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LAW OF THE REPUBLIC OF MOLDOVA

of July 7, 2023 No. 181

About services of collective financing

The parliament adopts this organic law.

The purpose of this law is support and provision of alternative financing for the newly created companies, small and medium scale enterprises and for bodies of local public authority in case of means of platforms of collective financing.

This law partially shifts provisions of Regulations (EU) 2020/1503 European parliament and Council of October 7, 2020 about the European service providers of collective financing for entrepreneurs and about modification of Regulations (EU) 2017/1129 and the Directive (EU) of 2019/1937, European Union published in the Official magazine L347/1 of October 20, 2020.

Chapter I General provisions

Article 1. Regulation subject

(This law regulates 1):

a) conditions of access to activities for collective financing and conditions of its implementation;

b) categories of services of collective financing;

c) competences of service providers of collective financing, instruments of their activities and procedure of supervision of them.

(2) Activities of service providers of collective financing are not activities of bank or non-bank crediting, savings and loan associations, payment service providers and investment societies.

Article 2. Basic concepts

For the purposes of this law the following concepts are used:

management of individual credit portfolios - allocation of collective financing of in advance certain amount by the service provider from funds of the investor who is the initial borrower for one offer / one project or several offers/projects of collective financing on the platform of collective financing according to the powers conferred by each investor at discretion;

supervisory authority - the National commission on the financial market, body with the competences for licensing, regulation and supervision of service providers of collective financing which are subject of this law by means of implementation of the exclusive functions established by the Law on the National commission on the financial market No. 192/1998, and also this law;

authorization - registration of service providers of collective financing in the Register of service providers of collective financing based on the decision of supervisory authority;

the client - the investor, the developer or the debtor consumer, potential or actual to which the service provider of collective financing provides or intends to provide services of collective financing;

the debtor consumer - the physical person acting for the purpose of, not connected with its trading, economic or professional activity, intending to obtain consumer loan in case of means of platform of collective financing;

developer of projects of collective financing (further - developer) - the physical person who is engaged in business activity or the legal entity pursuing revenue generating purpose, being in the Republic of Moldova who, corresponding to the conditions provided by this law intends to receive financing for the project in case of means of platform of collective financing;

the investor - the physical person or legal entity in case of means of platform of collective financing granting the loans or acquiring the securities or tools permitted for the purposes of collective financing, or granting consumer loans;

the experienced investor - physical person or legal entity, being the professional client or the skilled investor according to articles 137 and 138 of the Law on the capital market No. 171/2012, either the physical or legal entity who is qualified by the supplier as the experienced investor according to the criteria and the procedure provided in article 26 of this law;

the inexperienced investor - the investor who is not the experienced investor;

collective financing on the basis of investments - acquisition or subscription by investors via the investment mechanism on shares in the authorized capital or the share of developer within the project of collective financing;

collective financing on the basis of crediting - loan granting by one or several investors for the project of collective financing or for one or several consumer loans in exchange for receipt of percent in case of means of platform of collective financing;

the service provider of collective financing (further - the supplier) - the legal entity founded as limited liability company or joint-stock company, registered in the Republic of Moldova and authorized according to this law for provision of services of collective financing;

the offer of collective financing - the message from the supplier corresponding to conditions of this law, containing the sufficient information about conditions of the offer and/or about the offered project of collective financing allowing potential investors to make the decision concerning investment into this project and/or into consumer loan;

officials - the executive body consisting of one person, members of collegiate executive body, members of council of society, auditing commission / auditing committee and also other persons performing powers according to the order under management of society;

platform of collective financing (further - platform) - the public information system managed by the service provider of collective financing;

the project of collective financing (further also - the project) - business activity for which implementation the developer intends to receive financing in case of means of the offer of collective financing;

service of collective financing - establishment of communication between investors and one or several developers or debtors consumers in case of means of platform of collective financing;

the transaction of collective financing - the bargain concluded between the supplier and the investor, or between the supplier and the developer, or between the supplier and the debtor consumer in case of means of platform of collective financing;

the investment mechanism - the limited liability company created for the purpose of accumulating, implementation of investments and management by them in the project of collective financing.

Article 3. Other types of collective financing

Activities and services in the collective financing based on donations, remuneration, advance payment for goods or investments into future property within which the aim of receipt of pecuniary benefit in exchange for financing of projects of collective financing is not pursued are regulated by the civil legislation on donation, purchase and sale, provision of services, the sponsor's help and charity.

Chapter II Provision of services of collective financing. Requirements to the organization and functioning of the supplier

Article 4. Requirements to projects of collective financing

(1) the Cash amount, admissible for accumulating on one project of collective financing, cannot exceed equivalent in Moldovan lei of the sum of 1 000 000 euros calculated for the official rate of Moldovan leu established by National Bank of Moldova on the date of placement of the offer of collective financing.

(2) Implementation in time, provided in part (4), offers of collective financing of the same developer one or several platforms of collective financing which are under control of suppliers allowed only with limiting observance of the size provided in part (1).

(3) the Developer who received money in the form of the credit cannot use these means for the purposes of direct lending or crediting through the third parties of other physical persons and/or legal entities.

(4) For the project of collective financing by developer the exact term of accumulating of investments which cannot be more than 12 months shall be established.

(5) In case the investments necessary for project implementation are not saved up during the term established by developer, on its request this term can be prolonged. In this case the supplier informs all investors that the developer requested prolongation of term, having provided to them up to 14 days on withdrawal of the investments. If before the expiration of this term the investor does not require withdrawal of investments, it is supposed that he agreed with prolongation of term.

(6) In case the investor withdraws investments on the bases provided in part (5), the supplier returns him money and interests paid by bank for the period of finding of money on supplier account if on supplier account percent are charged.

(7) the money Listed by the investor during their stay on supplier account cannot take place or be used for the purposes other than investment into the project of collective financing for which this money intended.

Article 5. Requirements to consumer loans

(1) the Cash amount which can be provided to the debtor consumer cannot exceed equivalent in Moldovan lei of the sum of 7500 euros calculated for the official rate of Moldovan leu established by National Bank of Moldova on the date of placement of the offer of collective financing.

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