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

of October 29, 2024 No. 50/7

About approval of the Regulations on outsourcing of operational functions of service providers of collective financing

Based on Item (1) article 13 of the Law on services of collective financing No. 181/2023 (The official monitor of the Republic of Moldova, 2023, No. 272 - 273 Art. 470) the National commission on the DECIDES: financial market

1. Approve Regulations on outsourcing of operational functions of service providers of collective financing it (is applied).

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

Approved by the Resolution of the National commission on the financial market of the Republic of Moldova of October 29, 2024 No. 50/7

Regulations on outsourcing of operational functions of service providers of collective financing

Chapter I. General provisions

1. The regulations on outsourcing of operational functions of service providers of collective financing (further - the Provision) regulate procedure and conditions of receipt of preliminary permission by service providers of collective financing (further - the supplier) in case of transfer on outsourcing of operational functions, and also reasonable measures which need to be accepted in order to avoid emergence of additional operational risk.

2. For the purposes of the Provision the concepts determined by the Law on services of collective financing No. 181/2023 are used (further - the Law No. 181/2023), and also the following terms:

1) Cloud - information infrastructure of cloudy type;

2) Cloud - information infrastructure of cloudy type public cloud - the information infrastructure available to free use by general public;

3) private cloud - the information infrastructure available to use only of one company;

4) cloud of community - the information infrastructure available to use only in circle of the organizations entering into one group;

5) hybrid cloud - the information infrastructure consisting of two or more separate infrastructures of cloudy type.

6) outsourcing - transfer of collective financing by the service provider to provider of services of collective financing of implementation of types of activity and rendering services of collective financing, based on the relevant agreement;

7) provider of services of collective financing - the third party performing operational functions of the supplier based on the agreement of outsourcing;

8) cloud services - provision of resources and computing services (such as data storage, computing capacity and software applications) on the Internet, instead of placement them locally on the device or own server. These services are provided by cloudy/virtual suppliers and are available to users from any place and at any time, so far they have connection to the Internet.

3. For the purposes of the Provision, outsourcing is not provision of services which under the law shall be performed by the provider of services authorized for this purpose.

4. The payment for issue of pre-trial detention on transfer of operational functions on outsourcing is levied according to the Law on the National commission on the financial market No. 192/1998.

5. Non-compliance with requirements of this provision involves sanctions according to provisions of Articles 43 - 45 Laws No. 181/2023.

Chapter II. Pre-trial detention on outsourcing

6. The supplier receives pre-trial detention of the National commission on the financial market (NKFR) as it is specified in part (1) article 13 of the Law No. 181/2023, to the conclusion of the contract on transfer for outsourcing of operational functions, including cloud services (further - the agreement of outsourcing) with provider of services of collective financing (further - provider).

7. For receipt of preliminary permission to outsourcing to provider of operational functions, the supplier submits the application to NKFR to which he applies minimum:

1) the decision on transfer of function on outsourcing made by the governing body authorized by the charter;

2) results of assessment of provider, according to Item 24;

3) economic case of activities of outsourcing and the detailed description of the activities transferred to outsourcing;

4) expected influence on financial position and performance of the supplier as result of outsourcing;

5) information on provider, including, depending on case: the name, the location, types of activity, potential, the effective beneficiary, resources, including personnel, information and financial resources, the market of activities and its line item in the market, organizational structure, nature, scale and complexity of its activities, data on belonging of provider to some group and specifying of its inclusion or not inclusion in the consolidated supervision at the level of group;

6) the draft agreement of outsourcing, depending on case, or the reference to the signed agreement/agreement which will be signed by electronic means;

7) the domestic policy of the service provider concerning the functions transferred on outsourcing approved by the governing body authorized by the charter, containing, at least, information specified in Item 35;

8) the copy of the license, certificates or authorization of provider, in the presence, for implementation of the activities which are subject to outsourcing, the filing of application, valid for date;

9) privacy policy of data of provider.

8. The statement, documents and information specified in Item 7, are constituted in Romanian, are followed by the list, with indication of the name of documents and the number of pages in them and are signed by the authorized person.

9. If the documents and/or information specified in Item 7, were constituted with omissions, inaccuracies and/or provided not in full, NKFR notifies on it the supplier within 10 working days from the date of filing of application. The supplier, in time no more than 15 working days from the date of receipt of the notification from NKFR, represents the additional and/or corrected documents/information.

10. In case of non-presentation of documents and/or information in time, NKFR provided in Item 9, informs the applicant that the statement will not be considered and will return the submitted documents. Return of documents does not exclude possibility of their repeated submission to NKFR, after elimination of discrepancies.

11. NKFR has the right to demand provision of any additional documents necessary for consideration of the application on outsourcing provided that they have a direct bearing on the considered subject.

12. In the course of consideration of the application on issue of preliminary permission to outsourcing of operational functions, NKFR, using the approach based on risk analysis estimates:

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