2 raporti vjetor 2001 annual report rv 2001.pdf · ♦ ushtron dhe permbush te drejta dhe detyra te...

RAPORTI VJETOR 2001 ANNUAL REPORT 2

Permbajtja e Lendes 1. Informacion i Pergjithshem mbi Komisionin e Letrave me Vlere……..

- Perberja e Komisionit te Letrave me Vlere ………………………... - Funksionet e Komisionit te Letrave Vlere…...…………………….. - Struktura Organizative e Administrates se Komisionit te Letrave

me Vlere……………………………………………………….……

2. Misioni, Funksionet dhe Detyrat e Departamenteve dhe Sektoreve te Komisionit te Letrave me Vlere……………………………….….……

- Misioni i Komisionit te Letrave me Vlere - Departamenti i Licensimit dhe Monitorimit te te Licensuarve…….. - Departamenti i Mbikqyrjes dhe Disiplinimit………………………. - Sekretariati dhe Zyra Juridike……………………………………… - Sektori i Marredhenieve Nderkombetare dhe me Publikun……….. - Sektori Strategji Studime …………………..……………………… - Financa dhe Administrata

3. Aktiviteti i Komisionit te Letrave me Vlere gjate 2001………………

- Legjislacioni……………………………………………………….. - Aktiviteti i Licensimit……………………………………………… - Zhvillimi dhe Monitorimi i Tregut te Letrave me Vlere……..……. - Bashkepunimi Nderkombetar……………………………………… - Asistenca Teknike dhe Pjesemarrja ne Programet e Trainimit dhe

Seminaret e organizuara nga Institucionet e Huaja……………….. - Aktiviteti Publikues dhe Promovues………………………………..

4. Plani i Aktiviteteve te KLV gjate 2002……………………………..…..

5. Buxheti i ASC ne 2001…………………………………………………


1. Informacion i Pergjithshem mbi KLV Komisioni i Letrave me Vlere (KLV ose Komisioni) qe nga viti 1996, vepron si autoritet i vetem rregullator i tregut te letrave me vlere ne Shqiperi. KLV eshte krijuar dhe vepron ne mbeshtetje te Ligjit nr. 8080, date 1.3.1996 "Për letrat me Vlere" ndryshuar me Ligjin nr. 8168, date 5.12.1996 dhe me ligjin nr. 8745 date 22.2.2001. KLV perbehet nga Kryetari dhe gjashte Anetare te cilet emerohen me miratimin e Kuvendit Popullor. Ne Maj 2001, Kuvendi Popullor emeroi si Komisionere Z. Fatos Reca si Kryetar, Z. Adrian Fullani, Zj. Elisabeta Gjoni, Z. Marjan Gjermeni, Zj.Rexhina Nano si Anetare. Dy Komisionereve te tjere Z. Ilir Rusmajli dhe Z. Ilir Zeqo u mbaroi mandati ne Dhjetor 2001. Komisioni subvencionohet nga buxheti i shtetit 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: ♦ licenson, vezhgon dhe mbikqyr veprimtarite e tregjeve te letrave me vlere, si dhe te

ofruesve te sherbimeve te pastrimit dhe te rregullimit te transaksioneve te letrave me vlere, te depozitareve te letrave me vlere;

♦ licencon, vezhgon dhe mbikqyr veprimtarite e tregetareve te licensuar, keshilltareve te investimeve, perfaqesuesve te tyre perkates, drejtuesve te investimeve, fondeve te letrave me vlere te licensuar;

♦ 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, depozitareve e regjistruesve te letrave me vlere si dhe fondeve te letrave me vlere;

♦ 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 urdhera 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.

Komisioni permbush funksionet e tij me mbeshtetjen e Administrates se Komisionit. Administrata 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.


STRUKTURA ORGANIZATIVE E ADMINISTRATES SE KOMISIONIT TE LETRAVE ME VLERE

Sekretariati & Sektori Juridik

DREJTORI EKZEKUTIV

DEPARTAMENTI I LICENSIMIT DHE

MONITORIMIT

DEPARTAMENTI I MBIKQYRJES DHE

DISIPLINIMIT Sektori i

Marredhenieve Nderkombetare

Sektori i Marredhenieve me Publikun

Divizioni i Licensimit

Divizioni i Monitorimit

Sektori i Licensimit

Sektori i Mbikqyrjes

Divizioni i Divizioni i

BORDI I KOMISIONEREVE

RAPORTI VJETOR 2001 ANNUA6

Sektori StrategjiStudim

Mbikqyrjes Disiplinimit

ADMINISTRATA

ZYRA E FINANCES

L REPORT

2. Misioni, Funksionet dhe Detyrat e Departamenteve dhe Sektoreve te KLV

Misioni i Komisionit të Letrave me Vlerë:

të sigurojë standarte të larta për mbrojtjen e investitorëve në letrat me vlerë; të nxisë besueshmërinë në efiçencën e tregut të letrave me vlerë në Shqipëri, në

mënyrë që të mbështesë zhvillimin e tij të vazhdueshëm; të gjejë balancën e përshtatshme midis masave që sigurojnë mbrojtjen e

investitorëve dhe masave që inkurajojnë zhvillimin dhe modernizimin e tregut; të mbikqyrë efektivisht aktivitetet e tregjeve të letrave me vlerë, institucionet që

kryejnë pastrimin dhe rregullimin e llogarive dhe aktivitetin e pjesëmarrësve të tregut;

te kryeje te gjitha funksionet dhe detyrat e tjera te parashikuara ne Ligjin e Letrave me Vlere.

Departamenti Licensimit dhe Monitorimit te te Licensuarve Departamenti i Licensimit dhe Monitorimit eshte i ndare ne dy divizione:

Divizioni i Licensimit

Divizioni i Licensimit ka dy sektore, Sektorin e Licensimit dhe Sektorin e Mbikqyrjes se te Licensuarve.

Sektori i Licensimit shqyrton kerkesat e licensimit. Ai mban regjistrin e subjekteve te licensuara dhe perfaqesuesve te tyre. Ky sektor ndihmon gjithashtu ne pergatitjen e projekt rregulloreve lidhur ne menyre te vecante me procesin e licensimit.

Sektori i Mbikqyrjes se te Licensuarve eshte pergjegjes per mbikqyrjen e veprimtarise se personave te licensuar, duke marre ne konsiderate gjendjen e tyre financiare, kontrollin e brendshem, shkallen e cilesise se veprimtarise si dhe aftesine profesionale te personelit te punesuar si dhe ate te trupit drejtues. Kjo arrihet nepermjet vizitave rutine, qe u behen te licensuarve te pakten nje here ne tre vjet. Ky divizion bashkepunon me divizionin e Disiplinimit, sa here konstatohen shkelje te dispozitave ligjore.


Divizioni i Monitorimit te te Licensuarve

Ky divizion ka keto funksione:

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 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.

Departamenti i Mbikqyrjes dhe Disiplinimit

Departamenti i Mbikqyrjes dhe Disiplinimit eshte i ndare ne dy Divizione:

Divizioni i Mbikqyrjes se Tregut

Misioni i ketij divizioni eshte mbikqyrja dhe stimulimi i zhvillimit te tregut te kapitaleve duke perfshire dhe mekanizmat për pastrimin dhe rregullimin e llogarive e transaksioneve. Nga pergjegjesite kryesore te ketij divizioni mund te permendim:

Mbikqyrja e aktivitetit te tregtimit ne tregun e kapitaleve si dhe rregullimi dhe pastrimi i transaksioneve.

Promovimi dhe zhvillimi i nje sistemi vete-rregullues dhe nje tregu te drejte.

Divizioni i Disiplinimit

Detyrat kryesore te ketij Divizioni jane:

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.


Sekretariati dhe Zyra Juridike

Sektori juridik keshillon juridikisht Komisionin dhe siguron shërbimet e këshillimit ligjor te tij, si nëpërmjet burimeve të brendshme, ashtu edhe përmes specialistëve të huaj apo të jashtëm. Ne bashkepunim me Departamentet e tjera, pergatit, harton dhe perpunon bazen ligjore te funksionimit te Komisionit dhe ja paraqet per miratim Komisionit. Ky Sektor kontrollon dhe punon mbi dokumentacionin e pergatitur nga Departamentet e tjera qe vihet ne dispozicion te mbledhjeve te Komisionit apo te Komiteteve si dhe 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 te Komisionit dhe te Komiteteve, ndjek zbatimin e rregullores ne procedurat e thirrjes dhe zhvillimit te mbledhjeve, ndjek zbatimin e procedurave te mbajtjes dhe arshivimit se dokumentacionit dhe te vendimeve te mbledhjeve, sherben ne zbardhjen e proces-verbaleve te mbledhjeve dhe te vendimeve perkatese ne bashkepunim me sektorin juridik.

Sektori i Marredhenieve Nderkombetare dhe me Publikun

Sektori i Marredhenieve Nderkombetare eshte pergjegjes per krijimin dhe forcimin e marredhenieve nderkombetare te Komisionit, ku rendesi e vecante i kushtohet zhvillimit te marredhenieve te bashkepunimit me IOSCO-n, (Organizaten Nderkombetare te Komisioneve te Letrave me Vlere) dhe marredhenieve bilaterale me institucionet analoge jashte vendit.

Misioni i Sektorit te Marredhenieve me Publikun eshte prezantimi, zhvillimi dhe promovimi i imazhit te Komisionit te Letrave me Vlere ne Shqiperi dhe jashte saj, si Autoriteti i vetem rregullator i tregut te kapitaleve ne vend.

