Capital market with "new rules of the game" - Poshnjari: Issuers of securities will have new obligations for publishing information
With the new draft law on transparency of government securities, issuers of these securities, or companies listed on the regulated market, are obliged to make public any important information. The draft law provides for the requirements that issuers must meet after the moment of issuance of the securities.
At the Parliamentary Committee for Europe and Foreign Affairs, the Director of the Capital Market Supervision Directorate at the AFSA, Patris Poshnjari, stated that this draft law will affect the development of the domestic capital market.
"The purpose of the draft law is not only to fulfill the obligations of the integration process, but also to create and develop the domestic capital market as a financing alternative for businesses and an investment alternative for investors. To achieve this goal, it is necessary to increase transparency standards, so that investors can make informed decisions. This is also the main goal of the draft law: to increase transparency, strengthen investor confidence and expand the range of financial instruments, which is currently focused mainly on government securities and some bonds issued through private offerings ," said Poshnjari.
"Regulated information" must be deposited and stored in a single centralized point, called the Officially Appointed Mechanism. This mechanism is one of the main instruments used in the European Union for collecting and storing information on issuers. It enables investors to have access to comparable and reliable information, in order to make informed decisions about buying, selling or holding financial instruments in their portfolios, said Poshnjari. This national mechanism will be linked to the European one.
"Another innovation is related to the creation of the European Single Access Point (ESAP), the single European point of access to financial information. This means that the mechanism to be created in Albania must be linked to the ESAP, so that the information published by Albanian issuers is also accessible at the European Union level ," she emphasized.
In case of violations of transparency obligations, whether by natural or legal persons, the Financial Supervisory Authority will have the power to impose administrative measures and sanctions provided for in the draft law.
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