Read the untranslated law here: http://www.consigliograndeegenerale.sm/on-line/home/archivio-leggi-decreti-e-regolamenti/scheda17146505.html
Microsoft Word - DL0004-2016.doc REPUBLIC OF SAN MARINO DECREE - LAW 21 January 2016 n.4 (Ratification Decree - Law 198 of December 30, 2015) We the Captains Regent of the Most Serene Republic of San Marino Since the Decree Law 30 December 2015 n .198 - "urgent measures concerning financial transactions", promulgated: Given the necessity and urgency referred to in Article 2, paragraph 2, point b) of the Constitutional Law 183 of 15 December 2005 and Article 12 of Qualified law 184 of 15 December 2005, namely: the need to update the financial legislation of San Marino through the provision of new contractual instruments between professionals and the simplification of procedures for recovery of receivables and enforcement of collateral, in order to increased liquidity of the assets of banks, finance companies and management companies; the urgency of providing the banking system of the San Marino legal instruments referred to above in time compared to the extraordinary foreign initiatives that could create disturbance to its liquidity and therefore require timely support interventions, even with redistributive purposes, by the Central Bank of the Republic of San Marino; Given the decision of the Congress of State # 5 adopted at its meeting on 28 December 2015; Given the amendments to the above Decree in connection with ratification of the same by the Great and General Council at its meeting on 19 January 2016; Having regard to the Great and General Council resolution 18 of 19 January 2016; Having regard to Articles 8 and 9, paragraph 5, of the Qualified Law n.186 / 2005; We promulgate and publish the definitive text of the Chief Executive Decree 198 of December 30, 2015 as amended as a result of the amendments approved by the Great and General Council at the time of ratification: URGENT PROVISIONS RELATING TO FINANCIAL TRANSACTIONS Art. 1 (dematerialization titles ) 1. the Ecc.ma Chamber, the Central Bank of the Republic of San Marino and the persons authorized under Law 165 of 17 November 2005 can issue securities in dematerialized form and can enter the same in a centralized depository system . 2. The dematerialization is: - Optional, in the case of registered financial instruments; - Mandatory in the case of a bearer security; - Foreclosed, for shares and other securities of venture capital. 3. The securities are dematerialized when they are not embedded in physical certificates but represented by book-entry in the persons authorized to provide investment services or from the latter and the central depository. 4. Each issue of dematerialized financial instruments, if it is entered into a central depository system, should be centralized in a single centralized repository. 5. The transfer of dematerialized financial instruments centralized in a centralized depository happens with scritturazione at the latter and at the persons authorized to provide investment services or the Central Bank of the Republic of San Marino. The transfer of dematerialized financial instruments that are not centralized in a central repository is done with scritturazione solely at persons authorized to provide investment services, possibly coinciding with the issuer of the financial instrument, or at the aforementioned Central Bank when the latter issuer is or Ecc.ma the Chamber. In the case of registered financial instruments, the scritturazione the statement is equivalent to the turn. 6. The exercise of the rights attached to dematerialized financial instruments, whether centralized or not at a centralized depository, however, takes place by means of the entities authorized to provide investment services or the Central Bank of the Republic of San Marino. 7. Constraints to be recorded on physical certificates when concerning dematerialized financial instruments, are represented by book-entry in the persons authorized to provide investment services or with the Central Bank of the Republic of San Marino and is communicated to the issuer if due. Art. 2 (Coordination with the Law n.165 / 2005) 1. Article 142 of the Law of 17 November 2005 n. 165 is amended as follows: "Art. 142 (Minimum reserves) 1. Banks must constitute, at the minimum reserve title, a term deposit equal to eight percent of the total amount of direct funding, including the interbank. 2. The term deposit in the first subparagraph shall be effected within the first working day of each maintenance period on reserve accounts with the Central Bank of the Republic of San Marino.
3. Banks are required to submit to the supervisory authority, in ways defined by them, a statement attesting to the consistency of the aggregate subject to the reserve. The prospectus shall include the amounts outstanding at the last day of the second month prior to the start of each maintenance period. 4. The retention periods have monthly basis, from the first day of each calendar month to the last day of that month, without prejudice to the provisions of paragraph 7. Throughout the maintenance period, the amount of the deposit must be equal the amount of the reserve requirement established in the first paragraph. 5. Time deposits earn interest on the money in stocks recorded in the maintenance period, with cash accrued interest at the end of each calendar month. 6. Any exemptions, total or partial, to the obligations referred to in this Article may be authorized by the supervisory authority. For this purpose, the banks concerned must forward the appropriate application attaching all appropriate documents to support the part of the supervisory assessment. By the fifteenth day preceding the beginning of the maintenance period, the supervisory authority shall notify in writing the acceptance or the refusal of authorization, indicating the consequent fulfillment. The limit shall be suspended when the supervisory authorities require further information deemed necessary to supplement the documentation provided and shall continue to run to the receipt of information requested date. 7. The supervisory authority may, by its own provision, even during the course of the maintenance period, notwithstanding the consultation procedures referred to in Article 38, paragraph 5, to amend the rate mentioned in the first paragraph, the components of 'reserve base, the composition of the term deposit, the duration of the reference periods and maintenance, the prospectus for the calculation of reserve requirements, the rate of return, and to provide for forms of averaging provisions. ". 2. Article 5 of the law 17 November 2005 n. 165 is amended as follows: "Art. 5 (Collected of the saving) 1. For the savings collection means the collection activities with the public money with repayment obligation. 2. The activities referred to in the first paragraph, without prejudice to the right of corporations to issue bonds, Only banks and Poste San Marino SpA. 3. The supervisory authorities the collection of savings by individuals authorized, notwithstanding any provisions contained in existing legislation on the Company in respect of bonds and related formalities. 4. It 'still inaccessible to persons other than those referred to in paragraph 2 above, the collection of savings at sight, in the form of deposit, by means of representative deposit securities, or the collection of savings linked issuance or administration of means of egregious generalized payment. 5. The supervisory authority establishes the conditions and procedures for the use by authorized individuals, the issue of dematerialized securities and their placing on the central securities depositaries, San Marino or foreign. ". 3. In Annex 1 to the law 17 November 2005 n. 165, as amended, the following point L-bis: "L-bis) of the securities of centralized storage service. The central depository services for financial instruments is dispatched in the following activities: initial registration of the financial instruments in a records system (notary service); supply and maintenance of securities accounts at the highest level (central depository services); managing a financial instruments settlement system (settlement services). ". Art. 2a (opening bank accounts by means of distance communication techniques) 1. Banks may provide on its website the possibility of opening of current accounts electronically, provided that: a) the website has the extension of the San Marino domain; b) access to the forms for the request for opening of the account electronically is subject to interpretation by the user of the legal notice; c) for the activation of the account it is necessary: - a confirmation of reading the pre-contractual and contractual documentation; - Confirmation of user identity than the generality communicated via the web is verified at least through confirmation of the compliance of the same general than originator data from a first bank transfer from an account to the same user made out and turned on at a bank or payment institution
established in San Marino or in a country equivalent to it under the anti-money laundering profile; d) comply with anti-money laundering rules provided by the laws and instructions of the Financial Intelligence Agency, with particular reference to cases where the customer is not physically present. Given at Our Residence, this day of 21 January 2016/1715 THE CAPTAINS REGENT Lorella Stefanelli - Nicola Renzi THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Gian Carlo Venturini
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