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San Marino

Regulatory overview for the jurisdiction of San Marino

 

SMThe Central Bank of the Republic of San Marino (CBSM) is the supervisory authority for banking, financial and insurance services in the Republic of San Marino. It was established through a combination between the Istituto di Credito Sammarinese (a body with public and private shareholders acting as a central bank) and the Inspectorate for Credit and Currencies (a Public Administration Office charged with supervisory activities and with combating money-laundering). 

The Central Bank is based on three organisational units: departments, services and offices. As groups of services, the departments are the operating units responsible for the main tasks envisaged by the articles of association (Supervision 1, Supervision 2, Treasury, Tax Collection and Payment system) or, in the case of the Department of Internal Resources, for the tasks that support the operating activities (General affairs, Finance, Human resources, Organisation and Logistics). In limited cases, the services are divided into offices, so as to differentiate dissimilar activities. Owing to the type of role involved and the principles of independence on which it must be based, the Internal auditing service has been set outside the normal hierarchical order and its staff comes under the directorate-general. 

The Central Bank’s endowment fund is currently 12,911,425.00 Euros divided into 2,500 indivisible registered shares worth 5,164.57 Euros each. The possessory title of these shares is reserved to the State, as majority shareholder, and to San Marinese undertakings engaged in credit, financial and insurance activities.

At the present time, 70% of the shares are subscribed by the State, and the remaining 30% by four San Marinese banks (Cassa di Risparmio della Reppublica di San Marino 14%, Banca di San Marino 6%, Banca Agricola Commerciale della Repubblica di San Marino 5%, Credito Industriale Sammarinese 5%).The CBSM assures, among other matters, the stability of the financial system, the protection of savings, the transparent and appropriate conduct of the supervised entities, as well as to safeguard the image, reputation and confidence in the financial system of the Republic of San Marino.

Supervised entities include banks, finance companies, trust companies, investment fund management companies, investment enterprises, insurance companies, trustees, financial promoters, insurance brokers. 

CBSM’s tax collection service was established with Law N° 70 of 25 May 2004 Sole Tax Collection Service, which nominated the Central Bank of the Republic of San Marino (BCSM) as management authority. The purpose of the Tax Collection service is to collect, by means of the tax roll, taxes, dues, duties, sanctions and all other revenues due to the state, known as levying bodies or offices. The Tax Collection Department began work on November 1, 2004 by collecting credits to which the state and public authorities were entitled for various reasons and for which the Manu Regia procedure had already been activated. The Central Bank launched the debt collection procedures established by Law N° 70 of 25 May 2004 against the natural and juridical persons with debtor positions already open.