Informacion i Pergjithshem mbi Komisionin e Letrave me Vlere Roli, Detyrat dhe Struktura Organizative e Komisionit te Letrave me Vlere Aktiviteti i Komisionit gjate vitit 2000 Legjislacioni Aktiviteti i Licensimit Marredheniet Nderkombetare Aktiviteti Publikues dhe promovues Bashkepunimi me Institucione te tjera te vendit Zhvillimi i Tregut Fokusi i Aktiviteteve ne 2001 Buxheti i KLV ne vitin 2000 Shtojca

Komisioni i Letrave me Vlere (KLV), eshte autoriteti i vetem

rregullator i Tregut te Letrave me Vlere qe zhvillon veprimtarine

e tij ne territorin e Shqiperise, i krijuar ne baze te Ligjit nr. 8080,

date 1.3.1996 “Per Letrat me Vlere” si dhe ne baze te Vendimit

te Keshillit te Ministrave nr. 696, date 14.10.1996.

Komisioni perbehet nga shtate Komisionere te cilet emerohen

me propozim te Presidentit te Republikes dhe me miratim te

Kuvendit Popullor. Komisioni mblidhet ne takime te rregullta, ku

merren vendime, percaktohen prioritete, diskutohet per

programet ne vazhdimesi dhe ato te perspektives.

Komisioni financohet nga Buxheti i Shtetit me subvencion per

nje periudhe kohe derisa te funksionoje si institucion i pavarur

ku pagimi i kuotave dhe detyrimeve te tjera ndaj Komisionit do

te jene te mjaftueshme per funksionimin e tij.

Funksionet e Komisionit te Letrave me Vlere jane si vijon:

♦ licenson, vezhgon dhe mbikqyr veprimtarite e tregjeve te

letrave me vlere, si dhe te ofruesve per pastrimin e llogarive dhe

rregullimin e transaksioneve te letrave me vlere ne llogarite

perkatese;

♦ licencon, mbikqyr dhe vezhgon veprimtarite e tregetareve te

licensuar, keshilltareve te investimeve, perfaqesuesve te tyre

perkates dhe drejtuesve te licensuar te investimeve;

♦ miraton statutin dhe rregulloren e shoqerive te licensuara per

te vene ne veprim nje treg te letrave me vlere, ofruesve te

sherbimeve per pastrimin e llogarive dhe rregullimin e

transaksioneve te letrave me vlere si dhe te depozituesve;

♦ vezhgon dhe vendos rregullat per drejtimin e te licensuarve,

duke perfshire revokimin dhe pezullimin e licensave;

♦ nxit dhe inkurajon standarte te larta per mbrojtjen e

investitoreve dhe integritetit ndermjet te licensuarve;

♦ mbeshtet funksionimin e tregjeve te letrave me vlere ne

menyre te rregullt, te hapur dhe te informuar sic duhet;

♦ ndermerr te gjithe hapat e nevojshem per te mbrojtur

interesat e investitoreve dhe ndalon veprimet e paligjshme, te

pandershme dhe te papershtatshme lidhur me tregtimin e letrave

me vlere;

♦ ushtron dhe permbush te drejta dhe detyra te tilla qe i

akordohen apo vendosen mbi te;

♦ miraton, ndryshon, pezullon dhe shfuqizon rregulla dhe

urdhra te tille sic autorizohen, ose si te pershtatshme per t’u

plotesuar nga ky ligj dhe mund te percaktoje termat e perdorura ne

kete ligj ne menyre qe te perputhen me aktet e tij. Ai ndermerr te

gjithe hapat e nevojshem per te siguruar perputhjen e ketij ligji me

cdo rregull te vendosur ne baze te tij;

♦ mbikqyr menyren e tregtimit dhe llojin e letrave me vlere qe

tregtohen ne tregun perkates dhe miraton rregullat e tregjeve te

letrave me vlere lidhur me anetaresine, listimin, pjesmarrjen

minimale, mjaftueshmerine e kapitalit, shpalljet, raportimet

periodike, raportimet per te gjithe transaksionet si dhe pastrimin e

llogarive dhe rregullimin e transaksioneve.

Per permbushjen e misionit te ngarkuar me ligj, KLV ka ngritur

administraten e tij, e cila eshte e detyruar te zbatoje te gjitha

vendimet e marra dhe detyrat e caktuara ne mbledhjet e

Komisionit. Organet drejtuese te administrates se Komisionit jane

Bordi i Komisionereve dhe Drejtori Ekzekutiv i Administrates se

KLV.

Komisioni ndjek nje politike punesimi te kujdesshme e te

qendrueshme. Kjo behet permes zgjedhjes se personelit bazuar ne

cilesite e profesionale, kualifikimeve dhe eksperiences se tyre.

Gjate vitit 2000 jane punesuar nje numer specialistesh bazuar ne

kriteret e siperpermendura.

PERBERJA E KOMISIONIT

KRYETARE E KOMISIONIT ELISABETA GJONI

MARJAN GJERMENI Shef i Dept. te Operacioneve Monetare ne Banken Qendrore

ILIRJAN RUSMALI

Avokat

SELAMI XHEPA Ekonomist ne Dept. e Kerkimeve Shkencore ne Banken Qendrore

DRITAN PRIFTI Drejtor i KESH

ROLI, DETYRAT DHE STRUKTURA ORGANIZATIVE E KOMISIONIT TE LETRAVE

ME VLERE

KOMISIONI

i Ekzekutiv

Drejtor

Sekretariati & zyra juridike -keshillon juridikisht Komisionin dhe siguron shërbimet e këshillimit ligjor te tij, - pregatit, harton dhe perpunon (ne bashkepunim) bazen ligjore te funksionimit te Komisionit -ndjek zhvillimin dhe ndryshimet e Direktivave te Komunitetit Europian me qellim te pershtatjes se kuadrit ligjor te Komisionit me keto Direktiva. -Sekretariati sherben në organizimin e mbledhjeve dhe te Komisionit dhe te Komiteteve, duke ndjekur zbatimin e procedurave te thirrjes, zhvillimit mbajtjes dhe arshivimit se dokumentacionit dhe te vendimeve te ketyre mbledhjeve.

Lice Mbikqyrjes

Divizioni i Mbikqyrjes

seTregut ikqyrja itetit te tregtimegun e kapitalevhe rregullimi dhrimi saksioneve.

movimi dhllimi i nje sistemrregullues dhe nu te drejte.

Marredheniet publike & Nderkombetare - prezantimi, zhvilimi dhe promovimi i imazhit te Komisionit te Letrave me Vlere, ne Shqiperi dhe jashte saj, si Autoriteti i vetem rregullues i tregut te kapitaleve ne vend. –krijimi, forcimi i marredhenieve nderkombetare te KLV, ku rendesi i vecante i kushtohet zhvillimit te marredhenieve te bashkepunimit me IOSCO-n, organizaten nderkombetare te Komisioneve te Letrave me Vlere.

Financa & administrata Ky sektor eshte i angazhuar ne kryerjen e te gjitha detyrave administrative dhe financiare perfunksionimin e Komisionit si nje institucion.

Departamenti i nsimit & Monitorimit

Departamenti i& Disiplinimit

e it e e i

e i

je

Divizioni i Disiplinimit

-Heton aktivitetet e dyshimta ne tregun e letrave me vlere. -Siguron respektimin e Ligjit dhe te rregulloreve. -Propozon masa disiplinore dhe u jep organeve perkatese informacionet e nevojshme per investigime te metejshme ne rast shkelje te ligjit. -Marredheniet me publikun dhe vleresimi i ankesave te investitoreve.

Heton

Divizioni i Licensimit Sektori i Licensimit -shqyrton kerkesat e licensimit. -mban regjistrin e subjekteve te licensuara dhe perfaqesuesve te tyre.

Sektori i Mbikqyrjes se te licensuarve -mbikqyr veprimtarin e te licensuarve,. –ne bashkepunim me divizionin e Disiplinimit, sa here konstatohen shkelje te dispozitave ligjore.

Divizioni Monitorimit -Te siguroje qe ka nje ekspozim te plote te informacionit te nevojshem qe ndikon ne tregtimin e letrave me vlere. -Te siguroje qe ka nje trajtim te drejte dhe te barabarte te zoteruesve te aksioneve. -Te ndihmoje ne zhvillimin e nje tregu kapitalesh eficent dhe efektiv si per instrumentat e borxhit, ashtu edhe ato te kapitalit. -Te hartoje strategjite dhe rregulloret ne perputhje me tendencat e tregut vendas dhe atij te huaj.

-Mbaktivne trsi dpasttran

-Prozhvivet-treg

Detyre kryesore e percaktuar me ligj, ne kushtet kur nuk eshte

formuar nje treg aktiv, eshte hartimi i nje kuadri ligjor ne fushen

e tregut te kapitaleve sipas standarteve nderkombetare,

mbeshtetur ne parimet e IOSCO-s, direktivat e EU-se dhe

kuadrin ligjor shqiptar.

Komisioni i Letrave me Vlere (KLV) gjate vitit 2000 ka vazhduar

punen per permiresimin dhe zgjerimin e bazes ligjore ne fushen

e letrave me vlere.

