The Supervisory Body was appointed during the session of the Great and General Council on 1 August 2024.
It is provided for by Article 21-bis, paragraph 1, of Law no. 157 of 30 August 2021, introduced by Article 1-bis of Delegated Decree no. 176 of 4 December 2023 and by Article 1 of Delegated Decree no. 55 of 19 March 2024.
In order to administratively safeguard the State guarantee in respect of the securitisation transaction, a Supervisory Body consisting of three members appointed by the Great and General Council has been set up.
The main function of the Supervisory Body is to monitor the securitisation transaction from a legal and accounting point of view and to assist the Permanent Parliamentary Commission for Finance and Budget in its statutory six-monthly evaluation. The Supervisory Body, hereinafter referred to as the "ODS", is composed of three members chosen from among persons with proven experience in the banking and financial sector, who meet the requirements of good repute, professional skills and independence set forth in Article 15 of Law no. 165 of 17 November 2005 and subsequent amendments.
No person with a direct or indirect interest in securitisation transactions carried out pursuant to Law no. 157 of 30 August 2021, as amended, can be a member of the ODS.
The office of member of the ODS cannot be held by an Unfit Person under Law no. 47 of 23 February 2006 and subsequent amendments or by anyone indicted on the same charges entailing qualification as Unfit Person; if appointed, such person must be immediately removed from office.
The members of the ODS are required to demonstrate that they meet the requirements envisaged by this Article and that there are no elements that would entail their qualification as Unfit Persons.
The functions of member of the ODS are incompatible with the office of member of the Great and General Council and of the Congress of State, as well as with any form of employment or office at the Central Bank of the Republic of San Marino. At its inaugural meeting, the ODS elects a President from among its members to convene and coordinate its work.
The members of the ODS have the status of public officials in the exercise of the functions entrusted to them.
The members of the ODS receive a fixed gross monthly remuneration of EUR 2,000.00, which is charged to chapter 1-3-2392 "Remuneration of the Supervisory Board (Art.1- bis of Delegated Decree no. 176/2023)". No reimbursements, expenses or other allowances are granted.
The term of office as a member of the ODS is three years, renewable for one further term.
The ODS terminates its mandate and is dissolved upon full repayment of the ABS securities guaranteed by the State, subject to a final report to be submitted to the Permanent Parliamentary Commission for Finance and Budget within three months after the end of the mandate.
The ODS submits a half-yearly report on its activities to the Permanent Parliamentary Commission for Finance and Budget.
President:
Stefano Giulianelli (PDCS) (1st term)
Members:
• Elena Giovannini (PSD) (1st term) (Secretary taking the minutes)
• Stefano Palmieri (RF) (1st term).
E-mail: organismo.sorveglianza@pa.sm
