Publication of information
The main objective for the disclosure and publication of supervisory information is to provide an easy access to the information, to give a comprehensive overview of the legal and regulatory framework and to allow a meaningful comparison of the approaches adopted by different competent supervisory authorities.
In this regard, both the Basel Committee on Banking Supervision and the legislation at European level (Directive 2013/36/EU and Regulation (EU) No 575/2013) emphasize the importance of transparency and accountability.
On 24 November 2011, the General Council approved the ratification of the Monetary Agreement between the Principality of Andorra and the European Union, enabling Andorra to adopt the euro as its officially currency and to issue its own coins for their circulation and collection. The Monetary Agreement is accompanied by an Annex listing the European legal provisions that the Principality of Andorra must implement according to the schedule agreed by Andorra and the European Union relating to banking and financial legislation, among others.
In virtue of the Monetary Agreement, Andorra has incorporated Directive 2013/36/EU as well as Regulation (EU) 575/2013, among others, into its legal system, through equivalent measures.
Article 106 of Law 35/2018, of 20 December, on the solvency, liquidity and prudential supervision of banks and investment firms establishes the AFA’s disclosure obligations.
In this section, the AFA complies with its publication obligations in accordance with the provisions established in sections a), b) c) and d) of article 106 of Law 35/2018.
Information is detailed according to the following sections:
The text of the legal provisions, regulations and technical communiqués, as well as the general guidelines adopted in the Principality of Andorra in the field of prudential standards.
The general criteria and methods used for supervisory review and evaluation, and the general criteria and methods adopted to verify compliance with prudential requirements.
The aggregate statistical data on the basic aspects of the application of the prudential framework in the Principality of Andorra.