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Ministry of Justice

Republic of Moldova

On January 30, 2009 No. 644

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

of October 17, 2008 No. 50/13

About approval of the Regulations on issue of the conclusion for implementation by savings and loan associations of investments into corporate securities

(as amended on 26-06-2015)

For the purpose of execution of provisions of Art. 7 of h (3) and Art. 35 of h (2) the Law No. 139-XVI of 21.06.2007 "About savings and loan associations" (The official monitor of the Republic of Moldova, 2007, No. 112-116, the Art. 506), based on provisions of Art. 1 of the h. (1), Art. 3, Art. 4 of h (1) and h (2), Art. 8 of the item b), Art. 21 of the h. (1), Art. 22 of the h. (1) and h. (2), Art. 25 of the h. (2) the Law No. 192-XIV of 12.11.1998 "About the National commission on the financial market" (it is repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), item 5 b) and item 7.3 c) the Regulations about the organization and functioning of the National commission on the financial market approved by the Resolution of the National commission on the financial market No. 48/5 of 27.09.2007 (The official monitor of the Republic of Moldova, 2007, No. 157-160, the Art. 587), the National commission on the DECIDES: financial market

Approve Regulations on issue of the conclusion for implementation by savings and loan associations of investments into corporate securities it (is applied).

Chairman of the National commission on the financial market

Mikhail Chibotaru

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of October 17, 2008 No. 50/13

Regulations on issue of the conclusion for implementation by savings and loan associations of investments into corporate securities

Chapter I. General provisions

1. This provision establishes procedure for request, consideration and issue by the National commission on the financial market (further - the National commission) the conclusions for implementation by savings and loan associations which have the license of category B, C or the central associations (further - associations) of investments into corporate securities.

2. In this provision the following concepts are used:

a) investments into corporate securities - sets of corporate securities (shares, bonds, other financial records), further - KTsB, the certain class issued by the commercial society which is exposed to check from the National commission or financial institution, supervision of which activities is exercised by National Bank of Moldova which the association intends to acquire;

b) the conclusion for implementation of investments into corporate securities (further - the conclusion) - issue of the written agreement to the National commission on implementation by association of investments into corporate securities.

3. Investments into corporate securities shall be performed, depending on case, according to the rule "have to term". The surplus of quick assets which remained after issue of loans can be invested by association in the corporate sector taking into account that investments shall be made in stable and reliable form, within provided by the Regulations of financial precaution approved by the Resolution of the National commission No. 17/8 of 30.04.2008 (further – NFP). If owing to the carried-out analyses and forecasts it is found out that, at least, the short-term and medium-term financial position is not stable, in order to avoid subjection of the capital of association to risk of association shall not acquire KTsB for the purpose of their sale.

4. The association can invest in KTsB placed by the following commercial societies having form of business of joint-stock company:

a) financial institutions, supervision of which activities is exercised by National Bank of Moldova;

b) insurance companies;

c) microfinancial organizations;

d) other joint-stock companies, supervision of which activities is exercised by the National commission.

5. The association shall address to the National commission behind the conclusion for any investments into corporate securities before direct implementation of investment into corporate securities.

6. The conclusion of the National commission is valid 30 calendar days from the date of its issue. If the association did not perform the approved investments into the set term, but nevertheless intends to acquire data KTsB, the association shall receive the new decision in case of submission of the corresponding statement in the conditions of this provision.

7. Receipt of the conclusion for investment into corporate securities does not reduce and does not eliminate risk of the investment, and also does not assign any obligations to the National commission.

8. Based on this provision for alienation by KTsB association belonging to it by the property right or being in ownership the conclusion it is not issued.

Chapter II. The statement on receipt of the conclusion

9. For receipt of the conclusion the association provides to the National commission the statement according to the sample established in appendix to this provision (further - the statement), with appendix of the following documents:

1) financial reports / the specialized report constituted by the end of the reporting period. If the National commission already received the corresponding financial reports / the specialized report, they are not attached;

2) information on portfolio of KTsB registered on balance and off-balance sheet accounts of association on the date of creation of the statement according to constituted financial reports / to the specialized report, including:

b) the name of the commercial society issuing KTsB;

c) class and state registration number KTsB;

d) date of acquisition by KTsB association;

e) investment cost;

f) the number of the acquired KTsB.

In case of existence of several classes KTsB, the requested information is shown separately on the emitting commercial societies and on classes of the issued KTsB.

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