RESOLUTION OF THE NATIONAL COMMISSION ON SECURITIES OF THE REPUBLIC OF MOLDOVA

of May 4, 2007 No. 24/8

About approval of some regulations regulating activities of National securities depository of Moldova

Based on Art. 1 of the h. (1), Art. 3 of the item b) and item е), Art. 8 of the item and) and item f), Art. 21 of the h. (1), Art. 22 of the h. (1) and h. (2) the Law N192-XIV of 12.11.1998 on the National commission on securities, the Law N199-XIV of 18.11.1998 on the security market, Art. 8.3.3 and Art. 8.3.5 of the Resolution of State commission on the N3/2 security market of 12.02.1998 about approval of the Regulations on activities of National securities depository the National commission on securities DECIDES:

1. Approve in the new edition:

1.1. Rules of National securities depository of Moldova (are attached).

1.2. The procedure of opening and closing of depositary accounts to individual investors (is attached).

1.3. The procedure of forming and use of fund of participants (is attached).

1.4. Charges for services of National securities depository of Moldova (are applied).

2. This resolution becomes effective from the date of publication.

Appendix

to the Resolution NKTsB No. 24/8 of May 4, 2007

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¦"ПРИНЯТО"                         ¦"УТВЕРЖДЕНО"                     ¦
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¦Советом директоров АО Национальный¦Национальной комиссией по  ценным¦
¦депозитарий ценных бумаг Молдовы  ¦бумагам Решение  N24/8  от 4  мая¦
¦Протокол N 03/2007 г. от 10 апреля¦2007 г.                          ¦
¦2007 г.                           ¦                                 ¦
¦Председатель Совета директоров    ¦Председатель НКЦБ                ¦
¦___________Е. Унтилова            ¦___________________ Д. Урсу      ¦
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Rules of National securities depository of Moldova

1. Main terms

In these rules the following terms are used:

Depository activity is rendering services in accounting of the rights of depositors to securities.

Settlement activities. Calculations are activities for exchange of securities for money, i.e. implementation of calculations for security transactions by means of money transfer and delivery of securities to participants of the market.

Clearing and settlement activities are activities for determination of cross liabilities, that is implementation of transactions for collection, reconciliation, adjustment of information on transactions of purchase and sale of securities and preparation of documents for execution of transactions, and also activities for offsetting of cross liabilities for calculations for securities and implementation of the specified calculations by money transfer and delivery of securities to participants of the market.

The calculating agent of the third party of the transaction, the Calculating agent is member of National depositary (depositary of investment fund, the Moldavian or foreign custodian) perfroming calculation for the bargain concluded by other member of National depositary (broker) for the benefit of the client of the first participant (investment fund or other institutional investor).

Corporate actions are the actions connected with accomplishment by joint-stock company of its obligations to shareholders (dividend payout, etc.), with change of the status of joint-stock company or data on it (reorganization, change of the name, etc.) or with implementation of the transactions affecting securities of joint-stock company (converting and crushing of securities, etc.).

Cancellation of the transaction is the clearing transaction consisting in cancellation of records about the transaction, date of calculations for which did not come yet, from depositary and clearing accounts of the parties of the transaction.

The clearing bank is the commercial bank having the license of National Bank of Moldova and authorized by National depositary to make money transfers by calculations for security transactions, deposited in National depositary.

Blocking is the depository operation consisting in entering into records on the depositary account of mark about encumbrance of certain quantity of securities by obligations (pledge of securities, the temporary termination of transactions with securities according to the decision of degree of jurisdiction or authorized bodies).

The broker is the professional participant of the security market having the license for broker activities.

The depositary agreement is contract between National depositary and the depositor according to which services of National depositary are provided to the depositor and according to which the depositor appoints National depositary by the nominee holder.

The depositary account is the account opened in National depositary for accounting of the rights of the depositor to securities.

Own depositary account, Own account is the account opened in National depositary for participants for accounting of the rights to own securities of these participants (i.e. the securities belonging to them owing to the property right). Own account is managed the participant.

The special depositary account of National depositary is the account opened in National depositary for accounting of the rights to the securities which are temporarily belonging to the most National depositary.

