Law On Modification Of The Law Of Creation Of The Institut Nacional Andorrà De Finances (Inaf), 3-9-93

Original Language Title: Llei de modificació de la llei de creació de l'Institut Nacional Andorrà de Finances (INAF), de 3-9-93

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Law on modification of the law of creation of the Institut Nacional Andorrà de Finances (INAF) since the General Council in its session on 2 and 3 September 1993, has approved the following: law on modification of the law of creation of the Institut Nacional Andorrà de Finances (INAF) preamble The Hon. General Council approved , in regular session of the 12th of June of 1989, the law of creation of the Institut Nacional Andorrà de Finances (INAF), the text of which was published in the official bulletin of the Principality of Andorra dated June 30, 1989.

The start of the activities of this body and the action plans in the short and medium term, established on the basis of the circumstances prevailing in the general framework of the Andorran economy, both public and private, show that it is necessary to give the explicit content of INAF financial authority, in order to ensure the realization of its fundamental objectives.

The essential idea which is part of the legal text, by this modification of the law is, therefore, that the INAF is constituted in financial authority delegated by the Government.

In the exercise of this right are the two lines of action that are specifically defined.

The first is that the INAF, under the supervision of the Ministry of finance, will examine the distribution of the financial sector in the Principality; drawn, when the Government entrusting him, the corresponding regulatory projects to pass by the General Council and, when coming into force, shall ensure compliance with the regulations.

The second is to be able to cover, with safety and efficacy, its objectives, the INAF will apply to banks and other financial institutions established in the Principality, and guarantees certain coefficients, of binding, for the concepts and in the conditions and limits which previously fixed by the General Council and the Government.

The content of this amendment, as the whole of the action of the INAF, will be deployed from the premise that Andorra must remain structurally solid financial system, you enjoy the highest level of confidence of the customers and to be internationally respected.

The purpose of the Hon. General advice is that the INAF is an instrument aimed at the service of the whole of the country; to facilitate the cooperation of the financial system with the public administration; and that, even though supported by the values inherent in the private and business dynamics in the respect of professional secrecy, complements the financial system providing there is a suitable, and now essential, component of public authority.

On the other hand, it is also considered necessary to modify the composition of the Advisory Committee, since its functions, defined in Article 16 of the law, are to advise the Board of Directors in the definition and orientation of the activity of a public institution. For such a reason it does not seem appropriate to keep the possibility, on the part of private entities, which may be directly affected by the activity of the Institute, to influence the orientation of public sphere of this organism.

Article 1 articles 2 and 17 of the law of creation of the INAF, 1989 are drafted as follows: "Article 2 the Institut Nacional Andorrà de Finances has its own legal personality and full autonomy for the realization of its purposes. You can acquire rights and contract obligations, and has full capacity to act judicially and out of court.

In the exercise of its functions, the Institut Nacional Andorrà de Finances is the technical organ of the financial authority of the Principality of Andorra.

Article 17 the Advisory Committee has the following composition:-two members appointed by the General Council.

-two members appointed by the Government.

-two members appointed by the common. "

Article 2 is created in article 6 bis, which says the following: "Article 6 bis the Institute shall assume, ultra specific functions indicated in article 6, the derived from their status as a technical body of the financial authority, in particular:-Proposing to the Government, through the Ministry of finance, steps to take in relation to the planning and regulation of the financial sector.

-By applying the coefficients and warranties binding on the part of banks and other financial institutions, in accordance with the provisions of the General Council and the Government organizations in this area.

-Carrying out the supervision and control of the various components of the financial system, according to which at the time established by the respective regulations. "

Final provision this law shall enter into force fifteen days after its publication in the official bulletin of the Principality of Andorra.

Casa de la Vall, 3 September 1993 Jordi Farràs Forné Syndic General Us the co-princes the sancionem and promulguem and let's get the publication in the official bulletin of the Principality of Andorra.

Joan Martí Alanís François Mitterrand and President of the French Republic and the Bishop of Urgell Co-prince of Andorra Co-prince of Andorra

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