Securities Exchange and Other Securities Markets
Regulations Related to the Licensing, Organization, Operation and Supervision of the Securities Exchange
Regulation No. 120, dated 02.10.2008 “On the Licensing and Supervision of the Securities Exchange”
The purpose of this Regulation is to establish the conditions, requirements and procedures for the licensing of the company.
Approved by the Board of the AFSA. Entered into force on 02/10/2008
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Regulation No. 22, dated 26.03.2009 “On the Retail Market for Government Securities of the Republic of Albania”
The purpose of this Regulation is to establish the rules for the operation and supervision of the retail market for…
Approved by the Board of the AFSA. Entered into force on 26/03/2009
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Regulation No. 160, dated 21.11.2012 “On the Conditions for the Organization and Operation of the Multilateral Trading Facility – MTF”
The purpose of this Regulation is to establish the conditions for the organization and operation of the Multilateral Trading Facility…
Approved by the Board of the AFSA. Entered into force on 21/11/2012
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Regulation No. 155, dated 23.12.2014 “On the Determination of the Calculation Elements and Fee Levels Charged to Supervised Entities, as well as the Procedures for Their Collection and Reconciliation”
The purpose of this Regulation is to establish the calculation elements and fee levels charged to entities supervised by the Authority, as well as the procedures for their collection and reconciliation.
Approved by the Board of the AFSA. Entered into force on 23/12/2014
Full documentBrokerage Firms and Investment Advisers
Regulation No. 195, dated 29.12.2020 “On the Licensing of Investment Firms, the Registration of a Branch of a Foreign Investment Firm, and the Recognition of a Foreign Investment Firm”
The purpose of this Regulation is to establish the application form, the required documentation package, the procedure and the deadlines for…
Approved by the Board of the AFSA. Entered into force on 29/12/2020
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Regulation No. 115, dated 11.09.2008 “On the Content and Maintenance of the Order Book and the Transaction Book”
This Regulation establishes the content and the manner of maintaining the order book, which must be maintained by…
Approved by the Board of the AFSA. Entered into force on 11/09/2008
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Regulation No. 41, dated 28.05.2009 “On the Minimum Liquidity of Securities Brokerage Firms”
The purpose of this Regulation is to establish the method for balancing liquid assets with liabilities due within…
Approved by the Board of the AFSA. Entered into force on 28/05/2009
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Regulation No. 68, dated 27.07.2009 “On the Preparation and Publication of Financial Analyses in the Field of Securities”
The purpose of this Regulation is to establish the requirements concerning the preparation and publication of financial analyses…
Approved by the Board of the AFSA. Entered into force on 27/07/2009
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Regulation No. 74, dated 28.08.2009 “On the Content of the Financial Statements and Business Activity Report of Securities Investment Firms”
This Regulation establishes the content of the financial statements and the business activity report for…
Approved by the Board of the AFSA. Entered into force on 28/08/2009
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Decision No. 55, dated 30.03.2011 “On the Recognition of the Activity of a Licensed Securities Broker’s Agent”
The purpose of this Decision is to recognize the activity of an agent of a licensed securities broker…
Approved by the Board of the AFSA. Entered into force on 30/03/2011
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Regulation No. 196, dated 29.12.2020 “On the Certification Procedure and Qualifications of Employees Holding Key Functions of an Investment Firm”
The purpose of this Regulation is to establish the procedure for certifying the competence and suitability of employees holding key functions of an investment firm and of a bank providing investment services in securities, as well as the qualifications that employees holding key functions of an investment firm and key personnel of a bank providing investment services in securities must possess, in accordance with the position and responsibilities of their respective roles.
Approved by the Board of the AFSA. Entered into force on 29/12/2020
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Regulation No. 197, dated 29.12.2020 “On the Assessment of Client Suitability”
The purpose of this Regulation is to establish the method for assessing client suitability by using standard suitability questionnaire forms, through which the investment firm/bank providing investment services obtains the necessary information to assess the suitability of the client for the financial instrument or investment service offered/requested.
Approved by the Board of the AFSA. Entered into force on 29/12/2020
Full documentCustodians of Securities
Regulation No. 21, dated 26.03.2009 “On the Conditions for the Authorization of the Custodian of Government Securities”
Amended by Board Decision No. 79, dated 28.08.2009. This Regulation aims to establish the conditions for carrying out…
Approved by the Board of the AFSA. Entered into force on 26/03/2009
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Regulation No. 124, dated 07.12.2010 “On the Deadlines, Conditions and Procedures for the Authorization of Banks as Bond Custodians”
This Regulation establishes: (a) the time limits, conditions and procedures for the authorization of custodians of company bonds…
Approved by the Board of the AFSA. Entered into force on 07/12/2010
Full documentIssuers of Securities
Regulation No. 187, dated 16.12.2020 “On the Form and Procedure for the Registration of the Offering Document for the Issuance of Bonds”
The purpose of this Regulation is to establish the form of the offering document for bond offerings that are exempt from the preparation of a full prospectus pursuant to Article 244 of Law No. 62, dated 14.05.2020 “On Capital Markets”, as well as the procedure for registering the offering document for the issuance of bonds.
Approved by the Board of the AFSA. Entered into force on 06/12/2020
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Regulation No. 16, dated 31.01.2018 “On the Application Form and the Content of the Documentation for the Approval of a Prospectus for the Issuance of Bonds”
The purpose of this Regulation is to establish the application procedure for obtaining approval of a prospectus for the issuance of bonds through private and public offerings, as well as the relevant documentation.
Approved by the Board of the AFSA. Entered into force on 31/01/2018
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Regulation No. 42, dated 28.05.2009 “On the Issuer’s Obligation to Inform the Public about Material Facts”
The purpose of this Regulation is to establish the manner of providing and the content of information…
Approved by the Board of the AFSA. Entered into force on 28/05/2009
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