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European Union Adopts New Regulations for Banks and Financial Institutions

Andorra, January 24, 2024 - The European Union has adopted a new regulation aimed at strengthening the recovery and resolution of banks and financial institutions. Decret 24/2024 brings into force a set of rules that will apply to all financial entities operating in Andorra.

Objectives of the Regulation

The new regulations aim to ensure the stability of the financial system by introducing measures such as:

  • Enhanced risk management
  • Increased transparency
  • Improved governance structures

Scope and Application

The regulation applies to a wide range of financial institutions, including:

  • Banks
  • Non-bank specialized credit institutions
  • Financial investment companies
  • Wealth management companies
  • Insurance and reinsurance companies

Restrictions on Russian-Ukraine Conflict

Andorra, January 17, 2024 - In response to the ongoing conflict between Ukraine and Russia, Andorra has issued a decree imposing restrictive measures on various sectors. Decret 16/2024 aims to prevent any potential financial risks arising from the conflict.

Measures Imposed

The decree applies to all financial institutions operating in Andorra and includes measures such as:

  • Increased capital requirements
  • Stricter reporting obligations
  • Enhanced due diligence procedures

Modifications to Restrictions on Russian-Ukraine Conflict

Andorra, October 25, 2023 - Andorra has modified its restrictive measures on the Russian-Ukraine conflict. Decret 500/2023 amends Decret 111/2022.

Objectives of the Modifications

The modifications aim to further strengthen the financial system by introducing additional measures such as:

  • Enhanced monitoring of transactions
  • Increased reporting requirements for financial institutions

Conclusion of Second Phase of Credit Program

Andorra, August 16, 2023 - Andorra has concluded the second phase of its credit program, which was introduced in response to the COVID-19 pandemic. Decret 404/2023 brings an end to the program.

Background

The credit program provided financial support to businesses and individuals affected by the pandemic.

Modifications to Regulations on Financial Institutions

Andorra, July 19, 2023 - Andorra has modified its regulations on financial institutions. Decret 378/2023 amends Decret 111/2022.

Objectives of the Modifications

The modifications aim to further strengthen the financial system by introducing additional measures such as:

  • Enhanced risk management
  • Increased transparency requirements for financial institutions