The individual depositary account, the Individual account is the account opened in National depositary for depositors - to individual investors whose legal representative is the broker who does not have the license for activities of the nominee holder.

The collective depositary account, the Collective account is the account opened for the participants who are nominee holders of securities of the clients for accounting of the rights of this participant as the nominal owner of the securities belonging to the specified clients. The securities which are on the collective account are considered in total, without specifying on their accessory to specific clients of the participant addressed to whom the account is opened. Accounting of securities by clients is performed in internal accounting documents of the corresponding participant.

The clearing account is the account opened for each participant and intended for accounting of obligations of this participant on deliveries of securities and calculations for them.

Confirmation of the transaction is obtaining by National depositary of consent of participants and calculating agents with transaction details.

Positive confirmation of the transaction is the clearing transaction consisting in receipt of consent of the calculating agent of the third party of the transaction for implementation of calculation for the transaction. The specified calculating agent confirms transaction details before its admission to calculation and assumes monetary commitments by calculation.

Preliminary confirmation of the order is the transaction made by Trade system of Stock exchange of Moldova (further - Stock exchange) based on the data provided by National depositary for the purpose of prevention of security sale without covering (i.e. security sales which the seller does not own).

Adjustment of the transaction is the clearing transaction consisting in entering into records according to the depositary and clearing account of the participant of the changes reflecting change of instructions for payment under the transaction which party is this participant.

The custodian is the person rendering services in storage of property based on the written agreement (including securities) clients, to obtaining and payment to clients of the income from use of this property, and also on purchase, sale, obtaining on storage and transfer of securities according to orders of clients.

The dealer is the professional participant of the security market having the license for dealer activities.

The depositor is the physical person or legal entity which signed the depositary agreement, using services of National depositary and having the account opened on the name, and also the National depositary storing own securities.

Calculations - set of actions taken at the same time by the member of National depositary (Seller) for execution of the obligations for delivery of securities, on the one hand, and the member of National depositary (Buyer) for execution of the obligations on payments, on the other hand, for the stock exchange transactions made during one trading session. Calculations are made in "day of calculations" which day of T+3 for all stock exchange transactions is.

The national securities depository of Moldova (daleenatsionalny depositary) is the professional participant of the security market rendering services in accounting of the rights of depositors to securities, in clearing and payment under the transactions made on the Stock exchange.

The depositary of investment fund is the professional participant of the security market who is acting according to the Law of the Republic of Moldova "About investment funds" and having the corresponding license of the National commission on securities for rendering depositary services to investment funds.

Deposition is the depository operation consisting in transfer of securities into the depositary account owing to their transfer into accounting in National depositary. Distinctive feature of this transaction is increase in quantity of the securities considered in National depositary.

Acceptable securities are the securities allowed to deposition in National depositary.

Securities "on check" are securities which transfer order about transfer addressed to National depositary was signed by the depositor, but is not processed by the relevant independent registrar yet.

The individual investor is the depositor having the right to make orders on the depositary account only through the operators appointed by it.

The operator of the individual depositary account (further - the operator) is the member of National depositary having the right based on the contract with the individual investor registered in National depositary to make orders on accomplishment of transactions on all or some line items of the individual depositary account of this investor within the powers established by the agreement and based on orders of the investor.

Depository operations are the operations performed by National depositary when implementing of depository activity by it.

The member of National depositary (further - the Participant) is the depositor having the right directly to make orders on the depositary accounts and conforming to the requirements established by these rules.

The line item is certain number of securities.

The long position is the number of the securities which are subject to delivery to this participant specified in records on depositary and clearing accounts of the participant.

The short position is the number of the securities which are subject to delivery by this participant specified in records on clearing and depositary accounts of the participant.

The net cash line item is the obligations of National depositary and its participants on money transfer (from the account of National depositary into accounts of participants or on the contrary) formed as a result of mutual offsetting of monetary commitments of participants on stock exchange transactions. The net cash line item shows what cash amount following the results of clearing each participant shall pay or receive in the course of calculations.

Removal is the depository operation consisting in write-off of securities from the depositary account owing to their removal from accounting in National depositary and entering of the corresponding records into system of maintaining the register of holders of these securities. Distinctive feature of this transaction is reduction of quantity of the securities considered in National depositary.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info