Sektori Strategji Studime

Misioni i ketij Sektori eshte pergatitja e strategjive afat mesme dhe atat gjata rreth punes se Komisionit. Disa nga detyrat e ketij Sektori jane:

Te pergatise gjithe materialet e nevojshme për seminaret e ndryshme te organizuara nga KLV;

Te kooperoje me Sektorin e Marredhenieve me Publikun për pergatitjen e materialeve informuese mbi zhvillimin e tregut te kapitaleve ne vend.

Financa dhe Administrata

Ky sektor eshte i angazhuar ne kryerjen e te gjitha detyrave administrative dhe financiare per funksionimin e Komisionit si nje institucion.


3. Aktiviteti i Komisionit te Letrave me Vlere gjate vitit 2001

Legjislacioni Plotesimi dhe permiresimi i kuadrit ligjor te tregut te letrave me vlere ne perputhje me standartet nderkombetare ka qene fokusi kryesor i aktivitetit te KLV. Ne mbeshtetje te ketij objektivi kane sherbyer parimet e IOSCOs, Direktivat e Europes dhe eksperienca e tregjeve me te zhvilluara te letrave me vlere. Gjate vitit 2001, nder arritjet kryesore ne fushen e legjislacionit për tregun e letrave me vlere, mund te permendim: Ne Shkurt 2001, Kuvendi i Republikes se Shqiperise miratoi disa ndryshime ne

ligjin 8080 dt. 1.3.1996 "Për Letrat me Vlere", te cilat u sanksionuan ne ligjin Nr. 8745 date 22.02.2001 "Për disa shtesa e ndryshime ne ligjin 8080 për letrat me vlere".

Ndryshimi me i rendesishem qe sjellin amendamentet e miratuara te Ligjit 8080 eshte heqja e neneve qe parashikojne funksionimin e Burses se Tiranes si Departament te Bankes se Shqiperise qe perben elementin baze te rregullimit juridik për transformimin e Burses ne nje ent te pavarur. Ndryshimet e tjera lidhen me plotesimin e aspekteve te parregulluara deri tani me dispozita ligjore si konfidencialiteti, apo disa ndryshime ne masat penale. Po keshtu, ligji beri disa saktesime lidhur me terminologjine e perdorur dhe adaptimin e kesaj terminologjie me rregulloret e draftuara nga Komisioni. Disa nga termat e riformuluara jane 'prospektusi', 'etika', 'publikimet', 'marrja e paketes kontrolluese', etj. Ne Qershor 2001, Keshilli i Ministrave aprovoi rregulloret e meposhtme te cilat

jane pergatitur nga KLV ne mbeshtetje te ligjit 8080 "Për letrat me Vlere":

- VKM nr. 440 dt. 17.6.2001 "Për rregullat, për formen dhe permbajtjen e njoftimeve ne veprimtarine e investimit ne letrat me vlere". Rregullorja ndalet ne menyre te vecante ne Listen e Kerkesave qe duhet te plotesoje nje publikim i nxjerre ose qe pergatitet te nxirret ne lidhje me letrat me vlere. Publikimet duhet te jene te qarta, te verteta, te hapura e te ndershme. Persa i perket permbajtjes se tyre ato nuk duhet te fshehin fakte te domosdoshme për tu perfshire ne publikim, nuk duhet te lene te kuptohet se gezojne aprovimin e Qeverise apo te Komisionit, nuk duhet te permbajne krahasime me forma te tjera investimi ose me investime te tjera alternative, nuk duhet te permbajne informacione qe kane te bejne me mbarevajtjen ne te kaluaren te investimit apo investimeve ne letrat me vlere si dhe rastet perjashtimore ne lidhje me kete, nuk duhet te permbajne deklarime ne lidhje me garantimin e te ardhurave si rezultat i ketyre investimeve. Percaktohen gjithashtu detyrimet ne


lidhje me trajtimin ne menyre te vecante dhe te pavarur te nje publikimi nga ceshtjet apo informacionet e tjera, qe mund te pasqyrohen ne te njejtin mjet informacioni, detyrimin për te paralajmeruar për ndryshueshmerine e nivelit dhe bazave te tatimit apo për ekzistencen e riskut. Ne fund publikimi duhet te permbaje daten ne te cilen eshte nxjerre për here te pare si dhe te dhena identifikuese për publikuesin.

- VKM nr. 441 dt. 17.6.2001 "Për rregullat e drejtimit ne veprimtarine e investimit ne letrat me vlere". Ne pjesen e pergjithshme percaktohen rregulla ne lidhje me interpretimin e termave te perdorur, referimet perkatese ne ligjin "Për Letrat me Vlere" si dhe fusha e zbatimit te ligjit ne lidhje me personat dhe me veprimtarite e investimit ne letrat me vlere. Ne pjesen e dyte jane percaktuar detyrimet e personit te licensuar ne raport me klientet te tilla si detyrimi i deklarimit te fakteve qe mund te perbejne element te mjaftueshem për konflikt interesash; detyrimi për komunikim te qarte dhe te ndershem; detyrimi për sqarim te klientit ne lidhje me riskun; detyrimi për lidhjen e kontrates për sherbimet qe do te ofrohen e qe kane te bejne me veprimtarine e investimit ne letra me vlere si dhe forma e shkruar e kontrates; detyrimi për venie ne dijeni te klientit persa i perket tarifave te perdorura; detyrimi për ekzekutimin me perparesi ne kohen e duhur dhe ne menyren me te favorshme te urdherave te klientit; detyrimi për regjistrim te shpejte dhe te drejte te transaksionit te ekzekutuar; detyrimi për respektim te informacioneve qe kane te bejne me klientin dhe mosperdorimi i tyre për qellime fitimi; detyrimi për percaktim te procedurave te qarta ne lidhje me ankesat e klienteve ne lidhje me mbikqyrjen e veprimeve te personave te punesuar ne menyre qe keta te fundit t'ju permbahen dispozitave ligjore si dhe detyrimi për percaktim te rregullave qe kane te bejne me keshillimin, regjistrimin apo ruajtjen e sekretit; detyrimi për njoftim si ndaj Komisionit ashtu edhe ndaj klienteve ne rastet e nderprerjes se veprimtarise etj.

- VKM nr. 442 dt. 17.6.2001 "Për kerkesat financiare dhe ato kontabel te pjesemarresve ne tregun e letrave me vlere". Ne kete rregullore percaktohen detyrimet ne mbajtjen e regjistrimeve kontabel, rinovimi dhe ruajtja e tyre, detyrimi për pergatitjen e pasqyrave financiare, forma dhe permbajtja e tyre, jepet percaktimi i konceptit "para te klientit" dhe operacionet e lidhura me to. Gjithashtu jepet detyrimi i personit te licensuar për te emeruar eksperte kontabel, duke percaktuar kompetencat e tyre si dhe procedurat e emerimit dhe shkarkimit te tyre.

- VKM nr. 443 dt. 17.6.2001 "Për rregullat për detyrimet e emetuesve për informim te vazhdueshem". Kjo rregullore eshte e lidhur me njerin prej aktiviteteve me të rendësishme të tregut, atë të informimit të vazhdueshëm të publikut. Kjo rregullore gjen zbatim vetëm për letrat me vlerë si aksione, obligacione dhe garanci, të cilat i ofrohen publikut apo mbahen nga publiku.


Letrat me vlerë mbahen nga publiku, në qoftë se emetuesi ka publikuar fillimisht një prospekt që është regjistruar nga Komisioni; letrat me vlerë janë të regjistruara apo janë pranuar të tregtohen në tregun e letrave me vlerë; emetuesi ka më shumë se 50 aksionmbajtës apo Komisioni i bën të ditur emetuesit këto efekte. Komisioni kërkon nga shoqëritë, aksionet e të cilave mbahen nga publiku, të japin informacion të vazhdueshëm, që mund të ndikojë aksionmbajtesit.

Me dt. 30.10.2001 Komisioni miratoi Rregulloren "Mbi licensimin e regjistruesve te letrave me vlere". Kjo rregullore ka për objekt percaktimin e kerkesave, procedurave dhe afateve te licensimit te personave qe aplikojne për tu pajisur me licence për te kryer veprimtari si regjistrues te letrave me vlere. Sipas kesaj rregulloreje, subjekti licensohet vetem nje here dhe me pas i nenshtrohet rregullave mbi mbikqyrjen nga ana e Komisionit;

Gjate ketij viti Komisioni ka punuar për:

- pergatitjen e Projekt Rregullores "Mbi licensimin e tregut te letrave me Vlere" si domosdoshmeri për plotesimin e kuadrit ligjor mbi kerkesat, procedurat dhe afatet qe duhet te plotesoje aplikanti për licence ne tregun e letrave me vlere.

- Pergatitjen e projekt Rregullores "Për organizimin e testimit për individet qe kerkojne te licensohen prane KLV" si nevoje për te percaktuar bazen rregullative për menyren e organizimit te testimeve ne menyre qe te licensuarit te kene njohurite e nevojshme për te operuar ne treg.

- për plotesimin e bazes ligjore te projekt-ligjit "Për Investimet Kolektive ne Fondet e Letrave me Vlere". KLV eshte ne pritje te miratimit te ketij projekt ligji nga Kuvendi i Shqiperise. Gjithashtu jane pergatitur tete akte nenligjore te ketij projekt ligji te cilat do te miratohen nga Keshilli i Ministrave.

