Law No. 9662, dated 18.12.2006 amended by Law No 10481, dated 17.11.2011 "On banks in the Republic of Albania"

The law aims to modernize the banking legislation in Albania and align it with the community law. It takes into account the obligations of Albania stemming from the Stabilisation and Association Agreement in the area of financial services, in general, and banking services in particular pertaining to freedom of establishment, provision and provision of banking and financial services. The law is also in alignment with EU directives and Basel core principles. The law establishes clear and specific criteria on licensing banks and branches of foreign banks. It is also in conformity with the Albanian legislation in force, which stipulates licensing and supervision of financial activities by other regulatory bodies, such as the Financial Supervisory Authority, or the Deposit Insurance Agency. In addition, this law regulates the consolidated supervision of banking and financial groups. Given the importance of financial conglomerates, the law draws on the best practices of neighbouring countries and the European Union. To enhance the transparency of the Bank of Albania, the law envisages procedures for administrative appeals against measures by the Bank of Albania against financial institutions it supervises. These procedures are a warrantee against arbitrary decisions against rights of institutions affected by any administrative act by the Bank of Albania to prevent or supervise, in compliance with internal control procedures and legal act provisions specified in the Code of Administrative Procedures and Code of Civil Procedures.