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Ministry of Justice

Republic of Moldova

On June 9, 2022 No. 1723

RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of June 2, 2022 No. 113

About approval of Regulations about essential ownerships of banks

Based on the item c) parts (1) Art. 27 of the Law No. 548/1995 on National Bank of Moldova (pereopublikovan: The official monitor of the Republic of Moldova, 2015, No. 297-300, the Art. 544), with subsequent changes, Art. 55-58 of the Law No. 202/2017 on activities of banks (The official monitor of the Republic of Moldova, 2017, No. 434-439, the Art. 727), with subsequent changes, the Executive committee of National Bank of Moldova DECIDES:

1. Approve Regulations about essential ownerships of banks it (is applied).

2. Declare invalid the Resolution No. 330/2016 on approval and recognition voided some regulations of National Bank of Moldova (The official monitor of the Republic of Moldova, 2016, No. 441-451, the Art. 2131), registered in the Ministry of Justice at No. 1155 of December 16, 2016.

3. The applications for receipt of preliminary permission concerning acquisition of essential ownerships submitted in National Bank of Moldova and not permitted on the date of entry into force of this resolution are considered and decide according to requirements of the regulations specified in the item 1, on condition of filling with banks within no more than 30 days from the effective date of this resolution of document package according to requirements of specified. Statements and documents are considered according to the terms established by the regulations specified in the item 1, calculated from the date of filling of document package. If the statement and documents are not filled in in the specified time, the National Bank of Moldova informs bank on the termination of ministerial procedure.

4. This resolution becomes effective after 2 months from the date of publication in the Official monitor of the Republic of Moldova.

Chairman of Executive committee

Octavian to Armash

Approved by the Resolution of Executive committee of National Bank of the Republic of Moldova of June 2, 2022, No. 113

Regulations about essential ownerships of banks

Chapter I General provisions

1. The regulations establish requirements to procedures of receipt of preliminary permission of National Bank of Moldova in case of acquisition of essential ownerships by banks in the capital of the companies.

2. The concepts and expressions used in these regulations have the determinations provided by the Law No. 202/2017 on activities of banks, and also regulations of National Bank of Moldova, developed for its application.

3. Banks submit in National Bank of Moldova the report on all ownerships in the capital of the companies constituted according to the Instruction about procedure for creation and submission of reports by banks in the prudential purposes approved by the Resolution of Administrative board of National Bank of Moldova No. 279 of December 1, 2011 (The official monitor of the Republic of Moldova, 2011, No. 216-221, the Art. 2008).

Chapter II of Restriction and exception

4. Banks are forbidden to own essential ownership which size exceeds 10 percent from the acceptable capital of bank in the company or to acquire essential ownerships in the company if thus the bank can exercise over it control.

5. Provisions of item 4 are not applied to essential ownerships of bank in the capital:

1) subject of the financial sector;

2) the company which is not subject of the financial sector and performs the activities considered by National Bank of Moldova as one of the following:

a) activities which are direct continuation of banking services - provision of services by the company to clients of bank which though are not auxiliary in relation to the activities performed by bank are continuation of banking services;

b) activities for support banking services - the activities performed by the company which main activities is ownership or property administration, or the similar activities which are auxiliary in relation to the main activities of one or several banks;

c) activities of leasing, factoring, management of investment funds, managements of services of data processing or any other similar activities.

6. For the purpose of subitem provisions 2) of the item 5, prior to investment implementation banks submit the application in Romanian signed by person authorized by right to sign in executive body of bank with request of opinion of National Bank of Moldova concerning inclusion of the activities performed by the company in the categories provided in the item a), b) and c) the specified subitem. For this purpose banks enclose to the application information and documents necessary for confirmation of the fact that activities which will be performed by the company matter specified in subitem 2) to item 5.

7. If information and documents provided according to the item 6, are insufficient for statement of opinion of National Bank of Moldova, he can request additional documents and information, to make additional investigation, including to consult with state bodies.

8. If the National Bank of Moldova requests additional documents and information, it in writing notifies on this fact bank within 5 working days from the date of filing of application and informs bank on need of submission of required documents and information within no more than 10 working days from the date of informing.

9. If the bank does not submit missing documents and information in time, the National Bank of Moldova specified in the item 8, informs bank on the termination of ministerial procedure within 3 working days after the expiration of the provided term.

10. Within 30 days from the moment of the expiration provided to bank according to the item 8, National Bank of Moldova passes opinion on request. The National Bank of Moldova can establish, with informing bank, the term exceeding the term specified in 30 days, but which is not exceeding 90 days according to the Administrative code of the Republic of Moldova.

11. In case of need carrying out by National Bank Moldova additional investigations and/or consultations with state bodies, the term specified in the item 10, stops.

12. In case of statement variation the bases on which the statement is rejected will be specified receipt of opinion of National Bank of Moldova on inclusion of the activities performed by the company in the category provided in subitem 2) by the item 5,. As the bases for variation of the statement are considered:

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