of March 14, 2002 No. 9/7
About Regulations on procedure for conducting checks of activities of members of the security market by the National commission on securities
Based on Art. 1 of h (1) the Law N199-XIV of 18.11.98 on the security market (The official monitor of the Republic of Moldova, 1999, Art. N27-28, 123) and Art. 1 of the h. (1) the Law N 192-XIV of 12.11.98 on the National commission on securities (1999, Art. N22-23, 91) the National commission on securities DECIDES: the official monitor of the Republic of Moldova
1. Approve Regulations on procedure for conducting checks of activities of members of the security market by the National commission on securities it (is applied).
2. Control of execution of the Provision specified in item 1 of this resolution, and also accounting performed to assign to Department of supervision, control and questionnaire.
on securities George Kelky
to the Resolution of the National commission on valuable бумагам№9/7 of March 14, 2002
1. The regulations on procedure for conducting checks of activities of members of the security market by the National commission on securities (further - the Provision) are developed based on the Law on the National commission on securities, the Law on the security market and Regulations on the National commission on securities.
2. This provision the National commission on securities (further - the National commission) establishes regulations and procedures of conducting checks for ensuring compliance with the laws and other regulations in the field of the security market by members of the security market.
3. The national commission as the body of the public power performing regulation, supervision and control of the security market makes the decision on conducting checks concerning compliance with law and rules of securities.
4. In this provision of check the following value knows:
- audit, reconciliation, the analysis of certain activities for observation of process of activities and its compliance to provisions of the current legislation.
5. On method of carrying out differ:
a) scheduled inspections - the checks performed by monitoring body based on the work plan of the National commission no more once for calendar year. Scheduled inspections are carried out with the prior notice of the member of the security market;
b) unscheduled inspections - the checks performed by monitoring body without prior notice in case of receipt of information on violations by the member of the security market of the legislation on the security market and also the rights of investors. Unscheduled inspections do not join in the plan of checks of monitoring body;
c) cross checks - checks during which several members of the security market whose activities are crossed can be checked;
d) repeated checks - the checks performed in case results of the previous checks are unconvincing, incomplete or unsatisfactory.
6. On extent of distribution differ:
a) complex (frontal) checks - verification of all acts and the operations performed in the security market by the participant in the security market;
b) thematic checks - check of accomplishment by the member of the security market of certain obligations and implementation of certain transactions with securities.
7. At the venue differ:
a) spot tests (actual) - spot test by direct observation of objects, processes and phenomena, by research and the analysis of activities of the member of the security market;
b) documentary checks - check, the analysis of activities of the member of the security market by studying and control of information and reports for certain period of time submitted the National commission.
8. Object of check is control of observance of provisions of the legislation of the Republic of Moldova in the field of the security market, regulations, standards and requirements approved by the National commission.
9. Subjects of check are members of the security market: persons performing activities in the security market as professional participants, joint-stock companies and investors.
10. The bases for implementation of checks of activities in the security market can be:
a) the plans of checks (annual, quarter) approved by the National commission;
b) analysis results of data of the reporting and information provided by members of the security market;
c) claims, statements and appeals of physical persons and legal entities (shareholders, investors, clients of professional participants of the security market, professional participants and other persons);
d) messages in mass media;
e) messages on carrying out transactions with involvement of insiders;
f) appeals of authorized public bodies;
g) non-presentation or representation wrong given in documents and account for the National commission;
h) other cases.
11. First of all plans of checks join members of the security market concerning whom there is information on violations.
12. It is performed according to the decision of the National commission which determines the purpose, subject, type of check and the checked period.
13. Check is performed by the staff of the National commission appointed by the order of the chairman or, in its absence, the vice-chairman of the National commission.
14. The order shall determine the purpose, subject (you) and type of check, structure of control group, with indication of her head, the term of conducting check, and also to contain task (plan) for check.
15. In task (plan) for check the activities which are subject to obligatory check and the checked period of activities of the member of the security market, and also other questions are specified.
16. Checks are, as a rule, performed in the place of the actual arrangement of the member of the security market, in its working days and hours established according to the legislation of the Republic of Moldova, except as specified conducting documentary check.
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