KLV-ja ka pergatitur projekt ligjin “Mbi Investimet Kolektive ne

Fondet e Letrave me Vlere”. Qellimi i ketij projekt ligji eshte

permiresimi i kuadrit ligjor ne fushen e investimeve kolektive per

te siguruar nje mbrojtje me te mire te investitoreve, nepermjet

ndalimit te promovimit te fondeve te tilla ne publik per sa kohe

qe nuk jane autorizuar nga Komisioni i Letrave me Vlere, si dhe

rregullimi i veprimtarise se tyre.

Gjithashtu, jane pergatitur nga KLV-ja edhe projekt amendamentet

e ligjit 8080. Ndryshimi me i rendesishem i projekt

amendamenteve te propozuara te Ligjit 8080 eshte heqja e neneve

qe parashikojne funksionimin e Burses se Tiranes si departament i

Bankes Qendrore, qe perben vetem nje element te rregullimit

juridik per transformimin e Burses se Tiranes ne nje ent te pavarur.

Ne projekt amendamentet parashikohet nje periudhe tranzitore

gjashtemujore, e drejtuar nga Ministria e Financave dhe Ministria e

Ekonomise Publike dhe Privatizimit per shnderrimin e Burses se

Tiranes ne sh.a. Amendamentet parashikojne edhe rregullime te

tjera kryesisht me karakter teknik.

Keto projekte jane aprovuar nga Keshilli i Ministrave ne Nentor

2000 dhe tani ato jane ne pritje per tu aprovuar ne Kuvendin

Popullor gjate tremujorit te pare te vitit 2001.

Ne mbeshtetje te projekt ligjit “Mbi Investimet Kolektive ne Fondet

e Letrave me Vlere”, KLV-ja hartoi projekt rregulloret e meposhtme

gjate vitit 2000. Keto projekt regullore jane miratuar paraprakisht

nga Komisioni dhe presin te aprovohen dhe nga Qeveria.

♦ "Mbi kriteret dhe kushtet e autorizimit te fondeve te letrave

me vlere"

♦ “Mbi promovimin e fondeve te letrave me vlere dhe

shperndarjen e kuotave”

♦ “Mbi emetimin dhe rimbursimin e kuotave”

♦ "Dispozitat e sherbimit te administrimit ose te depozitimit, apo

ndonje sherbim tjeter lidhur me fondet e letrave me vlere"

♦ "Mbi kufizimet ne lidhje me investimet ne fondet e letrave me

vlere"

♦ "Mbi autorizimin dhe mbikqyrjen e Shoqerise Administruese

dhe Depozitarit"

♦ “Mbi zevendesimin dhe doreheqjen e shoqerive

administruese dhe depozitareve”

Per hartimin e ketyre rregulloreve eshte punuar duke u bazuar ne

eksperiencn e vendeve me tregje te zhvilluara dhe atyre ne

zhvillim, duke iu pershtatur ne te njejten kohe dhe legjislacionit

shqiptar.

Gjate vitit 2000 jane miratuar paraprakisht rregulloret e Burses se

Tiranes si:

♦ -“Rregullore e komitetit disiplinor te anetaresimit ne Bursen e

Tiranes”

♦ “Rregullore e komitetit te listimit ne Bursen e Tiranes”

♦ “Rregullore mbi proceduren e tregtimit ne Bursen e Tiranes”

Plotesimi, pershtatja dhe permiresimi i bazes ligjore do te

vazhdoje te jete nje prioritet i punes se Komisionit te Letrave me

Vlere.

Nje pjese e rendesishme te punes se Komisionit gjate vitit 2000 ka

zene edhe aktiviteti i licensimit. Gjate vitit 2000 KLV ka vazhduar te

licensoje shoqeri tregtare dhe perfaqesues te tyre ne veprimtarine

e tregtimit te Bonove te Thesarit ne tregun sekondar. Dy shoqeri te

reja (banka) kane aplikuar per marrjen e kesaj license (Banka

Amerikane e Shqiperise dhe Alpha Credit Bank), nderkohe qe

Komisioni u ka rinovuar licensat njevjeçare gjashte shoqerive

tregtare (Banka Nderkombetare Tregtare, Banka Kombetare

Tregtare, Banka Kombetare e Greqise, Dega e Tiranes, Banka e

Kursimeve, Banka Italo-Shqiptare dhe shoqeria private MD&K,

Sh.a.) dhe dymbedhjete perfaqesuesve tregtare te tyre. Numri i

shoqerive tregtare te licensuara jo banka ka qene vetem dy dhe

aktiviteti i tyre ka qene i kufizuar.

Numri i subjekteve dhe perfaqesuesve te tyre te licensuar per here

te pare dhe rinovimi i licensave sipas viteve paraqitet si ne tabele:

Vitet Aplikime Licensa Rinovim Nr. total i Nr. total i perf

te reja te reja te dhena licensash licensave te dhena te licensuar

1996 7 6 - 6 9

1997 3 1 6 7 14

1998 3 2 4 6 14

1999 2 2 5 7 12

2000 2 2 6 8 12

Komisioni i Letrave me Vlere i ka kushtuar nje rendesi te

vecante Marredhenieve Nderkombetare. Per te forcuar

marredheniet nderkombetare, KLV-ja ka punuar vazhdimisht ne

drejtim te kooperimit si dhe te shkembimit te informacionit dhe

eksperiences me autoritetet e tjera rregullatore te tregut te

letrave me vlere.

Arritjet e KLV-se ne marredheniet nderkombetare jane si me

poshte:

Komisioni i Letrave me Vlere eshte anetar me te drejta te plota

qe nga shtatori i vitit 1998 i Organizates Nderkombetare e

Komisioneve te Letrave me Vlere (IOSCO-s) – organizate e

perbere nga institucione qe mbikqyrin tregjet e kapitalit ne bote.

KLV eshte gjithashtu anetar i Komitetit te Tregjeve ne Zhvillim te

kesaj organizate.

Gjate ketij viti Komisioni i Letrave me Vlere ka vazhduar punen

ne drejtim te ngritjes dhe pershtatjes se legjislacionit ne

perputhje me parimet e IOSCO-s. Gjithashtu KLV-ja ka marre

pjese ne aktivitetin e IOSCO-s me:

-Plotesimin e pyetesoreve qe synojne rekomandimin e menyrave

per te minimizuar diferencat dhe standartizuar legjislacionet

midis vendeve te ndryshme anetare

-Pjesemarrjen aktive ne aktivitetet e organizuara nga IOSCO

dhe komitetet qe veprojne brenda saj.

Komisioni i Letrave me Vlere ka marre pjese ne aktivitetet e

organizuara ne kuadrin e kesaj organizate. Keshtu, ne Maj 2000,

KLV mori pjese ne Konferencen vjetore te 25 te IOSCO-s, qe u

zhvillua ne Sidnej, Australi. Ne kuadrin e kesaj konference, KLV-

ja mori pjese ne takimet e Komitetit te Presidenteve, Komitetit te

Tregjeve ne Zhvillim dhe Komitetit Rajonal te Europes. Gjate

ketyre takimeve u raportua nga grupet e punes brenda ketyre

Komiteteve ne lidhje me ceshtje te ndryshme qe trajtonin

probleme me te cilat perballen rregullatoret neper bote.

Ne Nentor 2000, KLV mori pjese si anetar ne mbledhjen e

Komitetit te Tregjeve ne Zhvillim (KTZH) te IOSCO-s qe u

zhvillua ne Jordani. Anetaret e KTZH-se u informuan ne kete

mbledhje mbi iniciativat ne vazhdim te IOSCO-s dhe mbi punen

e bere nga grupet e punes se KTZH-se. Ne kete mbledhje,

paneliste profesionale dhe me eksperience bene prezantime mbi

zhvillime te rendesishme ne tregjet e kapitalit ne nivel kombetar,

rajonal dhe nderkombetar.

Ne takimin e pare te rregullatoreve te tregjeve te kapitalit te

vendeve te Europes Juglindore, zhvilluar ne vitin 1999, u krijuan

tre grupe pune qe do te punonin per shkembimin e informacionit

mes rregullatoreve, licensimin e ndermjetesve te investimit,

harmonizimin e legjislacionit ne perputhje me parimet e IOSCO-s

dhe direktivat e Europes. Ne Janar 2000 u zhvillua ne Athine

mbledhja e grupit te punes qe merret me licensimin e

ndermjetesve te investimit.

Ne shkurt 2000, KLV-ja mori pjese ne mbledhjen e dyte te

rregullatoreve te tregjeve te kapitalit te vendeve te Europes

Juglindore qe u zhvillua ne Selanik ku u vu theksi ne perpjekjet

qe duhen bere rreth ceshtjes se shkembimit te informacionit.

Gjate takimit vjetor te IOSCO-s ne Sidnej, Australi ne Maj 2000,

u mbajt edhe takimi i Iniciatives se vendeve te Europes

Juglindore ku u vleresua rendesia dhe suksesi i rritjes se

komunikimit mes rregullatoreve

Ne Tetor 2000, KLV-ja mori pjese ne mbledhjen e Rregullatoreve

te Tregjeve te Kapitalit te Europes Juglindore (si nengrup i

Komitetit Rajonal Europian) ku u diskutua harmonizimi i

rregullatoreve nderkombetare mbi bazen e parimeve te IOSCOs

dhe Direktivave te EU-se.

