Institutional Relations

As part of the functions assigned to it, the AFA cooperates, establishes relationships and/or collaboration agreements with national and foreign official authorities or bodies, competent in the regulation of the financial system, authorization and registration, supervision and/or control of supervised entities, both nationally and internationally.

 

UIFAND

 

The AFA cooperates with the Financial Intelligence Unit of Andorra (UIFAND), who is the competent authority in the fight against money or securities laundering and the financing of terrorism, in the framework of a reciprocal relationship of mutual cooperation in the exercise of their supervisory and control functions, as well as in the authorization processes of entities supervised by the AFA.

A memorandum of understanding between UIFAND and the AFA was signed on November 30th 2012. Following the new competences assigned to the AFA as insurance and reinsurance supervisor, on March 12th 2019, a new memorandum was signed with the UIFAND, replacing the previous one, demonstrating the will to continue cooperation between both authorities.

 

 

Sin-título-8.png

AREB

 

 

The AFA cooperates with the Agency of Resolution of Banking Entities (AREB) within the framework of the restructuring and resolution of Banks.

Sin-título-9.png

Others

As part of its functions, the AFA works together with other national authorities and organizations, among which are the following:

  • Ministry of Finance
  • Ministry of Foreign Affairs
  • Ministry of Economy, Competitiveness and Innovation
  • The Justice Administration
  • The Police Corps
  • Company Registry
  • The Statistics Department
  • The Commerce Department
  • Andorran Gambling Regulatory Council (CRAJ)
  • ACTUA Initiative
  • and also has presence at various national commissions, such as:
    • The Executive Committee of Deposit and Investment Guarantee Schemes for Banks (CGFGDIEB)
    • The Permanent Commission for the Prevention of Money Laundering and Terrorist Financing
    • The Retirement Reserve Fund Management Committee (CGFRJ)
    • The Andorran Statistical Council (CAE)

National cooperation is subject to the terms and conditions established in current legislation.

The AFA cooperates and establishes relationships and/or collaboration agreements with official international organizations or with foreign authorities that have functions and competencies in regulating the financial system, authorization and registration, supervision and/or control of the supervised entities to ensure compliance with the financial systems legislation, the securities market, derivatives and other financial instruments legislation or any other conceivable legislation , equivalent to those given to the AFA by the current legislation.

International cooperation is subject to the terms and conditions established in current legislation.

Global Cooperation

 

 

The AFA is an ordinary member of the International Organization of Securities Commission (IOSCO) and signatory of the IOSCO Multilateral Memorandum of Understanding (MMoU) concerning consultation, cooperation and information exchange in the field of securities markets since September 19th 2013. The cooperation, assistance and exchange of reciprocal information for the purposes of regulation and supervision of the stock markets are thus internationally formalized.

Sin-título-5.png

European Union Cooperation

 

 

The Andorran financial system operates in close relation with the euro zones financial system. In follow-up to commitments under the Monetary Agreement signed on 30th June 2011 and in order to ensure equality, Andorra must transpose the Andorran legal framework and implement the European Commission Acquis established in the annex to the monetary agreement, specifically with regards to regulation in banking and financial matters, as well as the legislation on the prevention of money laundering, the prevention of fraud and the falsification of means of payment other than cash, and the obligation to notify statistical data.

Sin-título-4.png

As part of its role of representing Andorra internationally in relation to specific issues affecting the financial sector, the AFA participates in the Joint Committee established for this purpose.


Bilateral Agreements

The AFA cooperates with the supervisory authorities of the countries in which the supervised entities have subsidiaries, in order to carry out adequate supervision on a consolidated basis in line with international standards in this matter, and within the framework of the Core principles for effective banking supervision published by the Basel Committee on Banking Supervision,

Bilateral relationships promote not only the effectiveness of the supervision of supervised entities operating on an international level, but also contribute to the international reputation of the Andorran financial system.


The AFA has signed institutional cooperation agreements with the following authorities:

Sin-título-3.png

Banco de España

(04-04-2011)

 

 

Sin-título-10.png

European Central Bank

(09-12-2014)

information between the ECB and the AFA is regulated temporarily by the aforementioned MoU signed in 2011 with the Bank of Spain.

 

 

Sin-título-2.png

Comisión Nacional del Mercado de Valores

(28-06-2011)

logo_cssf.png

 

 

Commission de Surveillance du Secteur Financier

(25-10-2018)