Gjate ketij viti u krijua Komiteti "Për kryerjen e studimit mbi lindjen, zhvillimin dhe ecurine e mbulimit te Borxhit te Brendshem te Shtetit me instrumenta financiare (Bono thesari)"

Komisioni ndikuar nga ngjarjet e 11 Shtatorit ne SHBA, pergatiti Deklaraten me ane te se ciles Komisioni angazhohet për luften kunder Terrorrizmit dhe burimeve financiare te tij.

Plotesimi, pershtatja dhe permiresimi i bazes ligjore do te vazhdoje te jete prioritet i punes se Komisionit te Letrave me Vlere ne te ardhmen.


Aktiviteti i Licensimit Aktiviteti i Licensimit mbeshtetet ne Kreun IV dhe V te Ligjit nr. 8080 date 01.03.1996 “Per Letrat me Vlere”, ne Rregulloren Nr.1 date 28.03.1997 te Komisionit mbi ‘Licensimin, Kuotat dhe Komisionet” si dhe ne Rregulloret e tjera me te cilat Komisioni po punon e do te punoje ne te ardhmen per licensimin e veprimtarive lidhur me investime ne letrat me vlere (sipas perkufizimit te dhene per keto veprimtari ne nenin 29, pika 2 te Ligjit Nr.8080). Qe nga krijimi i tij Komisioni ka licensuar 14 subjekte, nga te cilat 10 banka te nivelit te dyte, 1 shoqeri sigurimesh INSIG-un dhe 3 shoqeri anonime private te krijuara me objekt “blerje, shitje, administrim te letrave me vlere si dhe veprime te tjera qe ndihmojne ne kete aktivitet sipas Ligjit nr.8080, date 01.03.1996 “Per Letrat me Vlere”, ndryshuar me Ligjin Nr.8168, date 05.12.1996 dhe me Ligjin Nr.8745, date 22.02.2001. Komisioni deri tani ka dhene licensa te kufizuara ne kohe (fillimisht nje mujore dhe gjashte mujore dhe me pas nje vjecare) dhe me llojin e aktivitetit te percaktuar (tregtar dhe perfaqesues tregtari –dealer) ne bono thesari ne Burse. Numri i subjekteve dhe perfaqesuesve te tyre te licensuar sipas viteve paraqitet si ne tabele: Vitet Aplikime Licensa Rinovim Nr. total i Nr. total i perfaq 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 2001 1 1 - 1 2

Gjate vitit 2001 kemi patur vetem nje aplikim per licensim Shoqeria “Ballkan Group –01” sh.a. ( licensa e se ciles skadon ne 30.04.2002).


Zhvillimi dhe Monitorimi i Tregut te Letrave me Vlere

Zhvillimi i Tregut te Letrave me Vlere Per Bursen e Tiranes viti 2001 shenon vitin e dyte nga krijimi qe nuk regjistrohet asnje tregtim ne sesionet e saj. Bursa e Tiranes, qe ne diten e pare te krijimit te saj e ne vazhdim, ka funksionuar si nje treg paraje. Kjo pasi ne te jane tregtuar kryesisht Bono Thesari me afat maturimi 3, 6 dhe 12 muaj, si ne tabelen me poshte: Transaksionet ne Bursen e Tiranes (ne milione leke)

Vitet

Nr. Instrumenti 1996 1997 1998 1999 00 01 1. Bono Thesari 3,305 6,325 4,959 75 0 0 2. Obligacione qeveritare 800 0 0 0 0 0 3. Bono Privatizimi 0 0 0 0 0 0 4. Nr. transaksioneve B.Th. 47 34 34 1 0 0 Burimi: Bursa e Tiranes Gjate vitit 2001 ashtu sikurse dhe ne vitin 2000, tregu sekondar per shitjen dhe blerjen e Bonove te Thesarit eshte realizuar nga Bankat, si nje alternative e Burses se Tiranes. Niveli i larte i likuiditeteve te sistemit bankar dhe hezitimi ne alternativa te tjera investimi i jep nje tipar specifik tregut tone te bonove te thesarit. Ne portofolin e bonove te thesarit, ne fund te vitit, konstatojme se mbizoteruese jane bankat, te cilat marrin pjese ne tregun primar dhe preferojne t'i konsiderojne bonot si investime perfundimtare, pra t'i mbajne deri ne maturim. Meqenese bleresit kryesor te bonove te thesarit vendosen ne pozicionin vetem te bleresit (me perjashtime te vogla ne disa raste), kjo reflekton nje numer te kufizuar transaksionesh ne tregun sekondar.

Megjithese pjesmarrja e individeve ne tregun e bonove eshte rritur ne krahasim me vitet e kaluara, perseri investimi ne Bono Thesari ne krahasim me investimin ne depozita qendron si me poshte:

Krahasimi i depozitave te individeve me portofolin e tyre ne Bono Thesari ne milion leke

1999 2000 2001

Depozitat e individeve 166.117 177.810 213.415

Portof i indiv ne B.Thesari 446 1.747 2.505

Burimi: Raporti Statistikor, Banka e Shqiperise, dhjetor 2000


Nga ana tjeter, Burses se Tiranes vazhdon t'i mungoje produkti baze - aksionet, per faktin se ne te nuk eshte kuotuar asnje aksion i ndonje shoqerie aksionere. Arsyet e kesaj mungese burojne nga mosgadishmeria e shoqerive per te listuar aksionet ne Burse, gjendja jo e larte financiare e tyre, mosdeshira per t'u kthyer ne shoqeri aksionere publike, etj. Ketu duhet patur parasysh se Bursa e Tiranes eshte e para burse ne te gjithe historikun e financave te Shqiperise, dhe mungesa e tradites dhe e eksperiences se meparshme shqiptare ne kete drejtim ka pasojat e veta. Vazhdimi i procesit te privatizimit eshte nje potencial real per rritjen e ndjeshme te numrit te zoteruesve te aksioneve dhe rrjedhimisht dhe numrit te transaksioneve mes tyre. Ekzistenca e shoqerive aksionere dhe funksionimi i tyre jane nje argument ne favor te nevojes se zhvillimit te tregut te kapitalit ne Shqiperi. Te dhenat e Qendres se Regjistrit te Aksioneve deshmojne se tregu i aksioneve ekziston, ndonese ne forme te paorganizuar. Sipas ketyre te dhenave rezulton se vetem nje numer i kufizuar i sh.a-ve nuk ka patur aktivitet tregtimi aksionesh, nderkohe qe ne shume te tjera ky aktivitet ka qene intensiv dhe eshte realizuar jashte kanaleve te tregut zyrtar te aksioneve. Gjithashtu, njoftimet nga Agjensia Kombetare e Privatizimit per privatizimin e paketave te aksioneve te disa shoqerive, flasin per kalimin e ketyre shoqerive ne zoterim te aksionereve te ardhshem dhe per nevojen e nje tregu zyrtar aksionesh. Lidhja e procesit te privatizimit, dhe vecanerisht privatizimit te subjekteve te sektorit strategjik me tregun e letrave me vlere, si dhe emetimi i letrave me vlere nga subjekte te ndryshme permes ofertave publike jane hapat baze drejt nje tregu real kapitalesh.


Bashkepunimi Nderkombetar IOSCO KLV eshte anetar i Organizates Nderkombetare te Komisioneve te Letrave me Vlere (IOSCO) qe ne 1998 - organizate qe perbehet nga institucione qe mbikqyrin tregjet e kapitalit ne bote. Komisioni eshte gjithashtu anetar i Komitetit te Tregjeve ne Zhvillim (Emerging Markets Committee) te kesaj organizate. Për arritjen e objektivave te tij, Komisioni ka bashkepunuar ngushtesisht me IOSCOn si pjese e strukturave te tij. Keshtu, KLV gjate ketij viti ka marre pjese ne aktivitetin e IOSCOs me plotesimin e pyetesoreve te ndryshem qe synojne standartizimin e legjislacioneve midis vendeve te ndryshme anetare, si dhe me pjesemarrjen aktive ne mbledhjen vjetore te organizuar nga kjo organizate dhe komitetet qe veprojne brenda saj. Keshtu ne Qershor 2001, KLV mori pjese ne Konferencen e 26 Vjetore te IOSCO-s qe u zhvillua ne Suedi. Ne kete Konference u mblodhen rregullatore, pjesemarres tregu dhe te tjere për te diskutuar mbi 'Tregjet e Letrave me Vlere ne Eren e Informacionit'. Komisioni mori pjese ne mbledhjet e Komiteteve te kesaj organizate, ku u raportua nga grupet e punes se tyre ne lidhje me ceshtje te ndryshme qe trajtonin probleme me te cilat perballen rregullatoret neper bote. KLV si anetar i Komitetit Rajonal Europian te IOSCO-s ka marre pjese gjate ketij viti ne mbledhjen e tij qe u mbajt ne Athine ne Nentor 2001. Gjate ketij takimi u diskutua vazhdimi i punes se Komitetit ne drejtim te plotesimit te pyetesoreve mbi zbatimin e parimeve te IOSCO-s; u njoftua për ngritjen e CESR (Komiteti i Rregullatoreve Europiane te Letrave me Vlere); puna e Grupit Konsultativ te Mbikqyrjes te vendeve kandidate për anetaresim ne BE ne drejtim te harmonizimit me legjislacionin dhe standartet e BE. Iniciativa e Europes Juglindore 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 Dhjetor 2001, KLV si anetare e Grupit Rajonal te Europes Juglindore, mori pjese ne mbledhjen e grupit te punes për shkembimin e informacionit publik dhe jo publik, zhvilluar ne Bullgari dhe organizuar nga Komiteti Rajonal Europian i IOSCO-s. Ceshtjet kryesore te trajtuara ne kete mbledhje ishin: -parimet dhe rezolutat e IOSCO-s lidhur me shkembimin e informacionit midis rregullatoreve; -shkembimi i informacionit midis rregullatoreve nen Direktivat e Europes; -zbatimi dhe aplikimi i Standarteve Nderkombetare te Kontabilitetit ne Europe.


