclusion from the investor fund
Article IV.I.1 - Monetary penalties

1. The violation of the provisions of this Regulation is punished with monetary penalties ranging from EUR 5,000 to EUR 50,000.
2. The monetary penalties are imposed by the Central Bank, in accordance with Article 16 of Decree 30 May 2006 n. 76.

Article IV.I.2 - Exclusion from the fund

1. The MANAGEMENT Body may exclude from the INVESTOR FUND ISPs that have seriously and repeatedly violated the provisions of this Regulation.
2. The exclusion from the INVESTOR FUND is communicated to the Supervisory Coordination and to the Register of Authorized Subjects.

Title II
Final provisions
Article IV.II.1 - Entry into force

1. This Regulation enters into force on 23 October 2025.
2. The provisions of this Regulation apply to all investment operations concluded after the entry into force of this Regulation.
3. The provisions of this Regulation do not apply to investment operations concluded before the entry into force of this Regulation, unless otherwise provided by transitional provisions.