Nenshkrimi i ketyre Memorandumeve ka per qellim nxitjen e

bashkepunimit, komunikimit dhe lehtesimin e procesit te

shkembimit te informacionit dhe asistences mes rregullatoreve

per realizimin e detyrave te mbikqyrjes se tregut dhe mbrojtjen e

investitoreve. Gjate vitit 2000 jane nenshkruar dy Memorandume Mirekuptimi.

♦ Ne 14 Maj 2000 gjate takimit vjetor te IOSCO-s qe u zhvillua

ne Sidnej, Australi, eshte nenshkruar Memorandum

Mirekuptimi me Komisionin e Vlerave te Luajtshme te

Quebek-ut,

♦ Ne 13 Qershor 2000 eshte nenshkruar Memorandumi i

Mirekuptimit me CONSOB-in, Komisionin Italian te Shoqerive

dhe Burses, ne Rome.

Gjate vitit 2000 anetaret e Komisionit te Letrave me Vlere kane

marre pjese ne seminare, workshope e konferenca te ndryshme

te cilat i kane sherbyer kualifikimit individual dhe rritjes se nivelit

profesional te tyre. Te tilla kane qene pjesemarrja ne:

♦ seminarin e JVI-se ne Vjene "Per nxitjen e stabilitetit

financiar ne bote dhe veçanerisht ne Vendet e Europes Lindore";

♦ seminarin e organizuar nga OECD, Qendra e Zhvillimit te

Sektorit Privat, ne bashkepunim me USAID, ne Stamboll;

♦ takime ne Komisionin Turk te Tregut te Kapitaleve mbi

regulloret e fondeve te investimeve, Ankara;

♦ konferencen e organizuar ne Georgetown University

"Alternative structures for Securities markets", Washington;

♦ seminarin e organizuar nga SEC-u amerikan "Rishikimi i

dokumentave te emetuesve te informimit”;

♦ Seminarin e Trainimit, te organizuar nga "Instituti Nderkombetar

per Zhvillimin e Tregut te Letrave me Vlere" prane SEC

Washington DC. Tema e seminarit ishte e gjere duke perfshire te

gjitha problemet qe lidhen me zhvillimet ne tregun e kapitaleve.

Seminari u financua nga USSEC dhe USAID.

♦ Seminarin e Trainimit mbi "Praktikat e paligjshme ne

tregtimin e letrave me vlere dhe investigimin" organizuar nga SEC

dhe Komisioni Grek, Athine, Greqi.

♦ Seminarin e Trainimit mbi "Disiplinimin" organizuar nga

USSEC dhe financuar nga FSVC (sektori i disiplinimit - jurist ).

♦ Seminarin mbi “Perspektivat per Reformen e Burses”

organizuar nga EWMI

Gjate vitit 2000, Komisioni i Letrave me Vlere e ka konsideruar

edukimin e investitoreve si shume te rendesishem per mbrojtjen

e tyre. KLV ka pergatitur shume materiale qe japin informacion

te rendesishem lidhur me tregun e kapitaleve dhe mbikqyrjen e

tregut. Keto materiale i japin investitoreve njohurite e duhura qe

kane te bejne me institucionet, parimet e funksionimit dhe

kuadrin ligjor te tregut te kapitaleve. Qellimi i KLV eshte te

ndihmoje investitoret qe te mund te percaktojne synimet e tyre

te investimit dhe parashikimin e se ardhmes.

Materialet e meposhtme informuese te pergatitura nga KLV

synojne t'u vijne ne ndihme si subjekteve qe do te realizojne

privatizimin me oferte publike, ashtu edhe publikut investues, te

cilet duhet te jene te ndergjegjshem per te marre pjese ne kete

proces investimi.

♦ "Fondet e Investimeve"

♦ "Sipermarrjet e Investimeve Kolektive ne Letrat me Vlere"

♦ “Prospektusi, menyren e leximit dhe kuptimit te tij”

♦ “Detyrimin e emetuesve per informimin e vazhdueshem te

investitoreve”

♦ “Risqet ne investim ne instrumentat e kapitalit”

♦ "Oferta Publike"

♦ "Manipulimi, investigimi dhe disiplinimi"

♦ "Mbi domosdoshmerine e tregut te kapitaleve ne Shqiperi"

♦ “Tregu informal i aksioneve”

Komisioni i Letrave me Vlere gjate vitit 2000 ka publikuar

rregullisht “Periodikun KLV” i cili del ne qarkullim qe nga shtatori i

vitit 1999 cdo tre muaj, ne shqip dhe ne anglisht. Botimi i

“Periodikut KLV” i ka sherbyer qellimit per te dhene nje informacion

te sakte e te dobishem mbi veprimtarine e Komisionit dhe mbi

zhvillimin e tregut te kapitaleve.

KLV ka faqen e saj ne internet nepermjet se ciles publikon

informacion me karakter legjislativ, edukues ose njohes ne shqip

dhe ne anglisht. Kjo faqe permiresohet dhe pasurohet ne

vazhdimesi me materiale te ndryshme te rendesishme mbi tregun

e kapitaleve

Adresa e faqes se KLV-se ne Internet eshte: www.asc.gov.al

Komisioni i Letrave me Vlere po punon per pergatitjen e nje Fjalori

me terma profesionale te fushes se letrave me vlere, pune e cila

eshte ne proces.

Gjate ketij viti, Komisioni ka punuar ne vazhdimesi per pasurimin e bibliotekes se komisionit me botime bashkekohore ne fushen e

tregjeve te kapitalit dhe letrave me vlere ne vecanti.

Komisioni i Letrave me Vlere gjate punes se tij ka bashkepunuar

ngushtesisht me institucione te tjera te vendit si me Banken

Qendrore, Ministrine e Financave, deputete te Komisionit te

Ekonomise prane Kuvendit Popullor, fakultetin e Ekonomise,

OJQ-te e ndryshme etj.

Keshtu KLV eshte angazhuar ne Workshopin e Bankes se

Shqiperise “Ringjallja e Burses se Tiranes”.Gjithashtu KLV-ja

eshte angazhuar edhe ne Workshope te organizuara nga

Organizata te ndryshme jo qeveritare si Instituti per

Bashkepunim dhe Zhvillim si dhe Qendra e Studimeve

Ekonomike dhe Sociale.

Gjate vitit 2000, ne Bursen e Tiranes (si Departament i BSH) nuk u

krye asnje transaksion. Kjo ka ardhur kryesisht per shkak te

ekzistences se tregut sekondar per shitjen dhe blerjen direkte te

bonove te thesarit midis bankave, mbeshtetur ne rregullorja e

Bankes se Shqiperise "Mbi tregun sekondar dhe me pakice te

Bonove te Thesarit ne Shqiperi", miratuar me Vendim te Keshillit

Mbikqyres te Bankes se Shqiperise, Nr.77, date 07.07.1999, Neni

4, qe lejon tregtimin e Bonove te Thesarit ne tregun mbi banak

(OTC). Gjate vitit 2000, per te tretin vit rresh, nuk u krye asnje

transaksion me obligacionet qeveritare. Shkaku vazhdon te jete

perseri termat e pafavorshme te ketyre obligacioneve. Gjithashtu

ne Bursen e Tiranes ende nuk eshte kuotuar asnje aksion i ndonje

shoqerie aksionere. Kjo kryesisht ka ardhur si rezultat i

mospermbushjes se kritereve cilesore te kuotimit ne burse.

Ne te njejten kohe, Qendra e rregjistrimit te aksioneve per vitin

2000 ka rregjistruar nje numer aksionesh te transferuara prej

2,823,576 . Ky eshte nje tregues per ekzistencen e aktivitetit te

tregtimit te aksioneve.

Ne se procesi i privatizimit te ndermarrjeve strategjike do te

siguroje krijimin e nje numri te konsiderueshem aksioneresh, ata

do te ndjejne nevojen e tregut formal te aksioneve. Ne kete

menyre behet domosdoshmeri konsolidimi institucional i Burses se

Tiranes.

Pra, plani i zhvillimit te burses duhet te ece paralelisht me zbatimin

e programit qeveritar te privatizimit.

Gjate vitit 2000, KLV eshte angazhuar ne workshope te ndryshme

te organizuara ne funksion te zhvillimit te tregut te kapitaleve ne

Shqiperi. Ne konkluzionet me te rendesishme te ketyre

workshopeve mund te rendisim:

ka ardhur koha qe tregu i kapitaleve dhe Bursa e Tiranes ne

vecanti te jene funksionale

-procesi i zhvillimit te tregut te kapitaleve si domosdoshmeri per

ekonomine shqiptare, kerkon angazhimin e Qeverise dhe

bashkerendimin e perpjekjeve te te gjitha institucioneve

shteterore e private te angazhuara per zhvillimin e tregut te

kapitaleve ne Shqiperi.

Amendamentet e propozuara te Ligjit 8080 “Mbi Letrat me

Vlere” qe presin te kalohen ne Kuvendin Popullor gjate

tremujorit te pare te vitit 2001, sjellin si ndryshime te

rendesishme heqjen e neneve qe parashikojne funksionimin e

Burses se Tiranes si departament i Bankes Qendrore, qe

perben vetem nje element te rregullimit juridik per transformimin

e Burses se Tiranes ne nje ent te pavarur. Me miratimin e

amendamenteve dhe me angazhimin te Qeverise per zhvillimin

e tregut te letrave me vlere dhe ngritjen e nje burse

operacionale, shpresojme ne nje treg real dhe efektiv.

