SMFSC Enhances Membership Standards to Foster Sustainable Growth in Financial Sector

Raising the Bar with Enhanced Membership Standards

SMFSC recognizes that sustainable development in financial services requires clear and rigorous entry standards. Over the past year, the Council has introduced a series of reforms to its membership process:

• Improved efficiency: More than 95% of membership applications are now assessed within statutory timelines, significantly reducing waiting periods for firms.
  
• Clearer requirements: New evaluation criteria cover compliance, governance, and risk management, ensuring members align with international best practices.
  
• Pre-application guidance: Overseas institutions seeking entry into San Marino’s market can benefit from advisory support to help meet local and international standards before applying.
  

Strengthening Oversight and Consumer Protection

As a self-regulatory body, SMFSC goes beyond compliance checks by actively safeguarding financial consumers:

• Faster interventions: A new early-warning system enables prompt corrective action for at-risk member firms.
  
• Fair dispute resolution: A dedicated complaint and mediation mechanism ensures consumer concerns are addressed quickly and fairly.
  
• Compensation measures: Member firms are required to implement swift compensation processes to minimize customer losses when issues arise.
  

Balancing Innovation with Compliance

SMFSC actively supports innovation while stressing the importance of robust regulatory frameworks:

• Digital sandbox: A permanent testing environment supports start-ups and innovative projects in piloting new products under controlled conditions.
  
• International alignment: The Council contributes to global discussions on crypto-assets, green finance, and fintech, strengthening San Marino’s position in international finance.
  

Leadership Remarks

The Chair of SMFSC stated:

“The prosperity of the financial sector depends on clear rules and responsible market participants. By enhancing membership standards and strengthening self-regulation, SMFSC is building a strong foundation for growth and consumer trust.”

The Executive Director added:

“We remain committed to balancing innovation, compliance, and consumer protection. Our goal is to position San Marino as a competitive and credible hub for international financial services.”

Conclusion

Through refined membership standards, stronger self-regulation, and a focus on compliant innovation, SMFSC is guiding San Marino’s financial sector toward a more resilient, transparent, and prosperous future.