LAW OF THE REPUBLIC OF MOLDOVA

of February 26, 1997 No. 1117

About commodity exchanges

The parliament adopts this law.

This law regulates creation and activities of commodity exchanges, the rights and obligations of their members, the organization of stock exchange trading, protection of the rights and legitimate interests of her participants.

Chapter I General provisions

Article 1. Scope of the law

Operation of this law extends to all commodity exchanges which are created or will be created in the territory of the Republic of Moldova if other is not established by the legislation.

Article 1-1. Basic concepts

For the purpose of this law the following concepts are used:

the exchange contract – the agreement signed according to rules of commodity exchange which conditions are in advance determined by commodity exchange. Spot contracts, forward contracts, purchase and sale agreements or deliveries of goods, services or works, contracts of assignment of receivables, purchase and sale agreements in the mixed market belong to exchange contracts;

the forward contract – the purchase and sale agreement with the delayed term which conditions are in advance determined by commodity exchange;

the spot contract – the purchase and sale agreement with in advance determined conditions of commodity exchange, with immediate execution or execution within 10 working days from the date of manifestation of the firm agreement of the parties by means of the transaction made at commodity exchange;

the buying subject – the legal entity meeting the requirements established in article 4 of the Law on purchases in sectors of power, water resources, transport and mail services No. 74/2020;

the market of receivables – the public market organized for sale or purchase of receivables;

the public market – the market in which negotiations according to offers are conducted and transactions on the conclusion of spot and forward contracts are made;

the auction market – the public market organized for purchase and sale of the goods, services or works requiring technical characteristics for possibility of their identification and sale;

the mixed market – the created public market which will be organized every time in case of intention of movement of goods from the auction market on the public market. The mixed market has characteristics of both the open, and auction market managed by commodity exchange during the certain period.

Article 2. Commodity exchange

(1) Commodity exchange is commercial society on the organization of the stock exchange trading for standards or samples of goods which is carried out in in advance determined place (the exchange hall) and to certain time by the rules established at the exchange.

(2) Voided according to the Law of the Republic of Moldova of 30.03.2017 No. 53

(3) the Commodity exchange has the right to establish the branches and other separate divisions according to the legislation.

(4) Commodity exchanges manage the markets and provide to intermediaries and clients centralized terms of negotiations and trade, including:

a) for spot or forward sales and purchases in the public market in multilateral trade system which subject are interchangeable and movable goods by the nature or interchangeable and movable goods according to the forecast, and also any other goods which the commodity exchange qualifies as suitable for sale;

b) for spot or forward sales and purchases in the public market in multilateral trade system which subject are title property rights on the goods, such as the depositary receipts, commercial guarantees, bills of lading and other similar documents approved and certified by commodity exchange;

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