Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF MOLDOVA

of November 12, 1998 No. 192-XIV

About the National commission on the financial market

(as amended on 30-06-2023)

The parliament adopts this organic law.

Chapter I General provisions

Art. 1. - (1) the National commission on the financial market (further - the National commission) is the autonomous public body responsible before Parliament which when implementing the powers is allocated with the right to make decisions, to provide privileges, to impose prohibitions, to exercise intervention, control and to apply sanctions in the limits set by the legislation.

(2) the National commission is legal entity, has own balance, seal with the image of the State Emblem and the name. Powers of the National commission are valid in all territory of the Republic of Moldova.

(3) the Location of the National commission is the municipium of Chisinau. If necessary it opens the representations on places performing activities according to the provisions approved by it.

Art. 2. - (1) the National commission performs the activities according to requirements of the Constitution, this law, other legal acts, with provisions of own regulations and it is independent in case of realization of the powers.

(2) the National commission annually till June 1 submits to Parliament the report considered at plenary meeting of Parliament, containing information on the activities for previous year including budget implementation, with the subsequent publication of the report on the official web page of the National commission. According to one copy of the report goes to the President of the Republic of Moldova and the Government for informing.

Art. 3. - The main objectives of the National commission are ensuring stability, transparency, safety and efficiency in the capital market and concerning the facultative pension funds and the organizations of collective investment, the prevention of systemic risks and manipulation in the capital market, and also consumer protection of financial services in the limits set by the legislation.

Art. 4. - (1) Powers of the National commission extend to members of the non-bank financial market whom treat: issuers of securities, professional participants of the non-bank financial market and investors, and also on subjects of the relations connected with regulation, supervision and control in the field of consumer protection.

(2) Professional participants of the non-bank financial market (further - professional participants) are persons licensed or authorized on implementation of activities in the capital market, the facultative pension funds and their administrators.

(2-1) Subjects of the relations connected with regulation, supervision and control in the field of consumer protection are:

a) professional participants;

b) professional participants of the insurance market in sense of the Law on insurance and reinsurance activity No. 92/2022;

c) non-bank credit institutions;

d) banks;

e) the payment service providers specified in Items b) and c) parts (1) article 5 of the Law on payment services and electronic money No. 114/2012, of organization on currency exchange (others than banks).

(2-2) Regulation, supervision and control in the field of consumer protection extend respectively to professional participants of the insurance market - subjects of the legal relationship following from the agreement of compulsory third party car insurance for the damage caused as a result of transport incidents.

(3) Powers of the National commission on regulation, supervision and control of the subjects provided by part (2-1), do not duplicate power of National Bank of Moldova.

(4) the National commission has organizational, functional, operational and financial independence according to this law.

(5) In accomplishment of the functions and powers established by this law and legal acts corresponding to each subsupervising area, the National commission cannot be limited to any of authorities.

(6) When implementing by the National commission established by this law and other regulations of powers provisions of the Law on the basic principles of regulation of business activity No. 235/2006, of the Law on regulation of business activity by permission No. 160/2011, of the Law on implementation of single window in implementation of business activity No. 161/2011 and the Law on the state control of business activity No. 131/2012 are not applied.

Art. 5. - (1) the National commission has the right to cooperate with the relevant specialized international organizations and to be their member.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

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

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SoyuzPravoInform LLC.