The Albanian Financial Services Authority is helping the Ukrainian Securities Commission to align its legislation with the directives and legal framework of the European Union.
A meeting took place on Tuesday between the authority’s General Executive Director Ervin Mete and the Ukrainian Chairman Ruslan Magomedov. The meeting comes a week after Albania officially opened EU negotiations and it was coordinated by the World Bank.
The bank recommended Albania give its expertise to Ukraine in terms of aligning legislation with the EU acquis.
Mete provided information on the steps taken so far by Albania in terms of financial services.
In 2020, new laws on capital markets and collective investment undertakings were adopted. Albania is estimated to have an advanced legal framework in this regard, aligned with European directives.
Pursuant to the new laws, the Authority has finished approving regulations for collective investment enterprises, while it is in the final phase of drafting and approving the rest of the bylaws for capital markets.