LAW OF THE REPUBLIC OF MOLDOVA

of July 11, 2024 No. 174

About modification of some regulations (strengthening of basis of activities of National Bank of Moldova)

The Parliament adopts this organic law.

This law shifts Article 10 and part (1) Article 74 of the Directive No. 2013/36/EC of the European parliament and Council of June 26, 2013 about access to the activities of credit institutions and prudential supervision concerning credit institutions and investment firms making changes to the Directive No. 2002/87/EC and canceling directives No. 2006/48/EC and No. 2006/49/EC, published in the Official magazine of the European Union by L 176 of June 27, 2013 with the amendments made by the Directive No. 2019/878/EU of the European parliament and Council of May 20, 2019 (CELEX: 32013L0036).

Art. I. - In the Law on National Bank of Moldova No. 548/1995 (repeated publication: The official monitor of the Republic of Moldova, 2015, Art. No. 297-300, 544), with subsequent changes to make the following changes:

1. Part (Article 4 to state 2) in the following edition:

"(2) Without prejudice to the main objective the National Bank within the powers promotes stability of financial system and helps general economic policy of the state.".

2. In Article 5:

in part (1):

in Item i) to replace the word "currency" with the word "international";

add part with Items q) - s) the following content:

"q) acts as body with functions of supervision of the reporting subjects according to the Law on the prevention and anti-money laundering and terrorism No. 308/2017 financing;

r) develops and realizes macroprudential policy for the subjects which are under the supervision of National Bank;

s) develops and realizes program documents in the field of financial education and integration in spheres in which the National Bank has powers.";

in part (the words "since day of publication of the decision" shall be replaced with words 5) "since day of entry into force of the decision on application of adequate measures representing day of its publication".

3. Add the law with Articles 5-1 and 5-2 of the following content:

"Article 5-1. Strategy of macroprudential policy

The National Bank develops strategy of macroprudential policy and realizes it concerning the subjects which are under the supervision of National Bank. The strategy of macroprudential policy affirms the decision of National committee of financial stability according to the Law on National committee of financial stability No. 209/2018.

Article 5-2. Tools of macroprudential policy

(1) the National Bank for the purpose of implementation of the powers concerning realization of macroprudential policy for the purpose of decrease in systemic risk can apply by means of the regulation or on circumstances by means of the individual administrative act the following measures:

1) establishment of more strict requirements to banks, than determined according to provisions of the Law on activities of banks No. 202/2017 in the relation:

a) level of own means provided by articles 60-62 of the Law on activities of banks No. 202/2017;

b) requirements to large podverzhennost, stipulated in Article 74 Laws on activities of banks No. 202/2017;

c) requirements to liquidity, stipulated in Article 76 Laws on activities of banks No. 202/2017;

d) the requirements to publication of information provided by articles 91-94 of the Law on activities of banks No. 202/2017;

2) establishment concerning banks of requirements for maintenance of buffers of the capital, according to article 63 of the Law on activities of banks No. 202/2017;

3) establishment concerning the subjects which are under the supervision of National Bank, requirements concerning:

a) macroprudential measure calculation of effect of the lever;

b) requirements to the capital at the industry level;

c) requirements for restriction of consumer debt (credit relation to guarantee, debt relation to the income, debt servicing relation to the income);

d) the unweighted macroprudential limit applied to financing sources;

e) margins on derivative tools in case of transactions with derivative tools and the correction coefficients applicable to the securities received as providing within the guaranteed financing;

f) clearing with participation of the central partners;

g) intra-branch podverzhennost of the financial sector.

(2) Regulations of National Bank according to which the measures provided by part are applied (1), are published in the Official monitor of the Republic of Moldova and become effective from the date of their publication or from the date specified in the text of the relevant act which cannot be before date of publication.".

4. In Article 7:

part (to state 3) in the following edition:

"(3) the National Bank can participate in activities of the international organizations setting before themselves the purpose the ensuring financial, economic stability and/or other purposes connected with powers of National Bank can cooperate or sign agreements on cooperation with the relevant organizations.";

add Article with part (3-1) following of content:

"(3-1) National Bank perform the rights and carries out obligations which are assigned to the Republic of Moldova as the member of the International Monetary Fund, including medium-term and long-term use of opportunities of the relevant funding institution for needs of paying balance and strengthening of the international currency holdings of the country.".

5. In Article 10:

part (to state 1) in the following edition:

"(1) the National Bank can open accounts for the Ministry of Finance, licensed banks and departments of banks of other states, licensed National Bank, to banks in the course of liquidation, the bridge banks, to the legal entity who administers funds of guaranteeing deposits or funds of the bank resolution, to the legal entity who performs activities of Central Securities Depository as the main activities, to the payment societies, societies issuing electronic money, to suppliers of post services for the purpose of provision of payment services, to Central Banks of foreign states and the international financial public organizations. The National Bank does not open the account for bodies of local public authority and the companies, including state, the payment services except for provided by the law for the purpose of provision.";

add Article with part (3) the following content:

"(3) the National Bank can open accounts on the name in licensed banks, in departments of banks of other states licensed by National Bank and in banks of other states for implementation of the transactions connected with the administrative expenses.".

6. In Article 11:

in part (the words "in " the official monitor of the Republic of Moldova " also becomes effective or from the date of their publication, or from other date provided in the text of the relevant act on condition of finishing it to data of the public." shall be replaced with words 2) "according to the Law on regulations No. 100/2017.";

part (3-3) to state in the following edition:

"(3-3) in the course of approval and public discussion of drafts of the regulations the National Bank requests opinion of advisory nature from the Ministry of Justice. Regulations of the Law on regulations No. 100/2017 on approval, public discussion and implementation of project appraisal of the regulation, and also provision of the Law on transparency of decision making process No. 239/2008 do not extend:

a) on acts of National Bank which affirm:

- measures for financial stabilization;

- measures for implementation of the powers concerning macroprudential policy and the measures directed to decrease in systemic risk;

- requirements to required reserves, interest rates for payment of required reserves;

- calculation of approximate awards, basic awards and adjusting factors;

b) on acts of National Bank which in situations of system financial crisis or risk of its origin are adopted for accomplishment of the Law on improvement of banks and the bank resolution No. 232/2016.";

add Article with parts (3-4)-(3-8) and (4-1) following of content:

"(3-4) To the edition the National Bank of the individual administrative act encumbering the participant of ministerial procedure including within the control procedures which are carried out according to Articles 751 and 752, to its attention brings the facts and circumstances essential to the act which is subject to the edition, and the corresponding participant is given opportunity to submit to National Bank the opinion in writing for hearings within ten working days from the date of the notification. Ministerial procedure stops from the date of the direction of the notification to the participant about day of representation of the opinion to them or on circumstances about day of the expiration for opinion representation.

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