Legal Framework
The Mutual Funds legislation enacted in San Marino (namely Law no. 165 of 17 November 2005 “LISF” and Regulation no. 2006-03 of the Central Bank of San Marino) allows a wide range of possibilities in terms of formation and operation:
- open-end and closed-end funds, according to ways of subscription and redemption of fund units;
- funds for the general public or reserved to professional clients;
- alternative funds, where non-traditional asset management techniques are used;
- guaranteed funds, where the restitution of the invested capital or a minimum return is assured.
Investment activities are subject to different restrictions according to how the fund types listed above are combined.