Asistenca Teknike dhe Pjesemarrja ne Programet e Trainimit dhe Seminaret e organizuara nga Institucionet e Huaja Ne kuadrin e asistences teknike, KLV gjate ketij viti ka bere perpjekje te vazhdueshme dhe ka bashkepunuar me perfaqesine e Bankes Boterore ne Tirane si dhe me FSVC për thithjen e asistences teknike qe do t'i sherbeje zhvillimit te tregut te kapitaleve ne vend. Keshtu aktualisht eshte punuar ne bashkepunim me FSVC për pergatitjen e nje Workshopi mbi "Corporate Governance", i cili do te organizohet ne fillim te vitit ne vazhdim. Gjate vitit 2001, stafi i Komisionit ka marre pjese ne shume kurse trainimi dhe seminare te organizuara nga institucione te huaja. Keshtu, ne kuadrin e trainimit gjate punes dhe me mbeshtetjen e IOSCO-s, u be e mundur trainimi i nje specialisti nga KLV prane CONSOB-it (Komisionit italian te letrave me vlere). Ky program i jep mundesi punonjesve qe trainohen te marrin njohuri dhe eksperience mbi rregullimin e tregjeve nga ato institucione qe rregullojne tregjet e zhvilluara ose me te zhvilluara. KLV ka bashkepunuar ngushtesisht edhe me institucione te tilla si IDLI (International Development Law Institute) me synim trainimin e stafit ne seminare qe i sherbejne rregullimit te tregut te kapitaleve ne ekonomite emergjente. Keshtu gjate ketij viti u realizua trainimi i dy punonjesve te KLV ne dy seminare te ndryshme te organizuara nga ky Institut. Punonjesit e KLV kane ndjekur gjithashtu edhe mjaft seminare, workshope e konferenca si: Workshopin mbi Institucionet Financiare Jo-Banka organizuar nga Instituti i

Bankes Boterore; Seminarin për Zhvillimin e Tregut te Letrave me Vlere te organizuar nga SEC-u

amerikan; Workshopin mbi zhvillimin e Sektorit Financiar ne CEE; Programin e trainimit mbi Mbikqyrjen e Disiplinimin e Tregut organizuar nga US-

SEC; Workshopin e organizuar nga OECD mbi Borxhin Publik dhe Tregun e Letrave

me Vlere te Qeverise.


Aktiviteti Publikues dhe Promovues Materiale e Studime Nje nga objektivat e punes se KLV ka qene dhe eshte ndergjegjesimi i vendim marresve dhe i pjesemarresve potenciale ne treg për rendesine e rolit te tregut te letrave me vlere ne ekonomi. Keshtu Komisioni, gjate ketij viti ka pergatitur nje material studimor (ne vazhdim te materialeve te ketij lloji) mbi strategjine e zhvillimit te tregut te kapitaleve ne Shqiperi. Ky material synon te jape gjendjen e tregut te kapitaleve ne Shqiperi duke marre parasysh ndikimin e faktoreve te ndryshem qe ndikojne ne te, bazen ligjore dhe institucionale. Ky material eshte ne funksion te idese mbi domosdoshmerine e zhvillimit te tregut te kapitaleve ne Shqiperi duke analizuar elementet e kerkeses dhe ofertes se ketij tregu. Ne perfundim materiali paraqet vizionin e tregut shqiptar te letrave me vlere dhe nevojen e institucioneve te ketij tregu, te domosdoshem për nje funksionim real. Edukimi i Investitoreve KLV ka pergatitur materiale edukuese qe synojne tu vijne ne ndihme investitoreve me informacion te rendesishem lidhur me tregun e kapitaleve dhe mbikqyrjen e tregut. Zgjerimi i njohurive te investitoreve ne drejtim te njohjes se instrumentave, pjesemarresve dhe mekanizmave te tregut te letrave me vlere, ndihmon ne percaktimin sa me te mire te synimeve te tyre te investimit. Gjate vitit 2001 jane botuar disa materiale informuese te cilat jane pergatitur nga puna ne vite dhe e vazhdueshme e stafit te KLV dhe qe i sherbejne edukimit te investitoreve. Keshtu mund te permendim "Fondet e Investimeve”; "Sipermarrjet e Investimeve Kolektive ne Letrat me Vlere"; "Prospektusi", "Menyra e leximit dhe kuptimit te tij"; "Detyrimin e emetuesve për informim te vazhdueshem te investitoreve”; "Oferta Publike"; "Risqet ne Investim ne instrumentat e kapitalit" dhe "Manipulimi, investigimi dhe disiplinimi". Botime periodike Gjate ketij viti, KLV sipas detyres se ngarkuar me ligj ka publikuar Raportin Vjetor 2000. Gjithashtu ne mbarim te mandatit te pare Komisioni ka pergatitur Raportin pese vjecar te punes se KLV si dhe nje album pesevjecar. Te tre keto botime, kane synuar te pasqyrojne punen e Komisionit ne drejtim te ngritjes se nje baze ligjore bashkekohore si autoritet i vetem rregullator i tregut te letrave me vlere ne vend,


bazuar ne parimet e IOSCO-s dhe Direktivat e Europes qe kane si qellimin me te larte mbrojtjen e investitoreve, parandalimin e mbi-rregullimit dhe terheqjen e pjesemarresve ne treg. KLV, gjithashtu ka vazhduar te publikoje gjate ketij viti "Periodikun KLV" qe ka dale rregullisht cdo tre muaj ne anglisht dhe ne shqip. Ky Botim ka dhene nje informacion te dobishem mbi veprimtarine e Komisionit dhe mbi zhvillimin e tregut te kapitaleve. Temat kryesore te periodikut për vitin 2001 kane konsistuar ne: - Janar 2000 Prospekti; Oferta Publike -Prill 2001 Projekt ligji "për Investimet Kolektive ne Fondet e Letrave me Vlere" dhe pasqyrimi ne te i Direktivave te Komunitetit Europian -Korrik 2001 Tregtimet e paligjshme, praktikat "Insider Trading; Nga raportimi i KLV ne Kuvendin e Shqiperise -Tetor 2001 Parimet e qeverisjes se shoqerise aksionere; Legjislacioni shqiptar dhe mbrojtja e te drejtave te aksionereve


4. Plani i Aktiviteteve te KLV gjate 2002 Drejtimet kryesore te punes se KLV gjate vitit 2002 do te jene si me poshte: ♦ Plotesimi dhe permiresimi i legjislacionit mbi veprimtarine investuese ne letrat me vlere. Do te punohet per pergatitjen e akteve nenligjore te ligjit “Per Letrat me Vlere”. Do te pergatitet rregullorja "Mbi Licensimin e Tregut te Letrave me Vlere", do te pergatiten procedurat për monitorimin dhe inspektimin e Tregut te Letrave me Vlere. Do te vazhdoje puna për miratimin e akteve nenligjore te projekt ligjit "Mbi Investimet Kolektive ne Fondet e Letrave 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 do te punohet ne drejtim te nenshkrimit te Marreveshjeve te Mirekuptimit me rregullatore te tjere te tregjeve te kapitalit. ♦ Do te vazhdohet puna ne pergatitjen e workshopeve 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.


5. Buxheti i KLV ne vitin 2001 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 16,000,000 15,907,776

Financim nga buxheti per investime

2,000,000 1,991,932

Totali 18,000,000 17,899,708 FONDET E VETA

Te ardhurat ne 2000 203,337

Te ardhura te trasheguara 1,350,389

Totali i te ardhurave 1,553,726

Shpenzuar nga te ardhurat 1,550,000

Teprica ne mbyllje 3,726


SHTOJCA* SHTOJCA* Yieldi i Bonove te Thesarit krahasuar me normen e depozitave dhe Inflacionin për vitin 2001 Yieldi i Bonove te Thesarit krahasuar me normen e depozitave dhe Inflacionin për vitin 2001

3 mujore

-202468

10

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

Muajt%

B.THDepozitaInflacioni

3 mujore B.TH Depozita inflacioni Janar 7.75 6.91 -1.29 Shkurt 7.66 6.84 -1.35 Mars 7.57 6.90 0.29 Prill 7.57 6.87 0.84 Maj 7.47 6.88 0.20 Qershor 7.49 6.87 -0.66 Korrik 7.50 6.87 -1.20 Gusht 7.69 6.85 -1.00 Shtator 7.94 6.88 1.10 Tetor 7.98 6.88 -0.44 Nent 7.99 6.91 1.88 Dhjetor 8.00 6.93 5.30

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 11.094 7.52 -1.29 Shkurt 10.560 7.61 -1.35 Mars 10.14 7.53 0.29 Prill 9.45 7.41 0.84 Maj 9.17 7.41 0.20 Qershor 9.24 7.23 -0.66 Korrik 9.24 7.24 -1.20 Gusht 9.38 7.33 -1.00 Shtator 9.52 7.26 1.10 Tetor 9.79 7.28 -0.44 Nentor 9.79 7.29 1.88 Dhjetor 9.74 7.37 5.30

