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

of February 3, 2000 No. 6/5

About approval of the Procedure for liquidation of the professional participant or his activities in the security market in case of withdrawal (expiration) of the license granted by the National commission on securities

According to Art. 42 of the h. (4) the Law on the N 199-XIV security market of 18.11.1998, Art. 3 and Art. 9 of the h. (1) the item about) the Law on the National commission on securities N 192-XIV of 12:11. 1998, for the purpose of implementation of supervision and control of the security market, protection of interests of investors, DECIDES: regulations of activities of the professional participant of the security market and process of its liquidation in case of withdrawal (expiration) of the license granted by the National commission on securities

1. Approve the Procedure for liquidation of the professional participant or his activities in the security market in case of withdrawal (expiration) of the license granted by the National commission on securities.

2. To impose control over the implementation of this resolution on Department of supervision, control and questionnaire.

Appendix

to the Resolution of the National commission on securities No. 6/5 of February 3, 2000

Procedure for liquidation of the professional participant or his activities in the security market in case of withdrawal (expiration) of the license granted by the National commission on securities

I. General provisions

1.1. The procedure for liquidation of the professional participant or his activities in the security market in case of withdrawal (expiration) of the license granted by the National commission on securities (daleeporyadok) is developed based on provisions of the Law on the security market, the Law on the National commission on securities and other existing regulations regulating the security market.

1.2. In case of withdrawal (expiration) of the license granted by the National commission on securities (further - the National commission), the National commission appoints the administrator who performs liquidation of the professional participant of the security market (the daleeprofessionalny participant) or its activities, according to the procedure, established by this procedure and the resolution of the National commission on the matter.

1.3. Banks and other financial institutions which activities are regulated by the Law on financial institutions and which obtain license for activities in the security market in the National commission according to Art. 43 of the item (1) the Law on the security market, do not fall under action of this procedure.

II. Conditions of appointment of the administrator

2.1. Person having the higher education and experience of activities in the security market is appointed to position of the administrator.

2.2. Cannot be designated by the administrator person who:

a) had criminal record;

b) within the last five years it was brought to the civil responsibility for false representation or violation of financial liabilities.

2.3. Before appointment of person the administrator the National commission shall make sure of lack of any conflict of interest between this person and the professional participant who is subject to liquidation.

For establishment of no conflict of interest this person before appointment shall provide in the National commission information on the private and business interests, and also on the or the wife (husband), children the financial relations.

2.4. In case of the conflict of interest (which is directly relating to implementation of obligations of the administrator) after the appointment the administrator informs on it the National commission within three days since the moment when he learned about its origin.

2.5. If the National commission determines that such conflict of interest is inadmissible, the administrator shall resolve this conflict according to requirements of the National commission or resign.

2.6. The administrator is appointed along with adoption of the relevant resolution of the National commission on liquidation of the professional participant in the security market or its activities in the security market.

III. Basic rights and obligations of the administrator

3.1. The administrator has the full and exclusive right to manage and control activities of the professional participant who is in process of liquidation and to undertake any measures for its effective liquidation and for receipt of the maximum revenue from alienation of assets, and also the right:

a) continue or stop any transaction of the professional participant;

b) involve any expert, the expert or the professional consultant, from prior consent of the National commission;

c) initiate legal cases;

d) perform any activities on behalf of the professional participant, considering need of receipt of consent of the National commission to implementation of the following actions:

e) alienation of any asset of the professional participant worth more than 500000 (five hundred thousand) lei;

f) satisfaction of any requirements to the professional participant (except for the requirements following from job responsibilities of the administrator) before liquidation completion, including settlings with all clients and creditors, but at the same time considering that the attitude towards all clients and creditors shall be identical;

g) other rights according to the resolution of the National commission.

3.2. The administrator shall carry out the obligations objectively. At the same time he has no right:

a) be effective in the conditions of availability of conflict of interest, except for case when the National commission is informed on this conflict and it permits it to continue work;

b) ask or accept, directly or indirectly, any services, gifts and other values from any person of whom the administrator knows that it is interested in implementation of any actions by the National commission in connection with liquidation or its interests can be significantly infringed in result of accomplishment or failure to carry out by the administrator of certain obligations;

c) make promises or undertake obligations on behalf of the National commission without its permission.

3.3. The administrator has no right to open information of internal use, except as specified, when necessary for execution of the functions.

3.4. The administrator in two-month time from the date of its appointment can:

a) terminate:

b) the employment contract with any specialist of the professional participant according to the labor law;

c) agreements rendering services which party is the professional participant;

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