LAW OF THE REPUBLIC OF MOLDOVA

of November 12, 1998 No. 192-XIV

About the National commission on the financial market

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 the plenary session 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 optional 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.

(1-1) National commission regulates activities of Single Central Securities Depository and exercises supervision of its activities according to the Law on Single Central Securities Depository No. 234/2016.

(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 optional pension funds and their administrators, and also service providers of collective financing.

(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 and broker assistants in value of the Law on insurance and reinsurance activity No. 92/2022;

c) non-bank credit institutions;

d) the banks, departments created in the territory of the Republic of Moldova by banks of other states, operating according to the Law on activities of banks No. 202/2017;

e) the payment service providers specified in Items b) - d) parts (1) article 5 of the Law on payment services and electronic money No. 114/2012, their agents, and also the organizations on currency exchange specified in Items b) and c) parts (2) article 41 of the Law on currency control No. 62/2008;

f) savings and loan associations;

g) cessionaries of the requirements following from credit agreements or from contracts of leasing with option of acquisition of property right;

h) credit intermediaries.

(2-2) National commission perform powers on regulation, supervision and control in the limits provided by the Law on compulsory third party car insurance for the damage caused by vehicles, No. 106/2022, which extend to all subjects of the legal relationship following from agreements of compulsory third party car insurance for the damage caused as a result of transport incidents.

(2-3) Powers of the National commission on regulation, supervision and control of subjects, stipulated in Item b) parts (21) this Article, extend to insurance conditions in the limits established by the Law on insurance and reinsurance activity No. 92/2022.

(2-4) Powers of the National commission on regulation, supervision and control in the field of consumer protection extend respectively to subjects who had the status provided by part earlier (2-1), before accomplishment of all obligations or before implementation of all rights concerning consumers.

(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.

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