The AFSA - Albanian Financial Supervisory Authority was established in 2006. AFSA is a public independent institution, but reports to the Albanian government.
The AFSA – Albanian Financial Supervisory Authority was formed in 2006 as a public independent institution. The institution reports to the Albanian Parliament. Moreover, the regulatory body supervises non-banking financial sector and its participants.
Among the major areas that fall under the AFSA regulation are the securities market and its operators; insurance market and its operators; voluntary pension funds market and its operators; and other non-banking financial activities. The main objective of the Albanian regulator is to ensure transparency and reliability in securities, insurance and voluntary pension funds’ sectors along with protection of consumers’ interests.
As the AFSA seeks to maintain financial stability in the country, it establishes agreements with other key institutions in the country. The goal of these arrangements is to coordinate regulatory activities of these entities and to foster exchange of information to improve the non-banking financial sector and the economy of Albania. Currently, the regulator has signed agreements with 12 entities, including Bank of Albania, Directorate General of Customs, Competition Authority, Ministry of Interior, Ministry of Public Works and Transport, and Public Oversight Board.
In addition, the regulator cooperates with the government to suggest reforms that would help develop the non-banking financial sector.
The Board of AFSA
Referring to the governance of the regulator, the Board of the AFSA is the highest governing and decision-making body. The board consists of five members. Two of the five members are Executive General Director and Vice Executive Director. They are full time executive members. Whilst the President of the board and the other two members are non-executive members. Each member occupies his/her position during a period of five years.
The Assembly of the Republic of Albania designates the members. At the moment, the following officials represent the board: Pajtim Melani Chairman of the Board (appointed on 12.03.2015), Enkeleda Shehi Executive General Director (24.12.2014), Mimoza Kaci Deputy Executive Director (24.12.2014), Arjan Salati Member (24.12.2014), Klodion Shehu Member (28.01.2016).