The activity of trading in precious investment metals is reserved for economic operators
in possession of the required requirements and who are registered in the specific Register of Professional Operators in precious investment metals held by the Agency for Economic Development – Chamber of Commerce of the Republic of San Marino (hereinafter briefly ASE-CC).
Only following the issuing of a specific regulation by the Congress of State may the trading of gold and other precious investment metals be carried out “remotely” or in any other manner that does not require the simultaneous presence at the headquarters of the economic operator, the economic operator himself and the customer.
The following are excluded from the scope of application:

• Central Bank of the Republic of San Marino;
• Poste San Marino S.p.A. for the numismatic activity carried out on behalf of the Most Excellent Chamber of the Republic of San Marino;
• economic operators who purchase precious metals for investment for the processing or production of goods;
• economic operators whose trading activity in precious metals for investment is limited to San Marino coins, provided that the overall value of the sales of such coins remains constantly below the annual threshold of €10,000.00 (ten thousand/00).

Definitions

The following shall apply:

• AIF: Financial Information Agency pursuant to Article 2 of Law 17 June 2008 no. 92 and subsequent amendments;
• ASE-CC: Agency for Economic Development – ​​Chamber of Commerce of the Republic of San Marino pursuant to Article 73 of Law 21 December 2017 n.147;
• Police Forces: the Gendarmerie Corps, the Civil Police Corps and the Uniformed Nucleus of the Fortress Guard;
• Financial Companies: entities that have obtained authorization to exercise one or more

activities reserved pursuant to Law 17 November 2005 n.165 and subsequent amendments;

• Precious metals for investment:
  • gold and silver for investment, meaning investment gold and silver in the form of ingots or plates of a weight accepted by the gold and silver investment market, in any case weighing more than 1 gram, with a purity equal to or greater than 995 thousandths, whether or not represented by legal securities;
  • platinum and palladium for investment, meaning investment platinum and palladium in the form of ingots or plates of a weight accepted by the platinum and palladium investment market, in any case weighing more than 1 gram, with a purity equal to or greater than 950 thousandths, whether or not represented by legal titles;
  • gold coins with a purity equal to or greater than 900 thousandths, minted after the year 1800, which are or have been legal tender in the country of origin, normally sold at a price that does not exceed 80 percent of the value on the free market of the investment metal contained therein, included in the list drawn up by the European Union and published annually in the Official Journal of the European Union, series C, as well as coins with the same characteristics, even if not included in the aforementioned list;
• Professional operator in precious investment metals: economic operator who professionally exercises, even on a non-main basis, the trade of precious investment metals;
• Punching: sign that forms a single whole and serves to identify the owner of the trademark;
• Legal fineness: proportion of pure precious investment metal contained in an alloy expressed in thousandths.

Legal fineness and punching

Precious metals for investment placed on the market in the territory of the Republic of San Marino must be of legal title and bear the title itself stamped together with the hallmark.
It is permitted to market as precious metals for investment only those
having legal title and purity in a measure at least equal to the values ​​indicated in letter e) of the definitions.
        precious  & …  members
of the European Union may be placed on the market in the Republic of San Marino exempt from the obligation to bear the importer’s identification mark, provided that they bear the indication of the legal fineness in thousandths in a measure at least equal to the values ​​indicated in letter e) of the definitions and the mark required by the legislation of the country of
origin or, in substitution of the latter, the mark having the characteristics better defined below and comprehensible for the final consumer.
Precious investment metals imported from countries other than those referred to in the previous paragraph may be placed on the market in the Republic of San Marino exempt from the obligation to bear the importer’s identification mark, provided that they bear the indication of the legal fineness in thousandths in a measure at least equal to the values ​​indicated in letter e) of the definitions, the mark required by the legislation of the country of origin and the mark of the foreign manufacturer.
The mark may consist of letters, numbers, words, graphic representations, three-dimensional shapes, alone or combined. It must not be possible to confuse it with other trademarks that have already been registered or are official. The stamping imprint must be clear and indelible.

