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RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of November 1, 2018 No. 49/16

About approval of Regulations about the organization and functioning of the National commission on the financial market

(as amended on 18-11-2019)

Based on Art. 2 and Art. 20 of the h. (1) the Law on the National commission on the financial market No. 192/1998 (it is repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS) the National commission on the DECIDES: financial market

1. Approve Regulations about the organization and functioning of the National commission on the financial market it (is applied).

2. Declare invalid the Regulations about the organization and functioning of the National commission on the financial market approved by the Resolution NKFR No. 48/5 of 27.09.2007 (The official monitor of the Republic of Moldova, 2007, No. 157-160, the Art. 587), with subsequent changes and amendments.

3. This resolution becomes effective 1.12. 2018, it is published in the Official monitor of the Republic of Moldova and on the NKFR (www.cnpf.md) official web page.

Chairman of the National commission on the financial market

Valeriu Kitsan

Approved by the Resolution of the National commission on the financial market of the Republic of Moldova of November 1, 2018, No. 49/16

Regulations about the organization and functioning of the National commission on the financial market

Chapter I General provisions

1. The regulations about the organization and functioning of the National commission on the financial market (further – Regulations) regulate institutional functioning, features of the publication of individual acts, the procedure of personnel recruitment, and other aspects concerning activities of the National commission on the financial market (further – the National commission or NKFR).

2. The national commission provides transparency of the activities by means of maintenance of the official web page, distribution of information by means of information messages, press conferences, briefings, public debate and other means of communication.

3. Members of Administrative board and the authorized staff of the National commission have the right to require, and members of the non-bank financial market shall provide to the National commission any documents, oral and written explanations necessary for implementation of the powers by the National commission.

4. For the purpose of realization of the control powers members of Administrative board and the authorized staff of the National commission have right of access to the building, service premises and to the territory of members of the non-bank financial market.

5. The national commission has the right to cooperate with the specialized international organizations and to be their member, and also to give help and to communicate about the non-bank financial market and about his participants with the specialized international institutions and similar bodies of other states, according to the legislation.

6. The legal regime of development, promotion, acceptance, entry into force and publication of regulations NKFR is provided by the Law on the National commission on the financial market No. 192/1998 and the Law on regulations No. 100/2017.

Chapter II Individual acts, procedure for their acceptance, entry into force and message

7. In the limits set by the legislation of powers the National commission adopts individual acts in the form of resolutions, orders and records of sentence.

8. Resolutions National commission:

Issues 1), renews, stops and cancels licenses/permission, registers participants in the Register of the authorized persons;

2) is approved by structure of Advisory council, Sectoral council in the field of the external help in the non-bank financial market and Certifying commissions on certification of specialists of professional participants;

3) approves/refuses approval of the prospectus of public offer of securities and appendices to the prospectus (in primary market / about absorption);

4) approves/refuses approval of public offer of shares or investment shares of the organizations of collective investment into securities (further – OKITsB), including the prospectus of the issue, the simplified prospectus and the document with key information for investors, and also change to them;

5) enters necessary records in the State register of securities and in the Register of investment shares;

6) is issued by permission to reorganization of joint-stock company;

Establishes 7) and liquidates the companies, approves their constituent acts and appoints members of their governing bodies;

8) appoints administrators and/or representatives in structure of the commissions on liquidation of the professional participants of the non-bank financial market who are in liquidation procedure or liquidation of type of professional activity;

9) approves results of checks/inspections of activities of professional participants of the non-bank financial market;

10) is provided to associations of professional participants by the status of self-regulatory organization, and also delegates it powers according to the legislation;

11) determines periodicals in which professional participants and issuers of securities shall publish information which is subject to disclosure;

12) is appointed by registration society according to the procedure, established by the legislation;

13) is approved/stopped/withdrawn by the status of the allowed person, approves/withdraws the status of the authorized agent or refuses its provision;

14) qualifies actions of members of the capital market as manipulation;

15) approves rules of the controlled market, multilateral trade system, the central depositary, own quality standards of information of bureau of credit histories, and also change and the additions made to the conforming rules or standards;

16) previously approves the price of exposure to asset sale of clients of trustees and approves the report on liquidation and the project of asset allocation;

17) disposes about the beginning/termination of the procedure of financial improvement of the insurer (overcautious person), about organization of special management, appointment/discharge of the special managing director, management of the suspended shares and again issued shares of the insurer (overcautious person), reorganization of the insurer (overcautious person), insurance and/or reinsurance broker, issues permission to delegation by the special managing director of the powers to other persons;

18) is approved by the plan of fair compensation of claims of the insurers who remained unsatisfied if the insurer whose license was revoked has no sufficient means for payment of all compensations;

19) is approved by the plan of activities of the insurer (overcautious person) during the period before appointment of the liquidator;

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