12 mujore

-505

101520

Janar

Mars Maj

Korrik

Shtator

Nentor

Muajt

%


12 mujore B.TH Depozita inflacioni Janar 11.784 7.73 -1.29 Shkurt 11.526 7.79 -1.35 Mars 11.14 7.77 0.29 Prill 10.22 7.68 0.84 Maj 9.68 7.72 0.20 Qershor 9.95 7.68 - 0.66 Korrik 9.95 7.69 -1.20 Gusht 10.14 7.71 -1.00 Shtator 10.49 8.71 1.10 Tetor 10.50 7.72 -0.44 Nentor 10.48 7.74 1.88 Dhjetor 10.50 7.76 5.30
• te dhenat per shtojcen: Banka e Shqiperise • te dhenat per shtojcen: Banka e Shqiperise
RAPORTI VJETOR 2001 ANNUAL REPORT 22 22

Yieldi per Bonot e Thesarit 2001

Ne perqindje

3 mujore 6 mujore 12 mujor January 7.75 11.094 11.784 February 7.66 10.560 11.526 March 7.57 10.14 11.14 April 7.57 9.45 10.22 May 7.47 9.17 9.68 June 7.49 9.24 9.95 July 7.50 9.24 9.95 August 7.69 9.38 10.14 Septemb 7.94 9.52 10.49 October 7.98 9.79 10.50 Novem 7.99 9.79 10.48 Decem 8.00 9.74 10.50

Yieldi per bonot e thesarit

02468

101214

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

%

3 mujore6 mujore12 mujore

23

Portofoli TB ne dt.31.12.2001 BANKAT Ne vlere nominale

(leke)

B.Shqiperise 70,217,920,000.00 B.Kursimit 138,030,141,862.00 B.Komb. Tregtare 15,377,772,981.00 Internat. Com. Bank 80,000,000.00 B.Alpha 1,472,067,500.00 Tirana Bank 7,015,000,000.00 B.Kombetare Greke 1,367,384,657.00 B.Italo-Shqiptare 1,675,000,000.00 B.Dardania 28,000,000.00 B.Amerikane 3,060,313,000.00 Fefad Bank 2,055,000,000.00 First Invest. Bank 52,750,000.00 B.Tregtare Greke 305,000,000.00 INSIG 1,917,920,000.00 ISKSH 607,400,000.00 ISSH 4,347,840,000.00 ISSIGMA 77,600,000.00 Individe & firma 2,505,690,000.00

Burimi: Banka e Shqiperise


Treguesit Ekonomike Treguesit Ekonomike

24

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

Prodhimi dhe Shpenzimet (ndryshimi ne perqindje) Rritja e PPB -28.0 -7.2 10.0 8.3 13.3 9.1 -7.0 8.0 7.3 7.8 6.5 Prodhimi industrial -42.0 -51.2 -10.0 -2.0 6.0 13.6 -5.6 4.1 6.4 5 6.5 Prodhimi bujqesor -17.4 18.5 10.4 8.3 13.2 3.0 1.0 5.0 3.7 4 1.4 Ndertimi -30.0 7.0 30.0 15.0 21.0 18.0 -6.3 21 15.0 17.0 14 Transporti -30.0 -15.0 -13.0 18.0 19.0 -1.0 -20.5 20.0 15.0 14.0 13 IÇK(1Ndryshimi 12 mujor ne %) 104.4 236.6 31.0 16.0 6.0 17.4 42.0 8.7 -1 4.2 3.5 Pagat mesatare mujore (sektori publik) (000 leke) NA NA 3084 4778 6046 8638 9558 11509 12708 14891 17218 Paraja gjithsej-M3 (fundi i vitit) (mln leke) 11384 28771 50355 70775 107449 154552 198547 239730 292873 328101 393552Paraja jashte bankave (mln leke) 9897 17990 27627 41906 47815 72726 68323 81336 99236 119085

(Ne milione leke) Kreditit i brendshem 18915 31773 80248 94525 85112 126063 180305 209118 230554 247720 265988 Pretendime ndaj Qeverise 7662 20234 73343 84839 73673 111759 164470 187814 212041 224476 238069 Pretendime ndaj nd. Publike jofinaciare 10765 10164 2444 2485 3093 3414 2898 2830 1671 1053 547 Pretendime ndaj sektorit privat 488 1375 4462 7201 8347 10890 12955 13007 16841 22189 27372

(Ne perqidnje ndaj PPB)

Te ardhurat buxhetore -44.0 22.8 26.7 24.1 23.4 18.4 16.6 20.5 20.6 22.4 22.8 Totli i Deficitit -30.7 -58.6 -13.7 -9.0 -10.2 -12.8 -12.9 10.4 -11.0 -9.3 -8.5 Shpenzimet buxhetore 62.2 81.4 40.4 33.1 33.6 31.2 29.5 30.9 31.6 31.6 31.3 Borxhi i Jashtem NA 90.3 41.1 33.1 1.9 5.3 25.3 16.07 16.07 Te dhena mbi bilancin e pagesave (ne milion USD) Llogaria Korente NA -50.8 14.7 31.2 36.7 -62.4 -253.7 -45.2 -132.9 -163.1 -218.5 Transfeta Private NA 150.0 324.1 374.1 349.0 476.0 236.0 437.7 188.4 438.6 542.7 Transferta Shteterore NA 374.0 280.0 117.0 129.0 84.0 29.0 82.6 165 94.4 28.1 Bilanci Tregtar -308.0 -470.0 -490.0 -460.0 -475.0 -678.0 -535.0 -603.7 -662.8 -814.3 -1026.9

(Per jave importi) Reserva (perjshtuar arin) NA 3.3 12.8 4.1 4.2 3.6 5.3 5.7 5.7 29.4 28.9

Tregues te ndryshem Popullsia (ne milion) 3.3 3.2 3.2 3.2 3.2 3.3 3.35 3.35 3.37 3.4 3 Papunesia (ndryshimi ne %,mesatare vjetore) -18.6 -27.8 -7.8 -6.4 0.35 -7.3 22.7 21.1 2.1 -10.5 -16 Norma e papunesise (ne% te forces te punes) 11.7 30.3 22.3 18.4 13.0 12.4 14.9 17.8 18.2 16.8 14.4 PPB (ne milion Leke) 16473 49517 125334 184400 22979 28100 341716 460631 506205 539210 590237 Prodhimi bujqesor ne % te PPB 44.0 54.0 56.0 56.0 56.0 52.8 56.0 54.4 52.6 35.9 34.2 Prodhimi industrial ne % te PPB 32.0 17.0 14.0 13.0 11.7 12.5 12.4 11.9 11.9 13.2 13.2

Kursi i Kembimit (Leke per USD, mes. vjetore) 15.0 75.0 102.0 94.7 92.8 104.5 148.9 150.6 137.69 143.71 143.48 Norma e interesit (huadhenia,12 m. maturimi, fundi i vitit) 8.12 39.0 30.0 20.0 21.0 28.8 43.0 25.0 25.8 23.7 11.9

1993 1994 1995 1996 1997 1998 1999 2000 2001

Depozitat (ndryshimi vjetor ne %)

Totali i depozitave 71.5 33.3 52.7 64.5 24.6 36.2 23.6 8.2 19.9 Depozita pa afat 43.9 7 60.9 158 -49.6 -17.2 40.7 14.5 -3.3 Depozita me afat 145.7 59.8 49.9 21.5 110.3 63.7 183 2.8 15.5Foreign exchange deposits 49.8 29.8 50.9 54.4 13.4 10.7 32.2 19.5 38.7 Normat e interesit

(fundi i periudhes, vjetore ne %)

Perqindja e rifinancimit … 25.0 20.5 24.0 32.0 22.9 17.8 10.8 -Perqindjet e depozitave -12 m … 16.5 13.7 19.1 27.8 16.5 9.1 7.7 7.8Perqindja e Kredise - 12 m … 20.0 21.0 28.8 43.0 25.0 25.8 23.7 11.9Bono Thesari - 3 m … … 14.7 21.1 35.3 19.9 14.8 7.8 8Bono Thesari - 6 m … … 14.9 22.3 34.5 21.5 15.5 11.3 9.8Bono Thesari -12 m … … 15.1 22.5 35.0 23.0 15.8 12.3 10.5

Burimi: Ministria e Finances, Banka e Shqiperise, INSTAT


Table of Contents 1. General Information on Albanian Securities Commission…………….

- The Composition of the Albanian Securities Commission.………... - The Functions of the Albanian Securities Commission……………. - Organization Structure of the Administrative Office of the

Albanian Securities Commission…………………………………..

2. The Mission, Functions and Duties of Departments and Sectors of the Albanian Securities Commission………………….………………...…

- The Mission of the Albanian Securities Commission……………… - Licensing and Monitoring Department…………………………….. - Surveillance and Enforcement Department………………………… - Secretariat and Legal Office………………………………………... - Public and International Relations Office………………………….. - Strategy Sector……………………………………………………... - Finance Office………………………………………………………

3. The Activities of the Albanian Securities Commission during 2001….

- Legislation………………………………………………………….. - Licensing Activity………………………………………………….. - Market Development and its Monitoring…………………………... - International Co-operation ……………………...…………………. - Technical Assistance and the Participation in the Training

Programs of Foreign Institutions………………………………….. - Publishing and Promoting Activity ……..………………………....

