RAMÉNTOL PUJOL has a team of experienced lawyers and economists specializing in finance and banking. Our expertise and skills enable us to advise Andorran and international banking entities, insurance companies and any other regulated entity or financial institution as well as their customers and service providers.
The financial and banking system of Andorra is one of the main pillars of its economy and accounts for approximately 16% of its GDP.
The rigor of the Andorran banking sector, both in terms of supervision as well as in the strict verification of the origin and destiny of funds, is welcomed by organization such as the International Monetary Fund (IMF) and the Council of Europe. An IMF report of February 2007 states on Andorra that: “the supervision of the financial sector, with the banking sector at its core, is widely acknowledged as solid.”
The Andorran financial system is characterized by high solvency ratios and liquidity (22.02% and 75.70% respectively). A conservative and prudent management of the components, enabling Andorra to withstand the recent international financial crisis and receive excellent results compared to other countries, has achieved these.
The Andorran banking sector, with over 80 years of experience, is composed of five banks. Andorran shareholders purely own four of them and an international shareholder base owns one of them.
The Andorran National Institute of Finance (INAF) is the body that oversees and monitors entities that are part of the Andorran financial system.
The Andorran Financial Intelligence Unit (UIF) is the independent body that aims to promote and coordinate prevention and fight against money laundering.
We rely on a team of lawyers and multilingual economists that offer their clients a comprehensive service in all legal and regulatory aspects of the sector, both in Andorra as well as abroad, thanks to our network of correspondents in other jurisdictions.
Financial and banking regulations:
Our lawyers, experts in the field and with multilingual skills, advise national and international banking or financial institutions in all aspects of financial regulation and banking in Andorra and particularly in the context of:
- The organisation of the financial system,
- The legal regulatory regime of disciplinary rules of the financial system,
- Regulations for the creation of new banks under Andorran law,
- Authorization for the creation of new operators in the Andorran financial system
- The legal regime for financial institutions and collective investment funds,
- The legal regime of banking institutions and
- The basic administrative regime for bodies operating in the financial system
We also advise on the financial and banking regulations affecting the disposition of financial assets in the Principality of Andorra.
We advise our clients in the authorization procedures and in the development of financial institutions, in the modification or addition of financial activities by intervening with the supervisory authority (Andorran National Institute of Finance – INAF) . Our expertise enables us to advise on procurement processes, mergers, reorganizations, separations, dissolutions and liquidations of operators in the financial and banking sector in the Principality of Andorra.
We offer our advice to banks and financial institutions for the protection of the banking secrecy and data protection, the prevention of money laundering or any other value resulting from criminal activity.
We render advice and submit legal opinions concerning financial and banking regulations for internal and external use.
Banking and financial contracts:
Our team of specialists is known for its expertise in dealing with banking and financial contracts, both domestic and international. We advise our clients on all cross-border transactions and assist them when interacting with international banks and financial institutions, which plan to operate with institutions regulated in Andorra. We set up the contracts for our clients to perform operations for funding, intermediation, investment or provision of services concerning the financial and banking sector.
We prepare notes and legal opinions concerning close-out netting agreements and the enforceability in of master agreements in Andorra (REPO, GMRA, ISDA, etc.).
We advise on retail banking products, leasing, renting, confirming, credit cards, commodities, international trade and mortgage financing.
Thanks to our experience and knowledge of the main business sectors in Andorra, we have gained profound expertise in negotiating and drafting banking and financial contracts.
We are also experts in all court litigations and resolutions of conflicts arising from financial or banking contracts.