Page 125 - Economic report 2020

November

04/11 > The central and Comú governments sign a collaboration agreement to promote and implement energy
saving measures. The overall objective is to achieve a minimum reduction of 15% of energy consumption
by the Comú governments, and also by all bodies and institutions under their control.

06/11 > Andorra attends the United Nations Climate Change Conference (COP27), held in Egypt on 6-18
November.

13/11 > Culmination of the process of merging MoraBanc and BSABanc. This transaction began in October
2021 when MoraBanc and the Spanish entity, Banco de Sabadell, SA, formalised the Andorran bank’s
purchase of 50.97% of the share capital in BancSabadell d’Andorra, SA.

16/11 > Creation of the seal “Restaurant de Cuina Tradicional d’Andorra”.

23/11 > Andorra signs the Double Taxation Agreement (DTA) with the Czech Republic.

24/11 > Approval of Law 35/2022, amending Law 8/2013, of 9 May, on the organizational requirements and
operating conditions of entities operating within the financial system, investor protection, market abuse
and financial collateral arrangements.
> Approval of Law 36/2022, on the creation of international reserves and access by the financial system
to assistance in the form of emergency liquidity provision.
> Approval of Law 37/2022, on measures to respond to energy crisis situations.

December

01/12 > Andorra signs the Double Taxation Agreement (DTA) with the Principality of Monaco. 123
> Approval of Law 41/2022, on measures for protection, market stimulus and governance in the field of
housing.
> Approval of Law 42/2022, on the digital economy, enterprise and innovation, establishing measures
and regulations to foster activity in these fields. This law also regulates new forms of residence for
foreigners who contribute to the development of the digital economy, enterprise or innovation in the
Principality of Andorra.

08/12 > Entry into force of the Double Taxation Agreement (DTA) with Hungary.

14/12 > The Government issues Decree 528/2022, on provisional measures for the mandatory reduction of
energy consumption and energy savings applicable overall to the business sector. The measures follow
the strategy begun by the executive government in recent months with the aim of reducing electricity
consumption by 15%.

> The FEDA Ecoterm cooling and heating network starts to operate in Escaldes-Engordany, supplying the
equivalent of 740 homes in the first phase.

22/12 > The Government issues Decree 553/2022, approving specific international financial reporting standards
adopted in the European Union (IFRS-EU) and amends the Decree of 22 December 2016, approving
the accounting framework applicable to entities operating within the Andorran financial system and
Andorran collective investment schemes, according to the IFRS-EU which have also been adopted by
Andorra (IFRS-Andorra). Timeline of the most significant economic developments in 2022