4. Activity Focus in 2002………………………………………………… 5. Budget of the Albanian Securities Commission during 2001…………


1. General Information on Albanian Securities Commission The Albanian Securities Commission ('ASC' or 'Commission') operates since 1996 as the sole regulatory authority of securities market in Albania. ASC is established and operates as an independent entity pursuant to Law No. 8080 " On Securities", dated 1.3.1996 modified by the Law No.8168 DT. 5.12.1996 and the Law No. 8745 dated 22.02.2001. The Commission consists of a Chairman and six Members approved by the Albanian Parliament. In May 2001 the Albanian Parliament approved a second mandate for the ASC and the new board of Commissioners, which consists of Chairman - Mr. Fatos Reca, Mr. Adrian Fullani, Mrs. Elisabeta Gjoni, Mr. Marjan Gjermeni, Mrs. Rexhina Nano as Members. The 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 the state budget. The following are the functions of the Commission:

♦ To license, supervise and monitor the activities of securities markets and the providers of services for the clearing and settlement of securities transactions and securities depositories;

♦ To license, supervise and monitor the activities of licensed dealers, investment advisers and their respective representatives, licensed investment managers and licensed investment fund;

♦ 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, securities depositories, securities registrars and investment fund;

♦ 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 and any rules made under this Law are complied with;

♦ To supervise the way of trading and the range of securities traded on a 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 duties with the support of the Administrative Office. The Administrative Office assists 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.


ORGANIZATION STRUCTURE OF THE ADMINISTRATIVE OFFICE OF THE ALBANIAN

SECURITIES COMMISSION

ORGANIZATION STRUCTURE OF THE ADMINISTRATIVE OFFICE OF THE ALBANIAN

SECURITIES COMMISSION

Sekretariat & Legal Office

EXECUTIVE DIRECTOR

LICENSING AND MONITORING DEPARTMENT

SURVEILLANCE AND ENFORCEMENT DEPARTMENT

Public and International

Relations

Public Relations

Strategy Sector

Licensing Division

Monitoring Division

Licensing Sector

Supervisin Sector

S Enforcement

Division

ADMIN

FINAN

COMMISSION

RAPORTI VJETOR 2001 ANNUAL REPORT 28 28

Market urveillanceDivision

ISTRATION

CE OFFICE

2. The Mission, Functions and Duties of Departments and Sectors of ASC

The Mission of Albanian Securities Commission:

to deliver high standards of investor protection, to promote user confidence in the efficiency and fairness of Albania’s Securities

Market so as to support its continuing development, especially in relation to capital formation,

to strike an appropriate balance between measures that provide protection for investors, and measures that encourage market development and innovation,

to supervise the activities of stock exchanges, their clearing facilities and market participants while facilitating sound business initiatives,

to act firmly and fairly, while being adaptable, responsive and accessible to market participants and the investing public,

to perform all the functions and duties prescribed in the Securities Law. Licensing and Monitoring Department

Licensing and Monitoring Department is divided in two divisions:

Licensing Division

The Licensing Division is organized into two sectors, Licensing Sector and Licensees Supervision Sector.

The Licensing Sector processes the applications for licenses, and also maintains the register of licensed subjects and their representatives. This sector participates also in the preparation of the draft laws especially related to the licensing process.

The Licensees Supervision Sector is responsible for the supervision of licensees’ activity, taking in consideration their financial status, inner control procedures, quality of activity and professional qualifications of directors and employees. This is effected through routine visits at the licensee’s premises at least once every three years. This division co-operates with the enforcement division, in cases where there is any action in contrary to the legal provisions.


Monitoring of Corporates Division

This Division has these functions:

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.

Surveillance and Enforcement Department

Surveillance and Enforcement Department is divided in two Divisions:

Market Surveillance Division

The mission of this division is the surveillance and stimulation of the capital market development including the mechanisms for clearing and settlement transactions. Some of the main responsibilities of this division are:

The supervision of market activity in the capital market and clearing & settlement activities.

The promotion and development of a self-regulatory system and a fair market.

Enforcement Division

The main tasks of this Division are:

To investigate the suspicious activities in the securities market.

To ensure the compliance with the Legislation.

To propose disciplinary actions and to provide the competent authorities with the necessary information for further investigation if there is any offence to the law.

To maintain relations with investors and to evaluate the complaints.


Secretariat and Legal Office

The Legal Office offers legal advice to the Commission and its Departments, from internal or external sources. This Sector cooperates with the other Departments to prepare the legal framework of functioning of the Commission, which needs approval from the Board of the Commissioners. This Sector is responsible for ensuring the compliance of the documents prepared by other Departments of the Commission with the rules approved during the Board of Commissioner's meetings and the Directives of EC. It also assists in the implementation of the decisions. The Legal Office before their approval must review all drafted laws and rules by the Commission.

The Secretariat is responsible for the organization of the Board of the Commissioner and Committees' meetings, as well as for the implementation of their decisions. Also it takes care of administrative matters of the Commission.

Public and International Relations Sector

The International Relations Sector is responsible for the establishment and maintenance of international relations of the Commission, especially with the IOSCO (International Organization of Securities Commissions) and bilateral relationship with similar institutions.

The main responsibility of the Public Relations 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.

Strategy Sector

The main responsibility of this sector is preparing of medium and long-term strategies about the Commission's work. Some of the main duties of this sector are:

To prepare all the necessary materials for the seminars organized by the ASC;

To cooperate with the Public Relations Sector for the preparation of Information materials on the development of the capital market

Finance and Administration Office

This sector is engaged in performing administrative and financial tasks necessary for the proper functioning of the Commission.


3. The Activities of the Albanian Securities Commission during 2001

Legislation One of the main priorities of the Commission's work is the improvement and the development of the legal framework concerning the capital market area, in order to promote the development of this market in Albania according to the international standards in line with the European Directives, the Principles of IOSCO and the Albanian legal framework. During 2001, the most important achievements related to legislative work in securities, include in particular: The Parliament of the Republic of Albania approved the draft amendments of Law

8080 “On Securities” in February 2001. The approved amendments of the Law “On Securities”, include the removal of the articles which ensure the functioning of the Tirana Stock Exchange (TSE) as a department of the Bank of Albania, which is a legal action towards its transformation to an independent entity. Some other amendments complete certain aspects that were not previously considered for regulation, such as confidentiality, penal charges, etc. Another group of the amendments is related to the correctness of the terminology used and adaptation of this terminology with that of the rules drafted by the Commission. Some of the terms are reformulated like 'prospectus', 'ethics', 'publications', 'takeover', etc. In June 2001, the Council of Ministers approved the following rules which are

prepared by the ASC in accordance with the Law No. 8080 "On Securities": - Decision no. 440 dated 17.06.2001 "On advertisements in securities investment business". This regulation provides a Schedule of Requirements that are obligatory in every advertisement related to the securities investment business that is issued or is to be issued. Advertisements should be clear, genuine and fair and they must not conceal important facts considered as indispensable for inclusion. Advertisements also must not imply that the securities or securities business have the approval of the Government or Commission, must not make comparisons with other alternative investments, must not contain information about past performance of securities investment (unless certain criteria are met) and must not describe the prospective returns from investments as being guaranteed, assured or promised, unless this advertisement has been approved by the Commission. The regulation gives clear descriptions of the conditions that an advertisement on securities business must meet


in relation to warnings for changes in the level of taxation, and risk associated with the investment and the distinction from other kinds of information. A securities advertisement must contain the date on which it was first issued and identify the licensee who issues or causes the advertisement to be issued. - Decision no. 441 dated 17.06.2001 "On conduct of business". The general part presents an interpretation of terms used, points out the reference to the Law “On Securities” and defines the persons and activities that are subject to this regulation. The second part describes in detail the obligations of licensees in relation to their clients. Some of these obligations are: obligation to fairly disclose to clients any material interest or relationship, as the case may be, in order to protect the interest of investors and avoid any conflict of interest; obligation for fair and clear communications, obligation to explain to clients the risk involved in the transactions; obligation to compile written agreements for certain services offered; obligation to disclose to clients the basis or amount of charges or remuneration receivable and attributable to them; obligation to deal with client and own account orders fairly and in due turn; obligation to seek the best interest for the client and not to use the information intended for clients in its own interest prior the execution of customer’s order; obligation to maintain internal procedures to ensure the proper handling of complaints from clients; obligation to ensure that its officers, employees and other representatives act in compliance with Law and regulations; obligation to keep confidential all the information in possession related to a client; obligation to notify the Commission and each client in case of business cessation, etc. - Decision no. 442 dated 17.06.2001 "On Accounting and Financial Resources". This regulation defines the obligatory standards for keeping of accounting records, their renewal and retention, duty to prepare financial statements and their form and content. This regulation also prescribes the distinction between “client” money and other money, outlining some obligatory related operations and procedures. The obligation to appoint or remove an auditor, and requirements for their qualifications, powers and duties, are also included in this regulation. - Decision no. 443 dated 17.06.2001 "On Continuing Disclosure Obligations of Issuers". This rule is related to one of the most important principles of fair market activity, i.e. disclosure of information. These rules apply only to issuers of securities that are shares, debentures or warrants and which are publicly offered or publicly held. Securities are “publicly held” if the issuer has preliminary published a prospectus registered by the Commission; the securities are listed or otherwise admitted to trading on a stock exchange; the issuer has more than 50 holders of its securities; or the Commission determines and notifies the issuer to this effect. The Commission brings the companies, whose shares are publicly held before the obligation to disclosure any information that could materially affect the securities


holders. This information varies from the publication of financial accounts, annual and interim reports to the disclosure of considerable acquisitions of assets, transactions between the company and its subsidiaries, and notification of general meeting of shareholders. The issuer should give this relevant information to the Commission, the stock exchange where its shares are listed, and to its holders of securities. The Commission may take sanctions against the companies or directors that do not comply with any of the rules. The sanction could be a fine, suspension of trading or publishing of alert information.

