SMFSC Unveils 2022-23 Plan for Consumer Protection & Market Integrity

Council Outlines Ambitious Agenda to Deliver Better Outcomes for Consumers and Markets

The San Marino Financial Standard Council (SMFSC) has published its Business Plan for 2022–23, unveiling an ambitious programme of work aimed at strengthening market integrity, enhancing consumer protection, and supporting responsible financial innovation.

The plan sets out the council’s key priorities for the coming year as it continues to build a transparent, fair, and trustworthy financial ecosystem in San Marino and beyond.

“Our focus is on delivering tangible results for consumers and maintaining confidence in our markets,” the SMFSC stated.
“We are committed to proactive supervision, smarter regulation, and meaningful engagement with industry participants.”

Key Priorities for 2022–23

The SMFSC’s Business Plan outlines several major areas of focus designed to ensure effective oversight and sustainable growth:

• Strengthening consumer protection: Expanding initiatives to combat misleading financial promotions, improve financial literacy, and safeguard vulnerable consumers.
  
• Promoting ethical conduct in financial services: Reinforcing accountability and governance standards through enhanced supervision and self-regulation.
  
• Modernising regulatory frameworks: Reviewing licensing and compliance processes to make them more efficient and risk-sensitive.
  
• Supporting digital innovation: Developing clear guidelines for cryptoassets, fintech, and digital payment systems to foster innovation while maintaining investor safety.
  
• Advancing sustainable finance: Integrating ESG (Environmental, Social, and Governance) principles into market regulation and encouraging responsible capital allocation.
  

These objectives reflect SMFSC’s dual mission of facilitating innovation and ensuring market discipline, a balance the council has long viewed as essential to long-term stability.

A Focus on Outcomes and Accountability

SMFSC highlighted that its approach for 2022–23 centers on results-driven regulation—one that measures success not by the number of rules issued, but by the positive outcomes achieved for consumers and firms.

This includes enhancing transparency in regulatory decision-making, improving collaboration between public and private sectors, and publishing regular updates on progress against key metrics.

“We want to demonstrate that effective regulation is not about bureaucracy, but about trust, fairness, and measurable impact,” the SMFSC noted.

Strengthening San Marino’s Role in Global Financial Governance

The Business Plan also underscores SMFSC’s ambition to position San Marino as a credible and responsible participant in the global financial system.
To achieve this, the council plans to expand international cooperation, sharing best practices with partner jurisdictions and contributing to global policy discussions on fintech, sustainability, and investor protection.

SMFSC reaffirmed its belief that ethical self-regulation, when supported by transparency and accountability, can play a vital role in shaping a more resilient financial future.

Looking Ahead: A Foundation for Long-Term Trust

The 2022–23 plan demonstrates SMFSC’s evolving role as both a regulatory authority and an advocate for responsible market development.
Through stronger engagement, smarter regulation, and a relentless focus on outcomes, the council aims to deliver better experiences for consumers, more robust markets, and greater confidence in financial services.