Requirements for carrying out the trade in precious investment metals

The exercise of the activity of trading in precious investment metals is subject to prior registration in the Register of Professional Operators in precious investment metals of.
For the purposes of registration in the Register of Professional Operators in metals  precious  investment metals, the economic operator must possess the following requirements:

• legal form of joint stock company or limited liability company;
• registered office in the Republic of San Marino;
• corporate purpose which expressly includes the activity of trading in precious investment metals;
• board of auditors or a single auditor, as the supervisory body;
• shareholders, directors and auditors in possession of the integrity requirements established from time to time by the regulation adopted by the Central Bank of the Republic of San Marino with regard to corporate representatives of financial companies.

Financial companies may engage in the trade of precious investment metals if this is also provided for by the regulation issued by the Central Bank of the Republic of San Marino in implementation of Article 4, paragraph 3 of Law no. 165 of 17 November 2005.
The economic operator who carries out the wholesale trade of precious investment metals must be authorised pursuant to the Delegated Decree 22 June 2018 n.68.

Register of Professional Operators in precious investment metals

The Register of Professional Operators in precious investment metals is established at the ASE-CC.
The ASE-CC registers the economic operator in the Register of Professional Operators in precious investment metals prior to the issuance of the relevant license containing the specific ATECO codes, and in any case following the positive outcome of the checks of the required requirements.
The annual registration is subject to the payment of the application fees as provided, on the proposal of the ASE-CC, by the regulation of the Congress of State and the renewal of the registration occurs automatically with the payment of the fee without the submission of any application, unless there is are changes to be communicatedre.
Any variation regarding the possession of the required requisites must   be communicated to the ASE-CC within sixty days of the change.
The temporary or permanent loss of one or more requirements, respectively entails the suspension or cancellation of the economic operator from the Register of Professional Operators in precious metals for investment, as provided for by the regulation of the Congress of State.
The Register of Professional Operators in precious metals for investment contains the
same data reported in the Register of Companies, provided for by the provisions in force on the matter.
The checks relating to the maintenance of the requirements for registration in the Register are carried out by the ASE-CC.
For the purposes of maintaining the Register and all the obligations connected to it and resulting from it, the ASE-CC is a public service manager pursuant to the regulations in force and, in carrying out the related activities and tasks, the officials of the ASE-CC assume the qualification of public official.

Internal Register of Operations

Professional operators in precious investment metals are required to maintain their own Internal Register relating to the purchase and sale operations of precious investment metals carried out.
The data contained in the Register referred to in this article must be kept for five years from the execution of the operation.
AIF, with a specific provision, regulates the obligations and methods of keeping the Register.

Abusively exercised activity

Anyone who carries out the activity of trading in precious investment metals  without registration in the Register of Professional Operators in precious investment metals or in the absence of the required requirements is punished with second-degree imprisonment and a fine as well as third-degree disqualification from holding the office of administrator, attorney, auditor, auditor, actuary, liquidator, commissioner at companies or other entities with legal personality.

Failure to keep or irregular maintenance of the Internal Register of Operations

Failure to keep the Internal Register is punished with an administrative fine of €20,000.00 (twenty thousand/00).
Incorrect maintenance of the Internal Register and the data contained therein is punished with an administrative fine of a minimum of €500.00 (five hundred/00) to a maximum of € 20,000.00 (twenty thousand/00).
The determination and imposition of administrative pecuniary sanctions is the responsibility of AIF, in the manner and within the terms set out in Law 17 June 2008 n.92 and subsequent amendments.

Other violations

The Police Forces shall ascertain any other violation of the provisions of this delegated decree and shall impose administrative pecuniary sanctions.
Unless the act constitutes a crime, each violation is punishable with an administrative pecuniary sanction ranging from a minimum of Euro 500.00 (five hundred/00) to a maximum of Euro 50,000.00 (fifty thousand/00).

Police Forces Checks and National Collaboration

Without prejudice to the powers of AIF, the Police Forces are competent to carry out checks in order to ensure compliance with the provisions.
The Police Forces have the power to acquire data, information and documents, as well as to access the premises of professional operators in precious metals for investment or economic operators who are believed to be carrying out this activity illegally.
If the Police Forces, in the context of checks, detect a violation of the provisions, they shall inform AIF and ASE-CC, according to their respective powers.
In the event that the Police Forces carry out checks at a company financial, the related results are also communicated to the Central Bank of the Republic of San Marino.

Tax provisions

The following are not subject to import tax pursuant to Law no. 40 of 22 December 1972 and subsequent amendments:
–       sales of precious investment metals.