1. THE NEW LAW ON SECURITIES ENTERS ON FORCE.
In accordance with the Constitution of the Republic of Albania and on proposal of the Council of Ministers, the parliament of Albania approbated the new Law On Securities, no. 9879 dated 02.21.2008.
The actual Law, which invalidates the former Law On Securities, no. 8080 dated 03.01.1996, and its accompanying acts and proceedings, has brought forward an innovation to the domestic capital market by replenishing, enriching and adopting the legislation according to the latest EU Standards.
Further more the new Law brought changes and renewed the structure of the financial instruments, the organization and function of the securities exchange, as well as of securities, brokerage-houses, brokers, investing companies, registry of securities, clearing and settlement systems, insider trading etc.
2. THE NEW REGULATION OF TSE INC. HAS BEEN APPROVED
The Financial Supervisory Authority, along with the decision no.121 dated
10.02.2008 has approved the new regulation of Tirana Stock Exchange Corporation.
The new regulation, as a new demand and requirement to the new Law On Securities, has been thoroughly adopted and elaborated by the specialists of the TSE.
The new regulation regards in synthesis the new procedures related to membership, listings rules, trading, clearing and settlement of the transaction of securities which are to be traded on the TSE floor.
The new Regulation of TSE, has been prepared and adopted in accordance with with the principal rules, generally accepted by the European capital markets: it aims to protect investors by enforcing financial disclosure for the listed companies, establishing strong principles of corporate governance among the listed companies, demanding for the implementation of international accounting standards, preventing the use of insider trading information etc.
3. MUNICIPAL BONDS, THE LATEST FINANCIAL INSTRUMENT PRESENTED TO ALBANIAN FINANCIAL SYSTEM
The municipal bond, a new trading instrument has been presented in the new Law On local borrowings approbated by the Albanian Parliament with no.9869, dated 02.04.2008
The law, which was assisted by USAID agency, was presented during the four year local program, and aims to help the municipalities on their efforts for sustaining economic growth and for a better local government.
Furthermore the Law enables municipalities to borrow loan funds for their actual needs and in case of emergencies.
Another attractive form presented for the local borrowers are the municipal bonds which represents an attribute instrument in case they are to be traded on TSE floor.
4. THE NEW LAW ON ENTREPRENEURS AND COMPANIES ENTERS ON FORCE
In accordance with the Constitution of the Republic of Albania and on proposal of the Council of Ministers, the parliament of Albania approbated the new Law On Entrepreneurs and companies, no. 9901 dated 04.14.2008.
The Law, has been prepared and adopted with the EU recent legislation, in regards with the organization and functioning of trading companies, especially of anonymous companies, by defying clearly and precisely the management bodies of these companies, the rights and obligations of the shareholders assembly, of the supervisory bodies and administrators, terms and conditions for the increasing and decreasing of the shareholders equity etc.
Elaborated in accordance with European standards and in coherence with the new Law On securities, this Law aims to fulfill and enforce the legal and regulatory frame of the companies, paving the way for these companies to be listed in the stock exchange.