of July 21, 1995 No. 548-XIII
About National Bank of Moldova
The parliament adopts this law.
(1) the National Bank of Moldova (the equivalent name - National Bank) is Central Bank of the Republic of Moldova.
(2) the National Bank is independent public legal entity and bears responsibility to Parliament.
(3) the National Bank is not subject to entering into the State register of the companies and the State register of the organizations.
(4) the National Bank can open at discretion departments and representations in the country and beyond its limits.
In this law the following concepts are used:
Gross misconduct - the illegal action or failure to act made in case of execution of professional obligations which is rather serious to justify release of the responsible person from position.
The administrator of infrastructure of the financial market - the legal entity establishing rules of functioning of infrastructure of the financial market and bearing responsibility for operation of infrastructure.
The help with liquidity in emergency situations – ensuring liquidity with National Bank from own money to the solvent and viable bank facing temporary problems with liquidity or any other form of the help in emergency situations which can lead to increase in amount of money of National Bank without such transaction was part of monetary management.
The payment mechanism - set of operational functions which support consumers of payment services in use of electronic payment instruments is included: initiation of money transfers and storage or record of accounting data or information on the instrument holder of electronic payment. For the purposes of this law e-wallets are included in category of payment mechanisms.
Governing body - the legal entity establishing rules of functioning of the payment scheme or the mechanism.
Bank - bank as it is determined in article 3 of the Law on activities of banks No. 202/2017.
The requirement - the requirement to assets or any other values shown by one person to another, request for payment in debt repayment or other forms of repayment of obligations.
Debt obligation - any negotsiiruyemy debt or equivalent to it the tool, and also any other negotsiiruyemy tool which grants the right to receive other negotsiiruyemy debt obligation by means of subscription or exchange. Negotsiiruyemy debt obligations can exist in the form of the certificate or entry in the accounting register.
The issuer of payment instruments - the payment service provider issuing and making available to the holder the tool of electronic payment based on the agreement signed with the holder.
Infrastructure of the financial market – the multilateral system between participants and her administrator operating within general rules, formal and standardized, used for the purpose of calculations, clearing (compensation) or registration of payments, securities, derivative financial instruments or other financial transactions.
Monitoring - in sense of Chapter VI-1 represents function of National Bank which purpose is assistance to safe and effective functioning of infrastructures of the financial market, payment schemes, mechanisms and tools, and also prevention of systemic risk.
Monetary commitments - set of the obligations reflected in balance of National Bank, except for obligations to the Government and the International Monetary Fund.
The order - the obligatory regulation published by National Bank for the purpose of execution of this law concerning one or several banks, components less than one category of banks.
The payment scheme - set of the formal, standardized and general rules allowing to make money transfer by means of the electronic payment instrument. For the purposes of this law the category of payment schemes includes payment schemes with use of bank card, the scheme of money transfers and payment schemes by means of payment instruments.
Basic rate - the interest rate of monetary management established by Executive committee and periodically published by National Bank.
The recommendation - the instruction of National Bank which does not have binding force.
Regulations - the obligatory regulation published by National Bank for the purpose of execution of this law concerning one or several categories of banks and other legal entities and physical persons.
Enters competence of National Bank:
a) conclusion of agreements and release of obligations;
b) acquisition and the order by personal and real estate for the purpose of implementation of the functions and ensuring the activities;
c) the address with the claim to court and participation in process as the subject.
(1) the Main objective of National Bank are providing and maintenance of price stability.
(2) Without prejudice to the main objective the National Bank pursues the aim of ensuring stability and viability of bank system and helps general economic policy of the state.
b) is effective as the banker and the agent of the state;
d) licenses, exercises regulation and supervision on individual basis and, depending on circumstances, on the consolidated basis behind activities of banks legal entities of the Republic of Moldova and departments of banks of other states;
f) establishes, regulates, licenses, issues permissions, administers, monitorirut infrastructures of the financial market, payment schemes, mechanisms and tools for the purpose of assistance to safe and effective functioning, and also for prevention of systemic risk;
i) stores currency holdings of the state and manages them;
j) on behalf of the Republic of Moldova assumes liabilities, carries out the transactions following from participation of the Republic of Moldova in activities of the international public organizations, in bank, credit and cash spheres in accordance with the terms of international treaties;
n) ceased to be valid according to the Law of the Republic of Moldova of 06.04.2017 No. 58
o) is effective as body of the bank resolution according to the Law on improvement of banks and the bank resolution;
p) licenses/issues the permissions/conclusions for state registration, exercises regulation and supervision of activities of insurers, overcautious persons and insurance and/or reinsurance intermediaries, National bureau of insurers of vehicles of the Republic of Moldova, savings and loan associations, bureau of credit histories and non-bank credit institutions.
(2) the National Bank has the right to process the personal data obtained when implementing the functions provided by this law without the consent to that of subjects of personal data.
(3) the Subject of personal data has no right to object to processing of personal data if that treats the functions of National Bank provided by this law.
(4) Processing of the personal data obtained by National Bank according to this Article is performed according to provisions of the legislation on personal data protection.
(5) For the purpose of ensuring stability of financial system in the situations of system financial crisis or danger of its emergence determined by the founded national authority by management of system financial crises, the National Bank can make the decision on taking measures to financial stabilization which can demand suspension or/and restriction of any payment obligations or obligations on deliveries following from any agreement which party is the subject which is under the supervision of National Bank, or any activities / transactions of this subject since day of publication of the decision on the official site of National Bank, for the period up to 6 months. The decision on application of measures for financial stabilization is made by National Bank in coordination with the Government. Measures for financial stabilization can be applied to all or separate categories of persons, and also to all or separate types of activities / to financial foreign currency transactions and/or in national currency. Conditions and procedure for application of measures for financial stabilization are established by National Bank of Moldova.
(6) When implementing by National Bank of the functions provided by this law 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.
(1) the National Bank interacts with the Government in realization of the tasks and according to this law undertakes necessary measures for implementation of such interaction.
(2) the National Bank on requests of economic and financial bodies of the Government provides them information on cash and financial questions. The specified bodies in turn for requests of National Bank provide it information on macroeconomic, cash or financial questions.
(3) Any draft of the regulation of body of the public power concerning the areas relating to functions of National Bank is accepted after receipt of the conclusion on it National Bank. The conclusion shall be provided within no more than 30 days from the date of its reclamation.
(4) the National Bank and members of its governing bodies are independent in implementation of the functions established by this law and cannot address for instructions and receive those from bodies of the public power or any other third party. Bodies of the public power or any other third parties will not try to exert impact on members of governing bodies of National Bank in implementation of the functions by them.
(5) Without prejudice to part provisions (Article 11 and Article 11-1, any body of the public power or any third party cannot approve, stop, cancel, subject 4) to censorship, detain or cause entry into force of acts of National Bank, express opinions of ex-ante on acts of National Bank or any otherwise to influence the edition National Bank of the final act.
(1) the National Bank represents the Republic of Moldova at intergovernmental meetings, in councils and the organizations for monetary management, licensing of banking activity, for bank control and another, being within its competence.
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