AMF establishes new structure to monitor Albania’s financial market

The Financial Supervisory Authority is expected to have a new structure that will reflect the recommendations made by the consultant company and the World Bank in relation with investment funds.

An official bank document also gives details on the project which extends in several stages.

“The Financial Supervisory Authority is reviewing the annual schedule plan to incorporate at best the actions proposed by the project. It is expected that this authority in the period June-July 2017 will adopt a new structure in line with the recommendations. Meanwhile, new staff is being hired new and the remuneration scheme is improving,“ the report said.

On the other hand, the second phase of assistance related to the review, development and supervisory framework for investment funds and bonds has been going on.

Its signing took place in January and agreed to a working road-map implementation period of 20 months.

The consultant company submitted in April to the Authority its first product which is an evaluation report on the legislation related to investment funds and bonds.

The third package, also signed in February, aims to increase the AMF capabilities enabling cooperation with similar institutions staff to benefit from their experience while that there will be continuous training.

Finally, there is a special attention to the funding market in terms of supervision.

SCAN

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