In October 2001, ASC according to the Law No. 8080 "On Securities", approved

the rule No. 9/1 "On Licensing of Share Registers". The object of this Rule is to provide licensing requirements, procedures and terms for applicants that want to be engaged in the business of securities registration services. The Rule prescribes that the subject takes the license only one time and after that it operates and is supervised according to the supervising rules of the Albanian Securities Commission.

During 2001 the Commission has been working also on:

- the preparation of the draft rule "On Licensing of the Stock Exchange", which gives the requirements, procedures and the limit of time that the applicant has to fulfill in order to have the license;

- the preparation of the draft rule "On testing for licensed dealers"; These draft rules are waiting to be approved during the first months of the coming year from the Board of the Commissioners. - the preparation of the Chapter "On Liquidation" of the draft law "On

Collective Investments in Securities Funds". The Commission has prepared also eight draft rules related to this draft law, which are expected to be approved by the Counsil of Ministers.

During this year ASC established a Committee, which is in charge of preparing study materials on the covering of the budget deficit with financial instruments. ASC analysed the events of September 11th in USA and in response came up with a Declaration, where is stressed the Albanan Securities Commission’s support in the war against terrorism and its financial resources. The elaboration and the improvement of the legislation framework will be in focus of the Commission's work during 2002.


Licensing Activity The licensing activity of the Albanian Securities Commission is based on Chapters IV and V of the Law No.8080, dated 01.03.1996 “On Securities”, and the Rule No.1, dated 28.03.1997 “On licensing, quotas and commissions” and on the other Regulations that the Commission is using for the licensing of the investing activities in the securities (according to the definition given for these activities in the article 29, 2 of the Law No. 8080). Since its foundation the Albanian Securities Commission has licensed 14 joint stock companies: 10 second level banks, 1 insurance institute and three private joint stock companies which have their only objective “buying, selling, managing of the securities and other services which help these activity according to the Law No. 8080, dated 01.03.1996 “On Securities” modified by the Law No. 8168, dated 05.12.1996 and the Law No. 8745, dated 22.02.2001. Until now, the Albanian Securities Commission has issued time limited licenses (initially one month, six months and later on 12 months) specifying the kind of activity: dealer and dealer representative for Treasury Bills in the Stock Exchange. The historical evidence on the number of companies and their licensed representatives for dealers' licenses in the Stock Exchange: Years 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 2001 1 1 - 1 2

During the year 2001, the Albanian Securities Commission has licensed only one private company “Balkan Group –01” sh.a. and its two representatives.


Market Development and its Monitoring Market Development The operational activity of Tirana Stock Exchange has been inexistent. During 2001, like the previous year no transaction was executed and no shares of any stockholder company was quoted. Since its establishment, TSE has been functioning as a money market. Only Treasury Bills are traded with 3, 6 and 12 months maturity as it is shown in the table below. Transaksionet ne Bursen e Tiranes (ne milione leke)

Year

Nr. Instrumenti 1996 1997 1998 1999 00 01 1. Treasury Bills 3,305 6,325 4,959 75 0 0 2. Government Bonds 800 0 0 0 0 0 3. Privatization Vouchers 0 0 0 0 0 0 4. T.B’s no. of transactions 47 34 34 1 0 0 source: Tirana Stock Exchange The secondary market for trading of Treasury Bills is executed by the Banks in Albania. The high level of liquidity of banking system and the hesitation to use other investment alternatives, is a characteristic of Albanian Treasury Bill market. Looking at the T.B portfolio at the end of the year, we realise that the banks comprise the majority participating in the primary market and prefer to consider T.B as the final investment so keeping them until their maturity. Since the main holders of the T.B put themselves in the position of buyers, this is followed by a limited number of transactions in the secondary market. The participation of the individuals in the T.B market is increased in comparison with the previous years and the investments in T.B and deposits are:

9 1999 2000 2001

Deposits of individuals 166.117 177.810 213.415

T.B. Portfolio of individuals 446 1.747 2.505

Source: Statistical Report, Bank of Albania


No shares of any stockholder company are quoted in TSE. The main reasons include the fact that the companies do not feel ready to be listed in TSE, their financial situation is poor, they are not ready to become a public joint stock company, the lack of the tradition and the experience in this field in Albania. The continuation of the privatization process comprise a real potential in increasing the number of the shareholders and the number of the transactions among them. The existence of joint stock companies and their functioning are an argument in favour of the development of the capital market in Albania. The data from the Share Registry show that the stock market does exist in an unorganized form. According to this data only a limited number of the joint-stock companies do not have any activity related to the transaction of the shares. In the other joint stock companies this activity is intensive and executed out of the official market. The privatization of some companies' packages indicate the neccessity of an official stock market.


International Co-operation

IOSCO

The Albanian Securities Commission is a member of the International Organization of Securities Commissions (IOSCO) since 1998 - comprised of institutions supervising capital markets of the world. The Commission is a member of the Emerging Markets Committee of this organization. To achieve its objectives, the Commission has been cooperating closely with IOSCO as part of its structure. In 2001, ASC has participated in the activity of IOSCO with the filling out different questionnaires, which aim the standardization of the legislation of different member's countries. The Commission has actively participated in the annual meeting of IOSCO and its Committees as part of this organization. In June 2001, ASC participated in the 26th Annual Conference of IOSCO, which was held in Stockholm, Sweden. The Conference brought together in round table regulators, market participants and others to discuss ‘The Securities Markets in the Information Age’. The Albanian Securities Commission 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. ASC is a member of European Regional Committee and has participated during this year in its meeting organized in Athens in November 2001. During this Meeting the participants presented the importance of completing the questionnaires as part of the Committee's work; the creation and mission of the Committee of European Securities Regulators (CESR); the work of the supervisory Consultative group of the candidate countries for accession to the European Union towards the full harmonization with regulations and standards of EU. South-Eastern Europe Initiative

In the first meeting of the regulators of the capital market of the South- Eastern Europe held in 1999, 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. ASC as a member of the South-East European Regional Group, took part in the meeting of the Task Force on Exchange of Public and Non-Public Information, organized by the European Regional Committee of IOSCO on December 2-5 in Sofia. The main issues raised in this Meeting were the principles and the resolutions of IOSCO related to the exchange of information among the regulators; the exchange of information among the regulators under the European Directives; the implementation of the International Accounting Standards in Europe.


Technical Assistance and the Participation in the Training Programs of Foreign Institutions During 2001, the Commission has made efforts and has cooperated with the representatives of the World Bank Office in Tirana as well as FSVC in order to provide technical assistance for developing of the capital markets in the country. In cooperation with the FSVC, the Commission has prepared the terms of reference on a Workshop regarding "Corporate Governance", which will be organized at the beginning of the coming year. In 2001, the employees of the Office participated in many training courses and seminars organized by different foreign institutions. Based on the application to IOSCO On-the-Job Training Program and with its assistance, a professional of the ASC attended a training program in Rome, Italy. This program provides opportunities for the trainees to acquire knowledge and experience on the regulation of markets from members regulating developed markets or more developed emerging markets. ASC has also cooperated closely with institutions like IDLI (International Development Law Institute) aiming the training of its employees in seminars that serves the regulation of capital market in emerging economies. During 2001, two professionals of the ASC attended two different seminars organized by this Institute. The employees of the ASC has attended also some other seminars, workshops or conferences like: Workshop on Non-Bank Financial Institutions organized by World Bank Institute; US-SEC's 11-th Annual International Institute for Securities Market Development; Workshop on Financial Sector deepening in CEE; Sixth Annual Enforcement and Market Oversight training program organized by

US-SEC; 11 OECD Workshop on Government Securities Market and Public Debt.


Publishing and Promoting Activity Study Materials One of the main ASC objectives is to increase public awareness on the importance of the securities market role in the economy. In this regard, the Commission has prepared a study material on the strategy of the development of capital market in Albania. This material presents the situation of the capital market in Albania taking into the consideration different factors, legal and institutional framework. The material supports the idea that the development of the capital market in Albania is indispensable. Demand and supply analysis has been used in this chapter to draw the conclusion. At the end, the material gives the vision of the Albanian securities market and all securities market's institutions, which are necessary for its functioning. Investor's Education The Commission has prepared some educative materials related to the capital market and its monitoring. Deepening of investor's knowledge on the instruments, participants and other mechanisms of the securities market, helps in better defining of its investment's objectives. During 2001, ASC published some educative materials, which have been prepared from the ASC during the past few years. Some of these material's titles 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". Periodic Publications During 2001, ASC according to the Law "On Securities", published its Annual Report 2000. During this year following the end of the first mandate of the Commission's work, are published also a five-year Report and a Five-year Album. The above mentioned publications aimed to present the Commission's work on creating a coherent legal framework as the sole regulatory authority of the securities in the country, based on the Principles of IOSCO and European Directives, which aim to provide the protection of investors, prohibition of over regulation and having new participants in the market. ASC has published also quarterly during this year the Newsletter in English and Albanian. This publication gives an accurate and useful information on the activity of the Commission and the development of the capital market in the country.


Activity Focus in 2002 The main priorities of the work of the ASC during 2002 will be related to:

•

•

•

•

Intensive work on the development of the legislation and drafting of new legal acts in relation to the securities investment business. Attention will be paid to the adapting of the legislation to the established European and international Standards in the capital markets area. 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”.

