ALSE advantages: FSA engages to promote education of the public and business

The Financial Supervisory Authority assesses as its mission the education of the public and, in particular, of businesses regarding securities exchange products.

The Chief Executive Officer of the Financial Supervisory Authority, Ervin Koci, said that the licensing of the Albanian Securities Exchange is a very important step for the development of the financial market in the country.

He said that the FSA will guarantee rigorous oversight but, on the other hand, will work actively to sensitize the businesses over the advantages of using capital market instruments.

“Regarding the securities exchange, we as authority consider it positively, and all market factors have seen its development very positively, but I assure you that we will be very careful and prudent in its monitoring. However, the most important thing in its operation is that all factors and the public have the necessary financial education. Apart from the responsibility of the exchange itself, we as authority have our responsibilities and have talked about the financial education of the public through the strategy we have adopted and a concrete action plan to start implementing from October and we will focus on how we influence business”, said the head of FSA.

Asked by SCAN TV , Mr. Koci also said that FSA is working on some changes to the law on collective investment enterprises.

Part of the discussion is also allowing investment funds to buy Albanian corporate bonds.

This move would enable a diversification of the asset structure and would provide greater benefits for the members of these funds.

“This will be in the new law and will be adopted next year. It will be the subject of discussion because this cannot be decided by the authority itself, but will be discussed with the market factors, with the policies that the Albanian government has, with the Financial Stability Advisory Group, which includes the Ministry of Finance, the Bank of Albania and the Authority. So there will be a broad discussion,” Koci said.

The opening of the Albania Securities Exchange is expected to be a very important development for the financial system and for the Albanian economy in general.

Businesses will have the opportunity to secure lower-cost funding, while individuals and institutional investors, such as investment funds, will have the opportunity to broaden the spectrum of their financial investments.

SCAN

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