| Newsletter| December 2022 | «Analysis of the Act 35/2022 amending Act 8/2013» |

Act 8/2013, of 9 May, on the organisational requirements and operational conditions of entities operating within the financial system, investor protection, market abuse, and contractual collateral arrangements (hereinafter, the “Act 8/2013”) is the corner stone of the Andorran financial system regulation on investment services. Likewise, Act 8/2013 has been one of the most important ways for Andorran law to approach the European banking and securities market regulations, in accordance with the obligations assumed by the Principality of Andorra in the Monetary Agreement entered into in 2011 with the European Union. Its annex has been yearly amended in order to incorporate an essential part of the acquis communautaire in financial matters into the Andorran legal system.

These intended changes are particularly relevant in view of the involvement of the Andorran financial system in international finance and shall encourage Andorran entities to gradually adopt the usual business practices among European financial groups.

The Firm’s team in Andorra analyzes in this Newsletter the novelties of this new approved modification.