Entities of the financial system

Authorisation process for the creation of new entities

The AFA is the Authority of the Andorran financial system whose function is, among others, to examine and resolve the application forms filed to obtain a licence or authorisation to operate in the Andorran financial system in accordance with the current legislation.

The authorisation process for the creation of new entities of the Andorran financial system (EOSF) is governed by Law 35/2010 of 3 June, on the Regime of authorisation for the creation of new operative entities of the Andorran financial system. The application for authorisation should be addressed to the AFA along with the documentation required to validate the file as per the current legal framework applicable to each type of entity.

In this sense, this Authority has published the Technical Communiqué number 1/2023-SF with the purpose of approving the different forms that have been developed and which constitute the basic documents to be completed and filed before the AFA in order for it to assess the application for the authorisation to operate in the Principality of Andorra as EOSF. Below are the different forms for each type of EOSF:

• form 1, creation of Banks;
• form 2, creation of Investment Firms (Financial Investment Companies, Financial Investment Agencies, Asset Management Companies and Investment Advisors);
• form 3, creation of Collective Investment Schemes Management Companies;
• form 4, creation of Non-bank Specialised Credit Institutions;
• form 5, creation of Payment Institutions; and
• form 6, creation of Electronic Money Institutions.

Alongside the Technical Communiqué, the AFA has published the "Guide on newly formed entities of the Andorran financial system" with the purpose of distinguishing and detailing the different steps to be followed for the creation of a new EOSF in the Principality of Andorra and the actions to be carried out for each of them.

Information clause on the processing of personal data by the Andorran Financial Authority

The AFA will use the data provided when requesting user registration in the Virtual Office. These data will be included in the corresponding AFA records and will be used for the aforementioned purpose. Additional information about their treatment and how to exercise the rights of access, rectification and deletion, among others, is available in the privacy policy . By sending the aforementioned mail, the applicant accepts the terms and conditions of the legal notice.