Procesi i transformimit te Burses se Tiranes (BT) ne shoqeri anonime Bursa e Tiranes, u themelua zyrtarisht ne 2 Maj 1996, si Departament i Bankes se Shqiperise, e cila mendohej te zoteronte kapacitetet e duhura financiare, profesionale dhe teknike per kete proces, me synimin e shkeputjes se saj pas nje periudhe tranzitore disa vjeçare ne tre faza. Ne fazen e pare, Bursa e Tiranes do konsolidonte aktivitetin dhe strukturen e saj brenda Bankes se Shqiperise. Ne fazen e dyte Bursa do te merrte statusin e nje shoqerie me vete me Banken Qendrore si pronar dhe ne fazen e trete ajo do te kalonte ne pronesi te privateve (anetareve te saj). Duke qene se Ligji i Bankes se Shqiperise nuk e lejon Banken qe te ndermarre aktivitete tregtare, Banka ka kerkuar qe Bursa te pushoje se ekzistuari si departament i saj. Shkeputja e Burses se Tiranes nga Banka e Shqiperise dhe transformimi i saj ne nje ent te pavarur (shoqeri anonime), nenkupton nje proces te tere ku pershihen nje game e rendesishme ceshtjesh qe duhen shqyrtuar dhe hapash qe duhen ndjekur. Aspekti juridik rregullohet nga amendamentet e Ligjit 8080 "Per Letrat me Vlere" i cili eshte paraqitur prane Kuvendit Popullor dhe priten te miratohen gjate tremujorit te pare te vitit 2001. Nderkohe qe krijimi i Burses si shoqeri anonime aktualisht nuk ka nevoje per rregullim ligjor sepse eshte i parashikuar ne ligjin 8080. Miratimi i amendamenteve do te sjelle pushimin e ekzistences de jure te Burses si departmant i Bankes Qendrore. Eshte e nevojshme qe te kete nje periudhe tranzitore per transferimin e saj ne sh.a.. dhe kete nevoje e permbush neni i fundit i amendamenteve, i cili cakton nje periudhe tranzitore prej gjashte muajsh. Sipas amendamenteve te ligjit 8080, ngarkohen Ministria e Financave dhe Ministria e Ekonomise Publike dhe Privatizimit qe brenda gjashte muajve nga data e miratimit te ketij ligji, te marrin masat e nevojshme per transformimn e BT ne shoqeri anonime Qe Bursa e Tiranes te filloje aktivitetin e saj te tregtimit te aksioneve, duhet te behen disa emetime substanciale privatizimi permes ofertave publike per shitjen e aktiviteteve qe jane te pershtatshme per listim ne burse. Ne kete drejtim eshte domosdoshmeri angazhimi konkret i Qeverise. Ceshtje mjaft e rendesishme eshte edhe terheqja e asistemces teknike dhe financiare nga donatoret e huaj. Me nje program qeveritar te qarte per zhvillimin e burses dhe tregut te kapuitaleve ne pergjithesido te behet e mundur mbeshtetja e donatoreve.

Drejtimet kryesore te punes se KLV gjate vitit 2001 do te jene si me poshte: ♦ Plotesimi dhe permiresimi i legjislacionit mbi veprimtarine

investuese ne letrat me vlere. Do te vazhdoje puna per

pergatitjen e akteve nenligjore te projekt ligjit “Mbi Investimet

Kolektive ne Fondet e Letrave me Vlere”. Do te punohet per

pergatitjen e akteve nenligjore te ligjit “Mbi letrat me Vlere”

♦ Ndjekja e strategjise se zhvillimit te tregut te kapitaleve ne

Shqiperi. Me aprovimin nga Kuvendi Popullor i

amendamenteve te ligjit 8080 “Mbi Letrat me Vlere dhe te

projekt ligjit “Mbi Investimet Kolektive ne Fondet e Letrave

me Vlere”, Komisioni do te punoje per procedurat e licensimit

te Burses dhe raportimit te saj.

♦ Nje vemendje e vecante do te vazhdoje t’i kushtohet punes

ne sektorin e marredhenieve nderkombetare. Do te

vazhdohet puna ne drejtim te bashkepunimit me IOSCO-n,

ne drejtim te zbatimit te parimeve te kesaj organizate, te

ndjekjes se aktiviteteve te saj si dhe informacionit, rezolutave

e dokumentave qe dalin nga kjo organizate. Gjithashtu do te

vazhdoje puna ne drejtim te bashkepunimit me Iniciativen e

vendeve te Europes Juglindore si dhe me rregullatore te

tjere te tregjeve te kapitalit.

♦ Do te vazhdohet puna ne pergatitjen e studimeve te

ndryshme qe synojne studimin e potencialit te zhvillimit te

tregut te letrave me vlere ne Shqiperi. Gjithashtu do te

punohet per pergatitjen e materialeve informuese qe synojne

ndihmesen ne zgjerimin e njohurive te investitoreve ne

percaktimin e synimeve te investimit dhe parashikimin e te

ardhmes prej tyre.

KLV ne mbeshtetje te ligjit Nr.8080, Dt. 01.03.1996, "Per Letrat me Vlere", neni 13, financohet nga Buxheti i Shtetit me subvencion për një periudhë kohe derisa të funksionojë si institucion i pavarur ku pagimi i kuotave apo detyrimeve të tjera ndaj Komisionit do të jenë të mjaftueshme për funksionimin e tij.

Kontabiliteti i Komisionit te Letrave me Vlere eshte mbajtur ne perputhje me planin e ri kontabel "Per Organet e Pushtetit Lokal, Institucionet Shteterore Qendrore dhe Lokale si dhe Njesite qe varen prej tyre", miratuar nga Keshilli i Ministrave me VKM Nr. 248, Dt. 10.04.1998 ne zbatim te Ligjit Nr.7661, Dt. 19.01.1993 "Per Kontabilitetin" dhe ne mbeshtetje te Planit te Pergjithshem Kontabel te miratuar me VKM nr. 334, Dt. 09.07.1993. Per mbajtjen e kontabilitetit perdoren si menyra manuale ashtu edhe e kompjuterizuar me ane te programit te kontabilitetit "ALPHA".

BURIMET BUXHETORE DHE PERDORIMI I TYRE

Plani Fakti Subvencion per funksionimin 16,208,000 15,107,451

Financim nga buxheti per investime

1,500,000 1,028,000

Totali 17,708,000 16,135,451 FONDET E VETA

Te ardhurat ne 2000 402,608

Te ardhura te trasheguara 947,781

Totali i te ardhurave 1,350,389

Shpenzuar nga te ardhurat -

Totali 1,350,389

SHTOJCA* Yieldi i Bonove te Thesarit krahasuar me normen e depozitave dhe Inflacionin

3 mujore

-5

0

5

10

15

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

Muajt%

B.THDepozitaInflacioni

3 mujore B.TH Depozita inflacioni Janar 13.90 9.01 -1.30 Shkurt 12.90 8.15 -1.30 Mars 12.80 8.14 -2.12 Prill 12.80 8.12 -1.43 Maj 11.30 8.05 -0.13 Qershor 10.20 7.82 0.06 Korrik 9.80 7.37 -1.32 Gusht 9.20 7.38 -0.66 Shtator 8.20 7.34 0.93 Tetor 7.90 7.21 1.81 Nentor 7.80 6.94 1.87 Dhjetor 7.80 6.94 4.20

6 mujore

-5

0

5

10

15

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

muajt

%

B.TH

Depozita

Inflacioni

6 mujore B.TH Depozita inflacioniJanar 14.90 9.51 -1.30 Shkurt 14.60 8.85 -1.30 Mars 14.10 8.80 -2.12 Prill 14.10 8.93 -1.43 Maj 13.30 8.81 -0.13 Qershor 12.90 8.16 0.06 Korrik 12.50 8.21 -1.32 Gusht 12.20 8.23 -0.66 Shtator 11.70 8.24 0.93 Tetor 11.40 7.90 1.81 Nentor 11.20 7.75 1.87 Dhjetor 11.30 7.75 4.20

12 mujore

-505

101520

Janar

Mars Maj

Korrik

Shtator

Nentor

Muajt

%

B.THDepozitaInflacioni

12 mujore

B.TH Depozita inflacioni Janar 15.60 8.94 -1.30 Shkurt 15.50 8.60 -1.30 Mars 15.50 8.62 -2.12 Prill 15.40 8.60 -1.43 Maj 14.10 8.60 -0.13 Qershor 13.90 8.30 0.06 Korrik 13.50 7.80 -1.32 Gusht 13.50 8.20 -0.66 Shtator 12.90 8.20 0.93 Tetor 12.60 8.10 1.81 Nentor 12.20 7.80 1.87 Dhjetor 12.30 7.80 4.20

• te dhenat per shtojcen: Ministria e Financave, Banka e Shqiperise

Yieldi per bonot e thesarit

0

5

10

15

20

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

%

3 mujore6 mujore12 mujore

Yieldi per Bonot e Thesarit

Ne perqindje

3 mujore 6 mujore 12 mujorJanar 13.90 14.90 15.60 Shkurt 12.90 14.60 15.50 Mars 12.80 14.10 15.50 Prill 12.80 14.10 15.40 Maj 11.30 13.30 14.10 Qershor 10.20 12.90 13.90 Korrik 9.80 12.50 13.50 Gusht 9.20 12.20 13.50 Shtator 8.20 11.70 12.90 Tetor 7.90 11.40 12.60 Nentor 7.80 11.20 12.20 Dhjetor 7.80 11.30 12.30

