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In Albania, the brokerage activity is regulated for the first time by the law of 2008 “On Securities”. This law was in force until 2020 when the new law “On capital markets” was adopted. Referring to the European Union Directive, the Board of the Financial Supervisory Authority, through a special decision has specified that the activity of the brokerage agent is considered related to securities transactions.
Then the 2019 Regulation was approved, “On the activity of the agent of the brokerage company in securities”. This sub-legal act regulates the activity of the agent, ie the call center operator that approaches the clients. In this way, the separation from the brokerage activity in securities is done, ie the sale-purchase that is realized in the stock exchanges.
From 2020, the regulation “On the registration and activity of the related agent of the brokerage company” is in force. The regulation defines the obligations of the brokerage company, on whose behalf the agent acts, as well as the supervision of the activity.
In the regulation, the activity of the agent is limited only to the promotion of the investment services of the brokerage company. In no case is this activity allowed if the brokerage company is not licensed in Albania or in one of the EU countries.
The Financial Supervision Authority explains to Top Story that a very limited number of entities are registered to exercise the activity of affiliated agent, provided with the relevant contract with a licensed brokerage company. This is about legal activity and not about fraudulent call centers.
During the last year, AFSA has deregistered three companies operating as affiliated agents and has suspended the activity of another company. The decisions were taken because the contract concluded with the companies related to the brokerage companies operating in the European Union has ended.
It is about removing the recognition and deregistration as a related agent of the foreign broker of the companies Vertex Securities and Eurotrade Securities. At the same time, the company Prodata Securities has been suspended for a quarter. In October last year, the FSA had revoked its license as a related agent of a foreign broker to the company “OnTop-Securities”.
Referring to data from QKB, Vertex Securities and Eurotrade Securities are companies with Albanian capital, while Prodata Securities is a company with foreign capital, owned by RDA Services Limited. According to the register of beneficial owners, the fact that behind this company stand three Israeli citizens, Uri Fremder, Daniel Fremder and Ron Fremder.
Such companies act as agents of foreign investment platforms. They have the activity of providing marketing in order to promote investment services and financial instruments provided by a licensed broker. Call centers operate as marketing, brokerage companies to facilitate the absorption of potential customers over the phone and focus mainly on foreign nationals.
But, many of these companies, although seemingly legitimate often operate like the same fraudsters we discovered in the first part.
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