TIRANA, June 1 /ATA/ The Financial Supervisory Authority has expanded the areas of cooperation with the Austrian Financial Supervisory Authority (FMA), through the signing of a new memorandum of understanding.
This is also in pursuit of the requirements to operate for the first time in Albania a European green fund, based on ESG (environmental, social and governance) factors.
The two regulators have been cooperating and exchanging information for years with the aim of effective supervision of insurance groups operating in the Albanian market as part of international insurance groups. They have also carried out joint inspections in the Austrian insurance groups, which are owned by the companies that have been operating in the Albanian market for years.
The new agreement between the two authorities is about cooperation and exchange of information regarding investment funds. Recently, other important European names have expressed their intentions to offer marketing and fund distribution services to Albanian investors.
The authority has received a request for licensing of a European fund based in Austria, which wants to operate in our country as well. The assets of the Main Fund are invested in securities or money market instruments whose issuers are rated as sustainable based on social, ecological and ethical governing criteria.
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