0

20000

40000

60000

80000

100000

120000

BoABKTBKBISHBKGFEFADBASHBACBTBTNBNBDBPIISSHINSIGISKSHSIGMAInd

Ne mln leke % Banka e Shqiperise BoA 63,936.50 32.33 Banka Komb. Treg BKT 3,703.50 1.87 Banka e Kursimeve BK 108,996.50 55.12 Banka Italo Shqipt BISH 1,442.00 0.73 Banka Komb Greke BKG 1,425.00 0.72 Banka FEFAD FEFAD 1,215.00 0.61 Banka Amerikane e Shqiperise BASH 1,842.00 0.93 Banka Alpha Credit BAC 1,801.00 0.91 Banka Tirana BT 5,020.00 2.54 Banka Treg Nderk BTN 193.00 0.10 Banka Ndertregtare BN 125.00 0.06 Banka Dardania BD 32.00 0.02 Banka e Pare e Inv. BPI 42.50 0.02 Instituti i Sig Shend ISSH 4,018.00 2.03 INSIG INSIG 1,829.00 0.93 ISKSH ISKSH 372.00 0.19 SIGMA SIGMA 36.00 0.02 Individe Ind 1,747.50 0.88 Totali 197,778.00 100.00

Treguesit Ekonomike

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

Prodhimi dhe Shpenzimet (ndryshimi ne perqindje) Rritja e PPB -10.0 -28.0 -7.2 10.0 8.3 13.3 9.1 -7.0 8.0 7.3 7.76*Prodhimi industrial -14.2 -42.0 -51.2 -10.0 -2.0 6.0 13.6 -5.6 4.1 6.4 5* Prodhimi bujqesor -5.4 -17.4 18.5 10.4 8.3 13.2 3.0 1.0 5.0 3.7 4.5* Ndertimi -12.0 -30.0 7.0 30.0 15.0 21.0 18.0 -6.3 21.0 15.0 18* Transporti -10.0 -30.0 -15.0 13.0 18.0 19.0 -1.0 -20.5 20.0 15.0 15* IÇK(1Ndryshimi 12 mujor ne %) 0.0 104.4 236.6 31.0 16.0 6.0 17.4 42.0 8.7 -1 4.2 Pagat mesatare reale (sektori publik) NA -5.8 -45.0 0.0 -2.0 NA NA NA NA NA NA Paraja gjithsej-M3 (fundi i vitit) 110.0 152.7 73.0 39.0 51.0 44.0 32.0 21 22 13* Paraja jashte bankave 123.0 81.7 53.6 51.7 52.0 14.0 52.0 - 6.0 19 24*

(Ne milione leke) Kreditit i brendshem NA 18 915 31773 80248 94525 85112 126063 180305 204129 230554 239293* Pretendime ndaj Qeverise NA 7 662 20234 73343 84839 73673 111759 164470 187814 212041 216096* Pretendime ndaj nd. Publike jofinaciare NA 10765 10164 2444 2485 3093 3414 2898 2830 1671 1142* Pretendime ndaj sektorit privat NA 488 1375 4462 7201 8347 10890 12955 13007 16841 22055*

(Ne perqidnje ndaj PPB)

Te ardhurat minus shpenzimet -3.7 -44.0 -21.4 -9.3 -9.0 -6.9 -9.9 -10.1 7.49 5.85* Totli i Deficitit -15.4 -30.7 -21.5 -13.7 -9.0 -8.7 -11.3 -12.2 10.35 8.35* Shpenzimet buxhetore 62.0 62.2 46.2 40.4 33.1 32.3 29.8 29.5 30.7 26.35* Borxhi i Jashtem 0.0 NA 90.3 41.1 33.1 1.9 5.3 25.3 16.07 Te dhena mbi bilancin e pagesave (ne milion USD) Llogaria Korente NA NA -50.8 14.7 31.2 36.7 -62.4 -253.7 -45.2 -132.7 -169.8**Transfeta Private NA NA 150.0 275.0 374.0 349.0 476.0 236.0 437.7 188.4 159.8**Transferta Shteterore NA NA 374.0 280.0 117.0 129.0 84.0 29.0 82.6 165 24.2**Bilanci Tregtar -150.0 -308.0 -470.0 -490.0 -460.0 -475.0 -678.0 -535.0 -603.7 -662.8 -351.2**

(Per jave importi) Reserva (perjshtuar arin) NA NA 3.3 12.8 4.1 4.2 3.6 5.3 5.7 5.7

Tregues te ndryshem Popullsia (ne milion) 3.3 3.3 3.2 3.2 3.2 3.2 3.2 3.3 3.2 4 NA Papunesia (ndryshimi ne %,mesatare vjetore) 0.2 -18.6 -27.8 -7.8 9.3 -1.0 -1.9 -0.8 NA NA NA Norma e papunesise (ne% te forces te punes) 7.6 11.7 30.3 22.3 19.2 13.0 12.4 14.9 NA NA -20 PPB (ne milion Leke) 16 816 16 473 49 517 125334 184400 229793 281000 341 716 460 631 506205 536203*Prodhimi bujqesor ne % te PPB 40.0 44.0 54.0 56.0 56.0 56.0 52.8 56.0 54.4 52.6 51 * Prodhimi industrial ne % te PPB 37.0 32.0 17.0 14.0 13.0 11.7 12.5 12.4 11.9 11.9 11.5*

Kursi i Kembimit (Leke per USD, mes. vjetore) 10.0 15.0 75.0 102.0 94.7 92.8 104.5 148.9 150.6 137.69 143711*Norma e interesit (huadhenia,12 m. maturimi, fundi i vitit) 1.2 8.12 39.0 30.0 20.0 21.0 28.8 43.0 25.0 25.2 21.5*

1992 1993 1994 1995 1996 1997 1998 1999 2000

Depozitat (ndryshimi vjetor ne %)

Totali i depozitave 171.8 71.5 3.0 51.9 62.9 17.9 35.6 20.3* 14.1*Depozita pa afat 33.8 40.9 8.8 55.7 145.5 -55.5 -17.2 4.59* 38.5*Depozita me afat 249.5 142.1 59.8 50.3 7.6 133.3 63.7 16.65* 3.1*Foreign exchange deposits 4402.6 43.7 35.3 50.9 68.9 7.1 10.7 37.97* 14.4* Normat e interesit

(fundi i periudhes, vjetore ne %)

Perqindja e rifinancimit … 34.0 25.0 20.5 24.0 32.0 22.0 18.0* 10.8Perqindjet e depozitave -12 m … 23.0 16.5 13.7 19.1 27.8 16.5 10.0* 7.8*Perqindja e Kredise - 12 m … 30.0 20.0 21.0 28.8 43.0 25.0 25.2* 21.5*Bono Thesari - 3 m … … 10.0 14.7 21.1 35.3 19.9 15.0* 7.8Bono Thesari - 6 m … … 12.1 14.9 22.3 34.5 21.5 15.7* 11.3Bono Thesari -12 m … … … 15.1 22.5 35.0 23.0 16.0* 12.3

*Nentor 2000 ** Gjashte mujori 2000

General Information on Albanian Securities Commission General Information on Albanian Securities Commission Roles, Duties and Organization Structure of Administrative Office of ASC Roles, Duties and Organization Structure of Administrative Office of ASC The Activity of ASC during 2000 The Activity of ASC during 2000 Legislation Legislation Licensing Activity Licensing Activity International Relations International Relations Publishing and Promoting Activity Publishing and Promoting Activity Collaboration with other Albanian Institutions Collaboration with other Albanian Institutions Market Development Market Development Activity Focus in 2001 Activity Focus in 2001 Budget of ASC Budget of ASC Appendix Appendix

The Albanian Securities Commission (ASC), as the main and

sole regulatory authority of Securities Market in Albania, is

established and operates as an independent entity, pursuant to

Law No. 8080 “On Securities”, dated March 1, 1996, and Council

of Ministers Decision No. 696, DT. 14.10.1996.

The Albanian Securities Commission is a board comprised of

seven commissioners, approved by the Albanian Parliament on the

proposal of the President of Republic. The Commission meets in

regular sessions, where priorities, plans and programs are

discussed and decisions are taken.

Albanian Securities Commission is a self-financed institution that

prescribes fees and charges for its functions and services, to cover

all the necessary expenditures. Actually, revenues from fees are

not sufficient to cover all the expenditures. As a result the

Commission is subsidized by state budget.

