The General Executive Director of the Financial Supervision Authority, Mr. Ervin Mete presented today, in the plenary session in the Albanian Parliament, the report on the activity of the Authority during 2019. Mr. Mete focused on the main developments of last year, as well as mentioned some of the main directions for the coming year, taking into account the effects of pandemic in supervised markets.
In his speech, the Chief Executive Officer stressed that referring to the continuing impact of the pandemic on the economy and the financial sector, it is important for the Authority and the operators of the supervised markets, to take measures to deal with the effects as carefully as possible.
"The Authority has asked all supervised market operators to update and have functional business continuity plans and crisis management plans, detailing all the technical, logistical, human and financial elements for coping with potential effects. . "Also, in line with the recommendations of the European regulatory authorities, the operators of the supervised markets have been asked to assess the effects of the pandemic for consumers, but also for the companies themselves," said Mr. With him.
The General Executive Director informed that the Financial Supervision Authority has decided that by the end of the year there will be no profit distribution from the supervised entities, so that the capital is kept in the system, considering this as one of the most effective ways. to recover possible fluctuations in indicators.
Mr. Mete informed the deputies of the Albanian Parliament about the performance of the markets under supervision during 2019, where the two earthquakes were the major events that marked the insurance market last year.
The General Executive Director emphasized that the main directions of the Authority's activity during this year will be managing the situation and maintaining the stability of supervised markets, completing and improving the regulatory framework, achieving high standards of supervision, digitalization and modernization of infrastructure. of information technology, as well as the drafting of a new strategy for consumer and investor protection.