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 Law of creation of the Institute Nacional Andorrà de Finances, The General Law of the Public Finance, dated December 2, 1983, establishes in Chapter VII the mode of the Treasury and, particularly, in article 60, subparagraph 3, that the financial services of the Treasury could be rendered through a financial institution in public matter or credit and saving institutions of the Principality, according to what will be in the regular manner given.
The objective of this Law is to create this financial institution in public matter, which will be called Institute Nacional Andorrà de Finances (in summary INAF) and which will be an establishment of public law with clean legal entity and autonomous organization. The creation of this Institute will fill a gap in the administrative structure of the Principality.
That is initially justified by the importance of the public funds to manage in the interest general, while preserving the criteria of effectiveness, profitability and safety. Moreover, the Institute, from the point of view of the creation of a European financial space, will have to provide to the authorities a technical collaboration in the development of possible measurements necessary for the safeguard of the interests of the Andorran economy and particularly of its financial sector.
The sphere of activities of the Institute could however be widened in a future, if that is considered to be necessary, in order to include there the collection of funds and the granting of mortgages. The credibility of the Institute remains assured, particularly at the international level, by the assignment of budgets and the granting of the guarantee of the Government.
The provisions of this Law are inspired, on the one hand, of various studies carried out before to this end and, of another share, the statutes of public financial organizations in other economic areas of comparable size. fotosearch.com image
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Law of regulation of the disciplinary measure of the financial system The singularity of the financial system and the transcendence of its activity in the whole of the economy of the country needed a specific legal framework which developed gradually under the aegis of article 32 of the Constitution, starting from the Law of organization of the dated November 27, 1993 financial system.
The regulation of a disciplinary measure particular to the financial system - in the form provided for by the regulating Regulation of the dated January 9, 1991 disciplinary proceedings - lies within this scope. In its basic motivations, this law aims at achieving two general goals.
First is to stimulate the correction and the rigour in the professional exercise of the financial activity and to ensure - since the respect of the bank secrecy and the legitimate privacity of the confidential information of the establishments of the financial system - the strict achievement of the regulation aiming at reinforcing the protection of the interests of the customers of the financial establishments and the national economy in general.
The second objective, so important, is the protection of the financial system luimême, and the rights of each group which integrates it, with the help of the adequate mechanisms in order to avoid illegal intrigues.
By coherence and effectiveness, this Law brings concretions necessary as for the nature of the infringements, the establishment of the corresponding sanctions and the determination of the disciplinary proceedings. Nevertheless, the will of the legislator agrees a paramount importance to the normative aspects which reinforce the prevention.
In all the fields, and, particularly, in the financier, it is appropriate, as much as possible, to establish preventive, adequate and respectful measures of the personal freedoms and collective, rather than to base confidence in the effectiveness of the sanctions, which should be only one subsidiary. As for the preventive contents, it is convenient to specify the means available to the technical authority in this field.
For a greater effectiveness and in order to avoid, as much as possible, the administrative loads and the bureaucratic intrigues - objectives already announced in the introduction of the Law of organization of the financial system, a reinforcement of the role of the external listeners is envisaged and controls it on the spot is established like an exceptional mechanism of application of the technical authority.
As for the contents of the sanctions, the legal consequences of this Law are confined with the field of the administrative infringements without damage of those into force established by the Law of protection of the bank secrecy and prevention of the bleaching of money or values resulting from the crime, dated May 11, 1995.
The intrigues being able to be constitutive of penal infringement are established in another legislative provision and will be informed, within the framework of the relevant legal procedure, in front of the penal jurisdiction.
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 Chapter I.
Carried and tallies of application of the Law
Article-1 Range of the Law, the Law of regulation of the disciplinary measure develops two kinds of measurements: Those which are preventive and those relating to the administrative infringements.
Article-2 Subjects authors and persons in charge, Are prone authors and persons in charge for the infringements the banking houses, the financial establishments - nonbanking - of specialized credit, the financial establishments of investment and the financial establishments of various services which make the acts or the omissions identified like infringement in this Law.
For the infringement those are prone persons in charge which exert functions of administration or general direction, right or fact, in the establishments authors and persons in charge for the infringement, when the infringements are allotted to their intentional or negligent control.
With the effects of the preceding paragraph, the functions of administration or general direction, right or fact, are exerted by the administrators or the members of their bodies of administration or the people who take up duties of top management.
Chapter II. Preventive disciplinary provisions
Article-3 executive technical Body of the financial authority, the Institute Nacional Andorrà de Finances (INAF), as an executive technical body of the financial authority, exerts the supervision and the control of the establishments which integrate the financial system and follows the evolution of these establishments in order to check the achievement of the legal and lawful provisions controlling their activity, and acts on suspicion in the event of observation of indices of irregularities.
In order to give more effectiveness to this prevention, the establishments of the financial system will require, in front of an unspecified circumstance where the collaboration of the financial authority could prove to be useful or suitable, co-operation of the Institute Nacional Andorrà de Finances.
Article 4 Methods of supervision and control
In the performance of its duties of supervision and control, the Institute Nacional Andorrà de Finances: Apply and makes apply the standards and the provisions in force, with the help of the processes and instrumental technical standards necessary.
Receives information that the establishments of the financial system, occasionally or systematically must transmit and, if it is necessary, requires by delegation of the Government, that this one is certified by external listeners of reputation, and reaches, in the same way, when that proves to be necessary, to the information of the establishments realising of the external missions of listeners of reputation.
Proceed, exceptionally, with the preliminary authorization of Comissió Superior de Finances, with the inspection on the spot of the establishment whenever the mechanism envisaged in the preceding subparagraphs does not prove sufficient to dissipate the fundamental doubts of the” Institute Nacional Andorrà de Finances” on the integrity and the exactitude of required information.
If Comissió Superior de Finances had refused the authorization or had not suddenly decided within 24 hour, the Institute Nacional Andorrà de Finances could require it of the Government which must decide within 24 maximum hour.
Receives departments or services of the Administration, at administrative ends, information on the possible irregularities made by the establishments of the financial system
Considering the interventions carried out in the long term and the documents or reports/ratios emitted by the external listeners within the framework of the provisions of this Law remain subjected to the control and the supervision of the Institute Nacional Andorrà de Finances, and considering their importance and the effectiveness which are necessary for them from their object, and the guarantees of veracity of which they must enjoy, they will be considered for all purposes official documents.
The institute Nacional Andorrà de Finances can require, and obtain from the Batllia the legal aid of which it has need to achieve its functions of control and supervision
The expenditure which rises from the activity of the external listeners is with the load of the supervised establishment.
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