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. ASC is willing to cooperate with the Initiative of Southeast European Countries too.

The Commission plans to organize workshops on problems related to securities market potential for development in Albania. 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.


4. Budget of ASC during 2001 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 an 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 16,000,000 15,907,776

For Investment Expenses

2,000,000 1,991,932

Total 18,000,000 17,899,708 OWN FUNDS

Revenues in 2000 203,337

Accrued revenues 1,350,389

TOTAL 1,553,726

Expenses 1,550,000

Difference 3,726


APPENDIX* APPENDIX* Treasury Bills Yield compared to Interest rates on Deposits and Inflation in 2001 Treasury Bills Yield compared to Interest rates on Deposits and Inflation in 2001

3 mujore

-202468

10

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

Muajt

%

B.TH

Depozita

Inflacioni

3 months T-Bills Deposits Inflation January 7.75 6.91 -1.29 February 7.66 6.84 -1.35 March 7.57 6.90 0.29 April 7.57 6.87 0.84 May 7.47 6.88 0.20 June 7.49 6.87 -0.66 July 7.50 6.87 -1.20 August 7.69 6.85 -1.00 September 7.94 6.88 1.10 October 7.98 6.88 -0.44 November 7.99 6.91 1.88 December 8.00 6.93 5.30

6 mujore

-5

0

5

10

15

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

muajt

%

B.TH

Depozita

Inflacioni

6 months T. Bills Deposits Inflation January 11.094 7.52 -1.29 February 10.560 7.61 -1.35 March 10.14 7.53 0.29 April 9.45 7.41 0.84 May 9.17 7.41 0.20 June 9.24 7.23 -0.66 July 9.24 7.24 -1.20 August 9.38 7.33 -1.00 Septem. 9.52 7.26 1.10 October 9.79 7.28 -0.44 Novemb. 9.79 7.29 1.88 Decemb 9 74 7 37 5 30

12 mujore

-505

101520

Janar

Mars Maj

Korrik

htator

entor

%


12 months

T.Bills Deposits Inflation January 11.784 7.73 -1.29 February 11.526 7.79 -1.35 March 11.14 7.77 0.29 April 10.22 7.68 0.84 May 9.68 7.72 0.20 June 9.95 7.68 -0.66 July 9.95 7.69 -1.20 August 10.14 7.71 -1.00 September 10.49 7.71 1.10 October 10.50 7.72 -0.44 November 10.48 7.74 1.88 December 10.50 7.76 5.30

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

43

S NMuajt


Yieldi per bonot e thesarit

02468

101214

Janar

Mar

sM

aj

Korrik

Shtator

Nentor

%

3 mujore

6 mujore

12 mujore

44

PortfBAN

B.ShB.KuB.KoInterB.AlpTiranB.KoB.ItaB.DaB.AmFefaFirstB.TreINSIISKSISSHISSIGIndiv

Sour

44

T-Bills Yields 2001

In percentage

3 months 6 months 12 months January 7.75 11.094 11.784 February 7.66 10.560 11.526 March 7.57 10.14 11.14 April 7.57 9.45 10.22 May 7.47 9.17 9.68 June 7.49 9.24 9.95 July 7.50 9.24 9.95 August 7.69 9.38 10.14 Septemb 7.94 9.52 10.49 October 7.98 9.79 10.50 Novem 7.99 9.79 10.48 Decem 8.00 9.74 10.50

olio TB dt.31.12.2001 KAT In nominal value (lek)

qiperise 70,217,920,000.00 rsimit 138,030,141,862.00 mb. Tregtare 15,377,772,981.00 nat. Com. Bank 80,000,000.00 ha 1,472,067,500.00 a Bank 7,015,000,000.00 mbetare Greke 1,367,384,657.00 lo-Shqiptare 1,675,000,000.00 rdania 28,000,000.00 erikane 3,060,313,000.00

d Bank 2,055,000,000.00 Invest. Bank 52,750,000.00 gtare Greke 305,000,000.00

G 1,917,920,000.00 H 607,400,000.00 4,347,840,000.00 MA 77,600,000.00

iduals & firms 2,505,690,000.00

ce: Bank of Albania

RAPORTI VJETOR 2001 ANNUAL REPORT

Macroeconomic Data

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

Output and Expenditure (percentage change) GDP growth -28.0 -7.2 10.0 8.3 13.3 9.1 -7.0 8.0 7.3 7.8 6.5 Industrial Production -42.0 -51.2 -10.0 -2.0 6.0 13.6 -5.6 4.1 6.4 5 6.5 Agricultural production -17.4 18.5 10.4 8.3 13.2 3.0 1.0 5.0 3.7 4 1.4 Construction -30.0 7.0 30.0 15.0 21.0 18.0 -6.3 21 15.0 17.0 14 Transport -30.0 -15.0 -13.0 18.0 19.0 -1.0 -20.5 20.0 15.0 14.0 13 CPI (12 month change in %) 104.4 236.6 31.0 16.0 6.0 17.4 42.0 8.7 -1 4.2 3.5 Average wages për month (public sector) (000 leke) NA NA 3084 4778 6046 8638 9558 11509 12708 14891 17218 Broad money-M3 (end year) (mln leke) 11384 28771 50355 70775 107449 154552 198547 239730 292873 328101 393552Currency outside banks (mln leke) 9897 17990 27627 41906 47815 72726 68323 81336 99236 119085

(Ne milione leke) Domestic Credit 18915 31773 80248 94525 85112 126063 180305 209118 230554 247720 265988 Claims on central government 7662 20234 73343 84839 73673 111759 164470 187814 212041 224476 238069 Claims on non-fin Public enterprises 10765 10164 2444 2485 3093 3414 2898 2830 1671 1053 547 Claims on private sector 488 1375 4462 7201 8347 10890 12955 13007 16841 22189 27372

(In percent of GDP)

Total revenue -44.0 22.8 26.7 24.1 23.4 18.4 16.6 20.5 20.6 22.4 22.8 Cash balance -30.7 -58.6 -13.7 -9.0 -10.2 -12.8 -12.9 10.4 -11.0 -9.3 -8.5 Total expenditure 62.2 81.4 40.4 33.1 33.6 31.2 29.5 30.9 31.6 31.6 31.3 External debt NA 90.3 41.1 33.1 1.9 5.3 25.3 16.07 16.07 External data in convertible currency (ne milion USD) Current Account NA -50.8 14.7 31.2 36.7 -62.4 -253.7 -45.2 -132.9 -163.1 -218.5 Private unrequired Transfers NA 150.0 324.1 374.1 349.0 476.0 236.0 437.7 188.4 438.6 542.7 Official unrequired Transfers NA 374.0 280.0 117.0 129.0 84.0 29.0 82.6 165 94.4 28.1 Trade balance -308.0 -470.0 -490.0 -460.0 -475.0 -678.0 -535.0 -603.7 -662.8 -814.3 -1026.9

(In weeks of import) Gross intern. Reserves (exclud. gold) NA 3.3 12.8 4.1 4.2 3.6 5.3 5.7 5.7 29.4 28.9

Population (in milion) 3.3 3.2 3.2 3.2 3.2 3.3 3.35 3.35 3.37 3.4 3 Employment (% change annual average) -18.6 -27.8 -7.8 -6.4 0.35 -7.3 22.7 21.1 2.1 -10.5 -16 Unemployment rate (% of domestic labour force) 11.7 30.3 22.3 18.4 13.0 12.4 14.9 17.8 18.2 16.8 14.4 GDP (in mln leks) 16473 49517 125334 184400 22979 28100 341716 460631 506205 539210 590237 Agricultural 's share in GDP (%) 44.0 54.0 56.0 56.0 56.0 52.8 56.0 54.4 52.6 35.9 34.2 Industrial's share in GDP (%) 32.0 17.0 14.0 13.0 11.7 12.5 12.4 11.9 11.9 13.2 13.2

Exchange Rate (Leke per USD, annual average) 15.0 75.0 102.0 94.7 92.8 104.5 148.9 150.6 137.69 143.71 143.48 Interest rate (lending,12 m. maturity, end year) 8.12 39.0 30.0 20.0 21.0 28.8 43.0 25.0 25.8 23.7 11.9

1993 1994 1995 1996 1997 1998 1999 2000 2001

Deposits (ndryshimi vjetor ne %)

Total deposits 71.5 33.3 52.7 64.5 24.6 36.2 23.6 8.2 19.9 Demand deposists 43.9 7 60.9 158 -49.6 -17.2 40.7 14.5 -3.3 Time deposists 145.7 59.8 49.9 21.5 110.3 63.7 183 2.8 15.5Foreign exchange deposits 49.8 29.8 50.9 54.4 13.4 10.7 32.2 19.5 38.7 Interest rates

(fundi i periudhes, vjetore ne %)

Discount window rate … 25.0 20.5 24.0 32.0 22.9 17.8 10.8 -Deposits rate -12 m … 16.5 13.7 19.1 27.8 16.5 9.1 7.7 7.8Lending rates - 12 m … 20.0 21.0 28.8 43.0 25.0 25.8 23.7 11.9Treasury Bills - 3 m … … 14.7 21.1 35.3 19.9 14.8 7.8 8Treasury Bills - 6 m … … 14.9 22.3 34.5 21.5 15.5 11.3 9.8Treasury Bills -12 m … … 15.1 22.5 35.0 23.0 15.8 12.3 10.5

Source: Ministry of Finance, Bank of Albania, INSTAT


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