"Expansion of the insurance market and the capital market" - Candidate for the leadership of the AFSA, Adela Xhemali presents the platform
Former Deputy Minister of Finance, Adela Xhemali, is the candidate proposed by the Council of Ministers to head the Financial Supervisory Authority for the next 5 years.
During the hearing at the Parliamentary Committee on Economy, Xhemali presented her platform for leading this institution, emphasizing that attention will be paid to expanding the insurance market, diversifying products, developing the capital market, and promoting green bonds.
"AMF has an essential role in ensuring the stable functioning of non-financial markets, protecting investors. If I have your trust in the leadership of this institution, allow me to present my vision for the coming years related to the further development of the insurance market, product diversification and risk-based supervision, new financial reporting standards and diversification of the insurance market are necessary steps to enable the increased competition that European integration brings. Secondly, the development of the capital market, to create an environment for real opportunities to ensure long-term investment, through strengthening and the stock market. Thirdly, the development of pension funds and insurance funds. Fourthly, consumer protection and financial education. Fifthly, green financing and digitalization. Promotion of green bonds and other sustainable financial products. Sixthly, improving corporate governance".
Asked what would be the first thing he would do as head of the AFSA, Xhemali emphasized that the challenge is integration into the European Union and the need to adapt to this market.
"The AFSA must be very strong to develop the markets and consolidate them. We are at a point where we cannot develop without consolidating. The first thing I will do with the AFSA structures is to look at all the recommendations that have been received. At the moment when market barriers are lowered and the Albanian market becomes part of the larger market, this is the main challenge and we must work simultaneously to improve competitiveness and strengthen the regulator. There is a combination of several challenges but also opportunities for the regulator."
According to Xhemani, it is necessary that in the current phase of integration, the organic law and the laws on markets be amended. Changes which, according to her, must be made with care to give markets an incentive to move at a certain speed, but also to support them to develop to cope with competition, considering that our market is small and modest.
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