The functions of the Commission are:

♦ To license, supervise and monitor the activities of securities

markets and the providers of services for clearing and settlement

of transactions and securities depositories;

♦ To license, supervise and monitor the activities of licensed

dealers, investment advisers and their respective representatives

and licensed managers;

♦ to approve the Statute and rules of companies licensed to

operate a securities market, and the providers of services for the

clearing and settlement of securities transactions and securities

depositories;

♦ To monitor and enforce rules for the conduct of licensees

including the revocation and suspension of licenses;

♦ To promote and encourage high standards of investor

protection and integrity among licensees;

♦ To support the operation of an orderly, fair and properly

informed securities market;

♦ To take all reasonable steps to safeguard the interests of

persons who invest in securities and to suppress illegal,

dishonorable and improper practices in relation to dealings in

securities;

♦ To exercise and perform such other powers, authorities and

duties as may be conferred or imposed upon it;

♦ To adopt, change, suspend and repeal rules and orders,

such as they are authorized, or may be appropriate to carry out

by this Law and may prescribe the terms used in this Law, in

compliance with its provisions, thus, taking all the available

steps to ensure that this Law are complied with;

♦ To supervise the way of trading and the range of securities

traded on a securities market, and approve the securities

market, and to approve the securities market rules with regard

to membership, listing, margin, capital adequacy, disclosure,

periodic reporting, the reporting of transactions and trade

settlement and clearing.

The Commission fulfils its mission with the support of its

administrative office, which assist the Commission in the

implementation of its authorities and the policy guidelines

formulated by the Commission. The administrative office is

managed by the Executive Director and governed by the Board

of Commissioners.

The Commission pursues a precise and consistent personnel

policy through selection of the personnel based on their

professional qualities, skills and experience. A number of

specialists are employed during 2000 based on the above

mentioned criteria.

THE COMPOSITION OF THE COMMISSION

CHAIRPERSON OF THE COMMISSION ELISABETA GJONI

MARJAN GJERMENI Chief of Monetary Operations in the Bank of Albania

DRITAN PRIFTI General Director of AEC

SELAMI XHEPA Economist in Scientific Research Dept. in the Bank of Albania

ILIRJAN RUSMALI

Lawyer

ROLES, DUTIES AND ORGANISATION STRUCTURE OF ASC

COMMISSION

Executive Director

Secretariat & Legal Office -The Legal Office offers legal advice to the Commission and its Departments -provide legal services to the Commission and the Ofice of the Commission - The Legal Office has to review all drafted laws and rules before the approval by the Commission. -ensures the compliance with the rules in the Commission’s meetings and assist in the implementation of the decissions -The Secretariat helps for the organization of Commission’s and Committees' meetings, as well as for the implementation of their decisions. -takes care of administrative matters of the Commission. vendimeve te ketyre mbledhjeve.

SD

- Thmarkcapitclearactiv

-Thedeveself-systemark

Public and International Relations - The mission of this sector is the presentation, development and promotion of the Commission's image in Albania and beyond, as the sole regulatory authority of Securities Market in the country. –co-ordinates the co-operation with institutions supervising capital markets in other countries and with IOSCO -manages the foreign assistance programmes -manages the contents of the Commission’s website

Finance & Administration This sector is engaged inperforming administrative andfinancial tasks necessary for theproper functioning of theCommission

Licensing & Monitoring Department

Surveillance & Enforcement Department

- suth-TcoLepracthaunefoif th-Twev

Heton

Licensing Division The licensing sector -processes the applications for licenses, -maintains the register of their licensed representatives The licensees supervision sector -is responsible for the oversight of licensees’ activity, -This division co-operates with the enforcement division, in cases where there is any action in contrary to the legal provisions

Monitoring Division -To ensure full disclosure of necessary information that influences the trading in offered securities. -To ensure that all the shareholders are treated equitably and fairly. -To facilitate the development of an efficient and effective capital market of capital and debt instruments. -To draft strategies and rules according to domestic and foreign market tendencies

Market urveillance epartmentt e supervision of et activity in the al market and ing & settlement ities.

promotion and lopment of a regulatory m and a fair et.

Enforcement Division

To investigate the spicious activities in e securities market. o ensure the mpliance with the gislation. -To opose disciplinary tions and to provide e competent thorities with the cessary information r further investigation there is any offence to e law. o maintain relations ith investors and to aluate the complaints.

One of the important tasks of the Commission’s work during 2000

was the elaboration and improvement of the legislation framework

according to the Albanian legislation and the international

standards, in line with the directives of European Commission and

IOSCO principles.

ASC has drawn up the draft law “On Collective Investments in

Securities Funds”. The objective of this draft law is to prepare a

more complete regulatory legal framework regarding the collective

investments, and to ensure a greater protection of investors by

prohibiting the promotion in public of illegal collective investments

in securities.

ASC has drawn up the draft amendments of Law 8080 “On

Securities”. The most important change that this draft brings about

is the removal of the articles, which ensure the functioning of the

Tirana Stock Exchange as a department of the Bank of Albania,

which is a legal action towards its transformation to an

independent entity.

The draft-amendments anticipate a six-month period under the

direction of the Ministry of Finance and the Ministry of Privatization

for the transformation of TSE to a joint-stock company.

The Counsel of Ministers of the Republic of Albania approves

both drafts in November 2000. They are expected to be

approved by the Albanian Parliament during the first quarter of

2001.

In accordance with the draft law “On Collective Investment in

Securities Funds”, ASC has elaborated the following rules which

are approved by the Commission and are waiting for the

Counsel of Ministers’ approval:

♦ "Conditions and criteria for licensing of the securities funds"

♦ “Marketing and promotion of securities funds. Unit

distribution”

♦ “Issue and redemption of units”

♦ "The administration services and the depositary"

♦ "The restrictions in the investments on the securities funds"

♦ "On the authorization and supervision of the Management

Company and the Depositary"

♦ "On the substitution and resignation of the Management

Companies and the Depositaries".

The compilation of these rules has been done based on the

experience of the countries with developed and developing

markets, at the same time adjusting them with the Albanian

legislation.

During the year 2000 have been approved the following Stock

Exchange's Rules":

♦ "Rule of the disciplinary committee for membership in the

Tirana Stock Exchange (TSE)";

♦ "Rule of the listing committee in the TSE ";

♦ "Rule on the trading procedure in the TSE ".

The elaboration and the improvement of the legislation

framework will be in the focus of the Commission’s work during

2001.

An essential part of the Commission’s work during 2000 was

related to the issuing of licenses. During 2000, the Albanian

Securities Commission has continued to license Commercial

Companies and their representatives for the trading activity of

Treasury Bills. Two new Commercial Companies (banks) have

applied to take the license (the American Bank of Albania and

Alpha Credit Bank), and in the mean time the Commission has

renewed the one-year licenses for other six Commercial

Companies (International Commercial Bank, National Commercial

Bank, National Bank of Greece, Tirana Branch, Bank of Savings,

Italian-Albanian Bank, the private commercial company MD&K)

and their twelve representatives. The number of the licensed

Commercial Companies no banks was only two and with a very

limited activity.

The number of companies and their licensed representatives for

the first time and renewal of licenses by years is as follows:

Year New New granted Renewal Total no. Total no. of

applications licenses licenses of licenses licensed

representatives

1996 7 6 - 6 9

1997 3 1 6 7 14

1998 3 2 4 6 14

1999 2 2 5 7 12

2000 2 2 6 8 12

ASC has shown great importance to the International Relations.

To strengthen international relations, the Commission

continuously proceeds in terms of cooperation as well as

exchange of information and experience in capital market

supervision and development.

Achievements of the ASC in international relations are as

follows:

The Albanian Securities Commission is a member of

International Organization of Securities Commission (IOSCO)

since September 1998. The Commission is also a member of

the Emerging Market Committee of this organization.

The Commission continuously pays great attention to the

elaboration of Albanian legislation on capital market in

accordance with the IOSCO principles. The ASC also has

actively participated in the functional activities of IOSCO. This

participation consists in:

♦ Filling out questionnaires, which aim to point out the

problems and differences in various member countries and

subsequently recommend solutions and ways to smooth the

differences and standardize the legislation.

♦ Actively participating and contributing in the activities

organized by IOSCO and its Committees.

So, in May 2000 the ASC participated in the 25th Annual

Conference of IOSCO – the organisation comprised of institutions

supervising capital market in the world- which took place in Sidney,

Australia. During this activity, ASC took part in the meetings of the

Presidents Committee, Emerging Markets Committee and

European Regional Committee. During these meetings, the

working groups of these Committees reported on various issues

related to problems that the regulators face today.

In November 2000 the ASC participated as a member in the

Emerging Market Committee meeting (EMC) of the IOSCO which

took place in Jordan. The Meeting brought together the

representatives of the developing countries around the world that

are trying to develop their respective securities markets according

to best international standards and principles of IOSCO. The

members of EMC had the opportunity to be updated on the current

IOSCO initiatives and on the work undertaken by the EMC

Working Groups.

In the Meeting, professional and well-experienced panelists made

presentations on significant developments in the capital markets at

the national, regional and international levels.

In the first meeting of the regulators of the capital market of the

South- Eastern Europe, three task forces were assigned to the

issues of exchange of information between regulators, possibilities

for mutual recognition of licensed intermediaries, harmonization of

legislation in the framework of IOSCO principles and EU

Directives. The working group on licensed intermediaries held its

meeting in Athens, in January 2000.

In February 2000, ASC participated in the second meeting of the

South East European Countries Initiative, which was held in

Thessaloniki. During this meeting the participants expressed the

idea that more work needs to be done on the issue of information

exchange.

During the annual meeting of IOSCO, in Sydney, Australia, the

Albanian Securities Commission took part in the meeting of the

South East European Countries Initiative, where the participants

evaluated the importance and the success of communication

increase among regulators.

