We have heard an interesting discussion on the legal initiatives currently being undertaken at EU level to remove the barriers that are hindering the single market objectives. MiFID is being revised to increase investor protection and improve the functioning of EU capital markets. EMIR entered into force in summer 2012, requiring standard derivative contracts to be cleared through central counterparties and establishing stringent organisational, business conduct and prudential requirements for central counterparties. The European Commission’s  BIS central bankers’ speeches  1  proposal for a CSD Regulation improving securities settlement is under scrutiny by the EU legislators; it will enhance the legal and operational conditions for cross-border settlement in the Union in general, and a strong emphasis has been placed today on the importance of its timely adoption. I noted that the majority of the audience saw the need to adopt the CSD Regulation at the latest by the start of 2014, also with a view to allowing sufficient time for the technical standards. The representatives from the Parliament and the Commission have highlighted the importance and feasibility of this objective. Finally, another initiative is in the pipeline to harmonise the securities law legislation, establishing an EU-wide framework for the ownership of securities and increasing legal certainty in cross-border environments. Combined, the review of MiFID, the EMIR, the CSD Regulation and the securities law legislation are consistently building a harmonised legal framework for the whole securities transaction chain – from trading to clearing to settlement.

Gent Sejko: Oversight, analysis and vision of public governance in Albania Speech by Mr Gent Sejko, Governor of the Bank of Albania, at the presentation of the Supreme State Audit Annual Review 2015, Tirana, 1 February 2016. *  *  *  Your Excellency President of the Republic of Albania, Dear Chairman of the Supreme State Audit institution, Honourable Chairman of the Parliamentary Committee on Economy and Finance, Your excellency Ambassador Lu, Your excellency Minister, Dear representatives of public institutions, Honourable MPs, dear professors, dear participants, It is a special pleasure for me to be here today on the occasion of the annual review of the activity of the Supreme State Audit (ALSAI) for 2015. ALSAI is among the most important constitutional institutions in Albania, whose objective – ensuring good management of public finances – is highly significant. The effective use and certification of public funds in conformity with the laws regulating the economic and financial activity of the public sector, on-going public communication, in relation to irregularities and relevant responsibilities have been at the focus of ALSAI’s work in recent years. In this perspective, the role and mission of the ALSAI are highly important; therefore, the issues raised in ALSAI’s reports should be thoroughly analysed. They are both necessary and preventive instruments for the institutions subjected to ALSAI’s audit. Notably, the Bank of Albania and ALSAI have had a fruitful cooperation, in line with both current and prospective dynamics and developments.