Decree-Law 27 June 2013 N.72 - Urgent Measures In Support Of Operations In Protection Of Savings

Original Language Title: Decreto-Legge 27 Giugno 2013 N.72 - Misure Urgenti A Sostegno Di Operazioni A Tutela Del Risparmio

Read the untranslated law here:

LAW 30 November 1995 n REPUBLIC OF SAN MARINO DECREE - LAW 27 June 2013 72 We the Captains Regent of the Most Serene Republic of San Marino Having seen the need and urgency referred to in Article 2, paragraph 2, point b) of the Constitutional Law December 15, 2005 and 183 of Article 12 of the Qualified Law 184 of 15 December 2005, namely the necessity and the urgency of ensuring the public interest in the protection of savings and, consequently, the stability of the banking sector in San Marino, through support for unavoidable system operations to protect depositors; Given the decision of the Congress of State no. 41 adopted at its meeting on 19 June 2013; Promulgate and publish the following decree-law: URGENT MEASURES IN SUPPORT OF OPERATIONS FOR THE PROTECTION OF SAVINGS Art. 1 1. This decree-law establishing supporting instruments of the savings to protect system operation and stability of the banking system. 2. The banks which, upon authorization by the Central Bank, acquired the assets and liabilities of the bank subject of San Marino in order to remove the conditions for an immediate start by the same Supervisory Authority to review procedures for special administration or liquidation compulsory administrative borne by the issuing bank, the prior approval of the Credit Committee and Savings can access the benefits described in Article 2 and to the credit facilities referred to in article 4. 3. the Committee for Credit and Savings can then release favorable opinion pursuant to and for the purposes of this Article only if, by resolution of the Supervision Committee, is recognized by the Central bank on competition of the following conditions: a) the status of a serious crisis in the balance of the selling bank, severe enough to result in the 'immediate adoption of an extraordinary procedure; b) the unavailability of shareholder to make additional capital resources, sufficient and timely; c) the ability to effect the orderly disposal of assets and liabilities in advance with respect to the adoption of extraordinary cases, to limit the negative effects of the crisis on the banking system and the entire San Marino economic system. 4. The maximum extent of the benefits for each member bank transaction is equal to the amount of any negative balance resulting from the difference between the assets and liabilities transferred at the time of acquisition. The aforesaid amount is adjusted annually increase or decrease during the time period referred to in article 3 because: a) the losses suffered as a result of realization of the assets transferred; b) the prudential provisions that the transferee banks will be expected to carry out within 12 months from the transaction date of the preceding paragraphs in relation to the correct valuation of the acquired assets, the corrections will be technically shared with the Supervisory Authority; c) is determined based on the net asset value (NAV) of the units, if the banks in turn confer also part of the aforementioned assets in a mutual fund under San Marino law. 5. For the determination of the loss will take into account any utilities that may arise to the transferee banks as part of the sales in the period or as a result of the responsibilities and actions for damages. 6. The State, through the most excellent Chamber of the Republic of San Marino, and / or ceding banks, including separately, are treated to every effect to the Company's creditors and therefore have the right to pursue an action for liability of Article 56, paragraph 4, of Law 23 February 2006 n. 47, as amended, without affecting the enforceability of additional shares, including responsibilities pursuant to Law 165 of 17 November 2005. If the shares of responsibility are exercised by the transferee bank and not directly by the State, by means of the most excellent Room, the latter the transferee bank must recognize the net income derived from the exercise of the aforesaid shares up to the maximum extent of benefits to the same recognized, unless it is already counted in accordance with paragraph 5. Article 2 1. the banks that participate in the operations referred to in Article 1, except as provided in paragraph 3 of the same article, entitled to a tax rebate to be used: a) the payment of compensation payable by the bank on his income; b) a compensation payment to the State of withholding applied pursuant to Article 39 of the
Law of 13 October 1984 n. 91 and subsequent amendments made by the bank as the withholding agent; c) as compensation for registration, mortgage, transcription, perfecting, land and stamp duty. 2. In view of the extraordinary nature of the condition and value of such interventions for employment purposes, may it be the compensation of the payment of social security contributions for employees who will therefore be borne by the state. 3. application of the aforementioned benefits were taken into account in the determination of the estimated revenue on the State Budget. Art. 3 1. The banks referred to in Article 1 may use without distinction of relief referred to in Article 2 with effect from the fiscal year in which materializes the operation provided for in Article 1, in the following ways:  for first six fiscal years up to the competition, of each year, 15% of the total amount of benefits payable to them;  for the next fiscal years, up to the amount, of each year, 5% of the total amount of benefits payable to them and up to full utilization of the same. 2. The quotas referred to in the preceding paragraph are adequate based on any adjustments referred to in Article 1. 3. The use of the benefits must be indicated in the statement of income and in the statement of withholding relative to each fiscal year. Art. 4 1. In support of the transferee banks referred to in Article 1 and in the presence of potential liquidity strains of redemptions that the banks themselves might incur for liabilities acquired as part of the above operations, the Central Bank You will grant credit facilities commensurate with their real cash requirements and subject to the submission of adequate collateral. 2. Except as provided in the preceding paragraph of the aforesaid funds will be secured by the State guarantee to the maximum of 50% of the liabilities acquired and not exceeding the amount of the loan disbursed. 3. The rules for issuing of the guarantee referred to above shall be provided for by regulations of the State Congress. Art. 5 1. The instrument of transfer of assets and liabilities to banks as part of the transactions referred to in Article 1, and any subsequent acts of transfer of the assets to special purpose vehicles, or mutual funds, facilitate sales in the period are exempt from registration fees, stamp duty, transcription and perfecting. 2. The Secretariat of State for Finance and Budget will establish, by circular, application specific provisions of this Decree in view of the elements of contracts for the purchase of the assets and liabilities referred to in Article 1. As at Our Residence, this day 27 June 2013/1712 THE CAPTAINS REGENT Antonella Mularoni - Denis Friends THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Gian Carlo Venturini