meta_id 3024199

On the date of this legislative proposal, Albania's Parliament (Kuvendi i Republikës së Shqipërisë) introduced a draft bill to amend Law No. 133/2013 of April 29, 2013 on the Payment Systems (Ligji "Për sistemin e pagesave"). The amendment, proposed by the Council of Ministers under Articles 78 and 81(1) of the Albanian Constitution, seeks to modify the definitions of key terms within the payment systems framework. The primary change expands the definition of "financial institution" (Institucion financiar) under Article 5(k) of the existing law to include a broader range of entities. The revised definition now encompasses credit institutions, entities conducting banking and financial activities under separate legislation, the Bank of Albania and foreign central banks, postal service institutions offering payment services, brokerage companies, public authorities with state-guaranteed obligations, foreign credit institutions and brokerage companies participating in payment systems, payment institutions regulated under payment services legislation, and electronic money institutions. The amendment also clarifies that the Bank of Albania may designate participants in systems executing only specific transfer orders as financial institutions if at least three participants fall within the specified categories and systemic risk justifies such designation. Additionally, the amendment modifies the definition of "participant" (Pjesëmarrës) under Article 5(l) to include central counterparties, settlement agents, clearing houses, system operators, and clearing members of central counterparties licensed under capital markets legislation. The Bank of Albania is granted discretionary authority to consider sub-participants as participants when justified by systemic risk considerations. The law enters into force 15 days following publication in the Official Gazette (Fletoren Zyrtare).