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, authorisation and registration, supervision and/or control of supervised entities, both nationally and internationally.




The AFA cooperates with the State Agency for the Resolution of Banking Entities (AREB) within the framework of the processes of recovery and resolution of entities, as set out in Law 7/2021, of 29 April, on the recovery and resolution of banking entities and investment firms.

To this end, a Memorandum of Understanding has been signed today, April 3, 2023 between the two authorities establishing a framework for mutual assistance in order to achieve a better coordination in the preparation and planning of the recovery of entities, in the implementation of early intervention measures and in the planning and execution of the resolution phase, as well as to ensure an appropriate exchange of information necessary for the exercise of the powers attributed to both authorities by the legislation in force, and thus promote and ensure the stability of the financial system.


Andorran Police Force

The AFA cooperates with the Andorran Police Force in various fields related to the financial system and the insurance and reinsurance sector. In an effort to strengthen cooperation between both authorities, on 6 August 2020, a Memorandum of Understanding that formally establishes a framework for mutual assistance to exercise more effectively their respective functions entrusted by law was signed. This provides the formal framework for the exchange of information and technical assistance or in any other aspect related to the exercise of their functions. Highlighting, among others, the cooperation in the field of the application of Law 17/2013, of 10 October, on the introduction of the Euro in the framework of the Monetary Agreement signed between the Principality of Andorra and the European Union and the Regulations that develop it (See the Euros section for more details).





Government of Andorra

The AFA acts as custodian for the funds destined to the international reserves of the Principality of Andorra in accordance with the provisions of Law 36/2022, of 24 November, on the creation of international reserves and access by the financial system to emergency liquidity assistance . In turn, the AFA deposits these reserves in central banks and implements the investment decisions of the International Reserves Management Commission.

In this regard, the AFA cooperates and coordinates with the Government, and specifically with the Ministry of Finance to provide these State treasury services. To this end, a Memorandum of Understanding was signed on 28 December 2022 setting out the terms and conditions under which the AFA provides these services to the Government.



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Public Prosecutor’s Office of the Principality of Andorra

The AFA cooperates and coordinates with the Public Prosecutor’s Office of the Principality of Andorra so that both Institutions can exercise, more effectively, their respective functions entrusted to them by the legislation in force.

A Memorandum of Understanding was signed on February 23rd 2021, which provides the formal framework that allows the exchange of information, the technical assistance and the cooperation in investigations related to insider dealing,  market manipulation or any other criminal act, in order to fight socio-economical criminality which in recent years has become one of the main forms of crime.




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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 authorisation processes of entities supervised by the AFA.

A memorandum of understanding between the UIFAND and the AFA was signed on 30 November 2012. Following the competences assigned to the AFA as insurance and reinsurance supervisor, on 12 March 2019, a new memorandum was signed with the UIFAND, updating the previous one. Furthermore, in order to extend the scope of the previously existing memorandum and to include new supervised parties by both Authorities, specifically virtual asset service providers and digital overseers, a new agreement was signed on 30 June 2023, which replaces the previous one, demonstrating the willingness to continue the cooperation between both authorities.






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
  • 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 the Andorran Deposit Guarantee Schemes (CGFAGADI) and the Executive Committee of the Andorran Investment Guarantee  Schemes(CGSAGI)
    • The Permanent Commission for the Prevention of Money Laundering and Terrorist Financing (CPP)
    • The Retirement Reserve Fund Management Committee (CGFRJ)
    • The Andorran Statistical Council (CAE)
    • IFRS Technical Committee
    • International Reserves Management Commission

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, authorisation 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 Organisation of Securities Commission (IOSCO), the international body that brings together the world's securities regulators and that is recognised as the global standard-setter for the securities industry. It is also a signatory of the IOSCO Multilateral Memorandum of Understanding (MMoU) concerning consultation, cooperation and information exchange in the field of securities markets since 19 September 2013.


The cooperation, assistance and exchange of reciprocal information for the purposes of regulation and supervision of the stock markets are thus internationally formalized.





Since 2017, the AFA is member of the Institut Francophone de la Régulation Financière (IFREFI), a body whose mission is to promote training, coordination, technical cooperation and any analysis of financial regulation among its members who are regulatory authorities of the financial markets in the French-speaking area.


With this incorporation, the AFA participates in the promotion of training, coordination and technical cooperation with the authorities of the French-speaking area, as well as in the study of any issue related to financial regulation.






Since October 2019, the AFA is a member of the International Association of Insurance Supervisors (IAIS).

With this incorporation, the AFA strengthens the international cooperation in matters of insurance to guarantee the stability of the insurance and reinsurance system of the Principality of Andorra.




Since May 2023, the AFA is a member of the Group of International Finance Centre Supervisors (GIFCS), an organisation established in 1980 with a core interest of promoting the adoption of international best practices in the financial sectors of small countries where legislative proportionality is necessary. 


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.


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:


Banco de España





Comisión Nacional del Mercado de Valores







Commission de Surveillance du Secteur Financier







Banco Central del Uruguay





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Banco Central do Brasil



Banca Centrale della Repubblica di San Marino

Banca Centrale della Repubblica di San Marino