Regulation ”On licensing and operating of savings and credit associations and their Unions”

Official Bulletin no.196, dated October 25, 2016

The Bank of Albania with decision nr. 104, dated 05.10.2016 approved a regulation which aims to determine terms, conditions, documentation and procedures for:

1. a) the licensing of savings and credit associations and their Unions in order to exercise their financial activities in the Republic of Albania;
2. b) the granting of prior approvals during the activity of savings and credit associations and their Unions;
3. c) obligations to inform the Bank of Albania during the activity of a savings and credit association and its Union;
4. d) determining the criteria for the bodies costituting savings and credit associations and their Unions;
5. e) the legal reorganization of savings and credit associations and their Unions.

Subject to this regulation are all legal persons that demand to be licensed as a savings and credit associations or its Union, licensed by the Bank of Albania.