ANDORRA Law and Practice Contributed by: Miguel Cases and Laura Nieto, Cases & Lacambra
• Law 35/2018 on solvency, liquidity and pru - dential supervision of banking entities and investment firms, dated 20 December 2018; • Decree approving the accounting framework for entities and collective investment under - takings created under Andorran law operating in the Andorran financial system, dated 22 December 2016; • Law 14/2017 on the prevention and fight against money or securities laundering and terrorism financing, dated 22 June 2017 (the AML Law); • Regulation for the development of Law 14/2017 on the prevention and fight against money or securities laundering and terror - ism financing, dated 6 June 2019 (the AML Regulation); • Law 20/2014, regulating electronic contract - ing and operators that develop their econom - ic activity in a digital space, dated 16 October 2014; • Law 13/2013, which regulates effective com - petition and consumer protection, dated 13 June 2013; • Decree regulating the cessation of payments and insolvency, dated 4 October 1969 (the Insolvency Law); • Law 9/2005, which regulates the Andorran Criminal Code, dated 21 February 2005; • Law 29/2021 on the protection of personal data, dated 28 October 2021; • Law 10/2012 on foreign investments, dated 21 June 2012 (the Law on Foreign Invest - ments); • Law 19/2016 on the international automatic exchange of information in tax matters, dated 30 November 2016 (the Tax Information Exchange Law); and • Law 8/2018 on payment and electronic money services, dated 17 May 2018.
The Andorran regulatory and supervisory author - ities for the banking sector are as follows. • The AFA is the regulatory and supervisory authority of the Andorran financial system, and its powers include issuing technical com - munications and recommendations in order to develop regulations and standards regarding the exercise of banking, financial and insur - ance activities. The AFA may also adopt the applicable fall-back of international standards for interpretational and prudential supervision purposes. On 17 September 2013, the AFA was accepted as a new ordinary member of the International Organization of Securities Commissions (IOSCO). • The Andorran Financial Intelligence Unit (UIFAND) is an independent body created to promote and co-ordinate measures to prevent money laundering and terrorist financing. It follows the recommendations of the European Council’s Committee of Experts on the Evalu - ation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) and the 40 recommendations from the Finan - cial Action Task Force (FATF). • The State Agency for the Resolution of Bank - ing Institutions (AREB) is a public institution and is responsible for managing the pro - cesses for the winding-up and resolution of banking and investment entities. In turn, the Andorran Fund for the Resolution of Bank - ing Institutions was created for the purpose of financing the measures adopted by the AREB. • The Andorran Data Protection Agency is a public and independent institution respon - sible for overseeing compliance with the treatment of personal information provided by individuals, private entities and Andorra’s public administration.
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