In October 2000, ASC participated in the meeting of the Capital

Markets Regulators of South Eastern Europe as a subgroup of

the European Regional Committee of IOSCO, where the

harmonization of National Regulations on the basis of IOSCO

principles and European Union Directives was discussed in a

separate session.

The purpose of these agreements of on co-operation and

exchange of information (MoU) is to promote relationship,

cooperation and to increase the exchange of information among

the regulatory authorities. Ultimately, this is to protect investors

and to enhance market integrity of each country.

In 2000 the Albanian Securities Commission signed the following

Memoranda of Understanding:

♦ On May 14, 2000 during the annual meeting of IOSCO held

in Sidney, Australia a Memorandum of Understanding was

signed with Securities Commission of Quebec, Canada.

♦ On June 13, 2000 a Memorandum of Understanding was

signed with CONSOB, the Italian Commission for Companies

and Stock Exchange, in Rome.

In 2000 the employees of ASC attended different seminars,

workshops and conferences concerning principles of operating

of capital market, supervision of the market, structure and

principles of operating of US SEC, legal regulations and

principles of operation of other countries financial markets.

During 2000, the members of ASC has participated in:

♦ JVI’s seminar in Vienna “ On promoting the financial stability in the

World and especially in Eastern European Countries”;

♦ Seminar on “ Development of financial infrastructure for private

sector”, organized in Istanbul, by OECD, Center for Private Sector

Development and USAID;

♦ Consulting with the members of the Capital Market Board, Ankara,

Turkey;

♦ Conference organized in the Georgetown University “Alternative

structures for securities markets”, in Washington D.C

♦ Seminar organized by SEC “Review of issuers disclosure

document”, in Washington D.C

♦ Training Seminar organized by “International Institute for Securities

Market Development”, in Washington D.C financed by USSEC and

USAID;

♦ “Capital Market Training Program” sponsored by Hellenic Republic

Capital Market Commission and USSEC, organized in Athens,

Greece;

♦ Seminar on “The prospects for Stock Exchange Reform” organized

by EWMI;

The Commission has considered the investor education as

another important area for investor protection. During 2000, the

ASC prepared many materials giving important information

concerning problems related to capital market and supervision of

the market.

These materials provide the investors with the necessary

knowledge presenting the institutions, principles of functioning

and the legal framework of the capital market. ASC’s objective is

helping the investors in deciding their investment objective and

anticipation of the future. Some of the above mentioned

materials are:

♦ "Guide on Mutual Funds"

♦ "Collective Investment Schemes"

♦ “The Prospectus”

♦ “The continuous obligation of issuers for disclosure to the

investors”

♦ “Risks in investing in the capital instruments”

♦ "Initial Public Offering"

♦ "Manipulation, investigation and disciplinary"

♦ "The Capital Market Development is a necessity for the

Albanian economy"

In terms of publications, the ASC produces Newsletter, Annual

Report, etc. with the aim to present information and influence fair

dealing and best practices.

During 2000 the Commission has published quarterly the

Newsletter, which is being published since September 1999.

The ASC has its own web site (http://www.asc.gov.al) which

serves as another channel for better performance of its information

policy. The web site is subject of on-going update with important

information on capital market.

The ASC is working on a professional dictionary from the field of

securities market.

During 2000 the Commission has continuously worked on the

enrichment of the library of ASC which is a collection of books and

publications for specialists concerning the capital market.

The Albanian Securities Commission has collaborated closely

with other Albanian institutions such as the Central Bank, the

Ministry of Finance, the Economic Commission in the Albanian

Parliament, economic Faculty in the University of Tirana, NGOs,

etc.

During 2000, the ASC has been involved in workshops

concerning the development of the capital market in Albania

organized from different NGOs.

During the year 2000, in the TSE (as a Department of the Bank of

Albania) has not been executed any transaction. It happened

mainly because of the existence of the secondary market for

directly buying and selling of the Treasury Bills among banks. This

is based on the Rule of the Central Bank of Albania "On the

secondary and retail market of the Treasury Bills in Albania", No.

77, dated on 07.07.1999, article 4, which allows the OTC trading of

the Treasury Bills. The year 2000 was the third year that was no

execution of any transaction with the governmental bonds. The

reason still is the unfavorable terms of these bonds. Also, no

shares of any stockholder company have been quoted in the TSE,

mainly because of the qualitative criteria of quotation in the TSE,

which are not yet attainable.

During 2000, the Center of the Registration of Shares has

registered 2.823.573 transferred shares. This is an indicator of the

existence of trading activity of the shares.

Hoping that the privatization process of the strategic enterprises

will provide a considerable number of shareholders, formal shares'

market soon will be needed. So, the institutional consolidation of

TSE becomes a necessity. This also means that the TSE

development plan should get along parallel with the governmental

privatization program.

During 2000, the Albanian Securities Commission has been

engaged in different workshops organized on development of the

capital market in Albania. The most important conclusions of these

workshops are as follows:

•

•

It is the moment that the capital market and especially the TSE

becomes operational;

The capital market development process as a necessity for the

Albanian economy, needs the commitment of the government

and the co-ordination of all public and private institutions' efforts

engaged in the development of capital market in Albania.

The amendments of the Law 8080 “On Securities” propose the

removal of the articles, which ensure the functioning of the

Tirana Stock Exchange as a department of the Bank of Albania,

which is a legal action towards its transformation to an

independent entity. The approval of the amendments is

expected to happen during the first quarter of 2001. The

approval of these amendments and the commitment of the

Government for the development of the securities market and of

an operational Stock Exchange increase the hopes for a formal

and effective market.

The process of transformation of Tirana Stock Exchange (TSE) into a Joint-Stock Company

The Tirana Stock Exchange, was officially founded on May 2 1996, as a Departmentof the Bank of Albania, in order to have the proper financial, professional andtechnical capacities for this process, aiming at its independence after a transitionalperiod consisting of three phases. During the first phase, the TSE is expected toconsolidate its activity and structure within the Bank of Albania. During the secondphase, the TSE would take the status of a independent company and in the third phaseit would become a property of private owners (its members). The Law of Bank of Albania doesn't allow the Bank to undertake trading activities, sothe Bank has asked for the TSE’s ceasing to exist as its department. The spin-off ofTSE from the Bank of Albania and its transformation into an idependent entity (joint-stock company) is a process that needs the consideration of an important range ofissues to be analysed and steps to be followed. The legal aspect is arranged by the draft-amendments of Law 8080 "On Securities",that are submmitted to the Parliament and are expected to be approved within the firstquarter of 2001. In the mean time the creation of stock exchange as a jonit-stockcompany doesn't need any legal arrangement, since it is regulated by the Law 8080.The approval of amendments by the Parliament will cause the legal termination of theStock Exchange as a department of the Central Bank. A transitional period for the transformation of the exchange into a jonit-stockcompany is needed. This need is met by the last article of the amendments thatdetermines a transitional period of six months. During this period, according to theamendments of Law 8080, high levels of decision-makers, Ministry of Finance and theMinistry of Public Economy and Privatization are responsible for taking all thenecessary measures for transformation of Stock Exchange into a joint-stock company. For the TSE to be viable as a securities exchange, the Albanian Government will needto make some substantial privatization issues by public offer for sale of businesses thatare siutable for listing on the exchange. The assistance of foreign donors is very important. Their financial and technicalsupport will be confirmed if the Government has a clear program for the developmentof Stock Exhange and the capital market in Albania.

The main priorities of the work of the ASC during 2001 will be

related to:

•

•

•

•

Intensive work on the improvement of the legislation and

drafting of new legal acts in relation to the securities investment

business. The Commission will continue to intensify its work on

the elaboration of by-laws of the collective investment draft-law

and drawing up of the by-laws of the law “On Securities”.

Attention will be paid to the adapting of the legislation to the

established European and international Standards in the capital

markets area.

Follow-up of the strategy for the development of the capital

market in Albania. With the beginning of the process for the

transformation of the Stock Exchange into a joint-stock

Company, the Commission will start its work for the detailed

procedures for licensing and monitoring of SE.

The development of the international relations. The Commission

will intensify its work towards the cooperation with other

regulators and implementation of EU directives and IOSCO

principles. The Albanian Securities Commission will continue to

participate in the activities of IOSCO and keep informed on the

resolutions and documents issued by this organization.

Study of securities market potential for development. The goal is

to identify the needs, conditions, requirements, prospects and

directions of the market development. ASC will continue its work

towards the preparation of materials that help investors in

deciding their investment objective and anticipation of the future.

The Albanian Securities Commission, according to the Law 8080, DT. 01.03.1996, “On Securities”, article 13, is subsidized by the State Budget for a period of time until it will be able to function as independent institution where the revenues from fees and other obligations to the Commission will be sufficient for its functioning.

The accounting statements are prepared in accordance with the New Accounting Plan “On Local Authorities, Central State and Local Institutions and their dependent Units”, approved by the Council of Ministers with Decision No. 248, DT. 10.04.1998 based on the Law 7661, DT. 19.01.1993 “On Accounting” and on the General Accounting Plan approved with the decision of the Council of Ministers no. 334, DT. 09.07.1993. The record keeping process is carried out manually and through the accounting software “ALPHA”.

