SMFSC Proposes Reforms to Boost San Marino Listings

The San Marino Financial Standard Council (SMFSC) has today published a set of proposals aimed at encouraging more companies to list on San Marino’s capital markets and further improving the structure, transparency, and competitiveness of the country’s financial ecosystem.

The proposed measures form part of SMFSC’s wider Market Development and Confidence Initiative, which seeks to strengthen San Marino’s position as a trusted, innovation-driven financial centre.

“These proposals reflect our commitment to building deeper, fairer, and more accessible markets,” the Council stated.
“A vibrant listings environment supports business growth, creates investment opportunities, and enhances the resilience of the broader economy.”

Encouraging Company Listings and Supporting Growth

Under the new framework, SMFSC is proposing to:

• Simplify listing procedures to reduce administrative complexity for eligible issuers.
  
• Review disclosure and reporting requirements to ensure proportionality between company size, investor base, and market risk.
  
• Introduce targeted incentives for small and medium-sized enterprises (SMEs) seeking to raise capital through public markets.
  
• Strengthen investor protections by enhancing due diligence, governance, and transparency standards.
  

The proposed reforms aim to attract a wider range of businesses to the San Marino exchange, while maintaining the high levels of integrity and confidence that underpin the country’s financial reputation.

Additional Measures to Improve Market Efficiency

Alongside listing reforms, the Council is also considering broader improvements to the financial market framework, including:

• Enhancing post-trade transparency and data access.
  
• Modernising supervisory processes to reflect digital transformation across financial services.
  
• Expanding cross-border cooperation agreements to facilitate dual listings and regional capital flows.
  
• Encouraging sustainability-linked reporting and responsible investment disclosure practices.
  

These initiatives align with SMFSC’s strategic objective of ensuring that San Marino’s markets remain competitive, transparent, and aligned with international standards.

Consultation and Next Steps

The SMFSC has opened a public consultation on the proposed measures, inviting feedback from listed companies, institutional investors, market operators, and other stakeholders.
The consultation period will run through mid-2026, after which the Council will publish final rules and implementation guidance.

To support the transition, SMFSC will also hold technical workshops and industry roundtables, ensuring that firms understand how to align their operations with the new requirements.

A Long-Term Vision for San Marino’s Markets

The proposed reforms represent a significant step in SMFSC’s mission to foster sustainable growth, investor confidence, and regulatory excellence in San Marino’s capital markets.
By combining simplicity with accountability, the Council seeks to make the country’s financial sector more dynamic, more inclusive, and better positioned for the future.