STATE BUDGET FUNDS AND THEIR USE (in Leks)

Plan Fact Subsidy for operation expenses 16,208,000 15,107,451

Subsidy for Investment Expenses

1,500,000 1,028,000

Total 17,708,000 16,135,451 OWN FUNDS

Revenues in 2000 402,608

Accrued revenues 947,781

TOTAL 1,350,389

Expenses -

TOTAL 1,350,389

APPENDIX* Treasury Bills Yield compared to Interest rates on Deposits and Inflation

3-Months

-5

0

5

10

15

Januar

y

Mar

chM

ay July

Septem

ber

Nomber

Months%

T_BillsDepositsInflation

3 months T-Bills Deposits Inflation January 13.90 9.01 -1.30 February 12.90 8.15 -1.30 March 12.80 8.14 -2.12 April 12.80 8.12 -1.43 May 11.30 8.05 -0.13June 10.20 7.82 0.06 July 9.80 7.37 -1.32 August 9.20 7.38 -0.66September 8.20 7.34 0.93 October 7.90 7.21 1.81November 7.80 6.94 1.87December 7.80 6.94 4.20

6 months

-5

0

5

10

15

Januar

y

Mar

chM

ay July

Septem

ber

Novem

ber

%

T-Bills

Deposits

Inflation

6 months T. Bills Deposits Inflation January 14.90 9.51 -1.30February 14.60 8.85 -1.30March 14.10 8.80 -2.12April 14.10 8.93 -1.43May 13.30 8.81 -0.13June 12.90 8.16 0.06 July 12.50 8.21 -1.32 August 12.20 8.23 -0.66Septem. 11.70 8.24 0.93October 11.40 7.90 1.81Novemb. 11.20 7.75 1.87Decemb 11 30 7 75 4 20

02468

1012141618

Januar

y

Mar

chM

ay July

Septem

ber

Novem

ber

3 months6 months12 months

12 months T.Bills Deposits Inflation January 15.60 8.94 -1.30 February 15.50 8.60 -1.30 March 15.50 8.62 -2.12 April 15.40 8.60 -1.43 May 14.10 8.60 -0.13 June 13.90 8.30 0.06 July 13.50 7.80 -1.32 August 13.50 8.20 -0.66September 12.90 8.20 0.93 October 12.60 8.10 1.81 November 12.20 7.80 1.87 December 12.30 7.80 4.20

* Source of the data in Appendix: Ministry of Finance, Bank of Albania

T-Bills Yields

In percentage

3 months 6 months 12 months January 13.90 14.90 15.60 February 12.90 14.60 15.50 March 12.80 14.10 15.50 April 12.80 14.10 15.40 May 11.30 13.30 14.10 June 10.20 12.90 13.90 July 9.80 12.50 13.50 August 9.20 12.20 13.50 Septemb 8.20 11.70 12.90 October 7.90 11.40 12.60 Novemb 7.80 11.20 12.20 Decem 7.80 11.30 12.30

T-Bills Yields

05

101520

Januar

y

Mar

chM

ay July

Septem

ber

Novem

ber

%

3 months6 months12 months

0

20000

40000

60000

80000

100000

120000

BoABKTBKBISHBKGFEFADBASHBACBTICBBNDBFIBISSHINSIGISKSHSIGMAInd

In million leks % Bank of Albania BoA 63,936.50 32.33 Nat. Commerci. Bank BKT 3,703.50 1.87 Savings Bank BK 108,996.50 55.12 Italian Alb bank BISH 1,442.00 0.73 Nat. Bank of Greece BKG 1,425.00 0.72 FEFAD Bank FEFAD 1,215.00 0.61 American Bank of Albania BASH 1,842.00 0.93 Alpha Credit Bank BAC 1,801.00 0.91 Tirana Bank BT 5,020.00 2.54 Int. Comerc. Bank ICB 193.00 0.10 Banka Ndertregtare BN 125.00 0.06 Dardania Bank DB 32.00 0.02 First Invest. Bank FIB 42.50 0.02 Instit. of Health Insur ISSH 4,018.00 2.03 INSIG INSIG 1,829.00 0.93 ISKSH ISKSH 372.00 0.19 SIGMA SIGMA 36.00 0.02 Individe Ind 1,747.50 0.88 Totali 197,778.00 100.00

Macroeconomic Data

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

Output and Expenditure (percentage change) GDP growth -10.0 -28.0 -7.2 10.0 8.3 13.3 9.1 -7.0 8.0 7.3 7.76Industrial production -14.2 -42.0 -51.2 -10.0 -2.0 6.0 13.6 -5.6 4.1 6.4 5 Agricultural production -5.4 -17.4 18.5 10.4 8.3 13.2 3.0 1.0 5.0 3.7 4.5 Construction -12.0 -30.0 7.0 30.0 15.0 21.0 18.0 -6.3 21.0 15.0 18 Transport -10.0 -30.0 -15.0 13.0 18.0 19.0 -1.0 -20.5 20.0 15.0 15 CPI (12 month change in %0 0.0 104.4 236.6 31.0 16.0 6.0 17.4 42.0 8.7 -1 4.2 Average real wages (public sector) NA -5.8 -45.0 0.0 -2.0 NA NA NA NA NA NA Broad money-M3 (end year) 110.0 152.7 73.0 39.0 51.0 44.0 32.0 21 22 13 Currency outside banks 123.0 81.7 53.6 51.7 52.0 14.0 52.0 - 6.0 19 24

(In million Leks) Domestic credit NA 18 915 31773 80248 94525 85112 126063 180305 204129 230554 239293 Claims on central government NA 7 662 20234 73343 84839 73673 111759 164470 187814 212041 216096 Claims on non-fin. Public enterprises NA 10765 10164 2444 2485 3093 3414 2898 2830 1671 1142 Claims on private sector NA 488 1375 4462 7201 8347 10890 12955 13007 16841 22055

(in percent of GDP)

General govern. Balance (cash basis) -3.7 -44.0 -21.4 -9.3 -9.0 -6.9 -9.9 -10.1 7.49 5.85*

General govern. Balance (commitment basis) -15.4 -30.7 -21.5 -13.7 -9.0 -8.7 -11.3 -12.2 10.35 8.35* General government expenditure (commitment basis) 62.0 62.2 46.2 40.4 33.1 32.3 29.8 29.5 30.7 26.35* External debt 0.0 NA 90.3 41.1 33.1 1.9 5.3 25.3 16.07 External data in convertible currency (in million USD) Current account NA NA -50.8 14.7 31.2 36.7 -62.4 -253.7 -45.2 -132.7 -169.8Private unrequired Transfers NA NA 150.0 275.0 374.0 349.0 476.0 236.0 437.7 188.4 159.8Official unrequired Transfers NA NA 374.0 280.0 117.0 129.0 84.0 29.0 82.6 165 24.2Trade balance -150.0 -308.0 -470.0 -490.0 -460.0 -475.0 -678.0 -535.0 -603.7 -662.8 -351.2

(In weeks of import) Gross intern. Reserves (exclud. Gold) NA NA 3.3 12.8 4.1 4.2 3.6 5.3 5.7 5.7

Memorandum items Population (in millions) 3.3 3.3 3.2 3.2 3.2 3.2 3.2 3.3 3.2 4 NA Employment (% change, annual average) 0.2 -18.6 -27.8 -7.8 9.3 -1.0 -1.9 -0.8 NA NA NA Unemployment rate (% of domestic labour force) 7.6 11.7 30.3 22.3 19.2 13.0 12.4 14.9 NA NA -20 GDP (in million Leks) 16 816 16 473 49 517 125334 184400 229793 281000 341 716 460 631 506205 536203Agriculture’s share in GDP (%) 40.0 44.0 54.0 56.0 56.0 56.0 52.8 56.0 54.4 52.6 51 Industrial’s share in GDP (%) 37.0 32.0 17.0 14.0 13.0 11.7 12.5 12.4 11.9 11.9 11.5

Exchange rate (Leks per USD, annual average) 10.0 15.0 75.0 102.0 94.7 92.8 104.5 148.9 150.6 137.69 143711Interest rate (lending, 12 m. maturity, end-year) 1.2 8.12 39.0 30.0 20.0 21.0 28.8 43.0 25.0 25.2 21.5

1992 1993 1994 1995 1996 1997 1998 1999 2000

Deposits (annual change in %)

Total deposits 171.8 71.5 3.0 51.9 62.9 17.9 35.6 20.3* 14.1Demand deposits 33.8 40.9 8.8 55.7 145.5 -55.5 -17.2 4.59* 38.5Time deposits 249.5 142.1 59.8 50.3 7.6 133.3 63.7 16.65* 3.1Foreign exchange deposits 4402.6 43.7 35.3 50.9 68.9 7.1 10.7 37.97* 14.4 Interest rates

(end of period, annual in %)

Discount window rate … 34.0 25.0 20.5 24.0 32.0 22.0 18.0* 10.8Deposits rate -12 m … 23.0 16.5 13.7 19.1 27.8 16.5 10.0* 7.8Lending rates - 12 m … 30.0 20.0 21.0 28.8 43.0 25.0 25.2* 21.5Treasury Bills - 3 m … … 10.0 14.7 21.1 35.3 19.9 15.0* 7.8Treasury Bills - 6 m … … 12.1 14.9 22.3 34.5 21.5 15.7* 11.3Treasury Bills -12 m … … … 15.1 22.5 35.0 23.0 16.0* 12.3

*November 2000 ** July 2000