RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of June 27, 2013 No. 123

About approval of Regulations about activities of issuers of electronic money and non-bank payment service providers

 Based on the Art. 3, 13 (3), 28 (5), 29 (4), 49 (3), 83 (5), 86 (4), 93 (2), 94 (1) and 96 Laws No. 114 of May 18, 2012 on payment services and electronic money (Monitorul Oficial al Republicii Moldova, 2012, Art. No. 193-197, 661) and Art. 11 of the Law No. 548-XIII of July 21, 1995 on National Bank of Moldova (Monitorul Oficial al Republicii Moldova, 1995, Art. No. 56-57, 624), with subsequent changes and amendments, DECIDES: Administrative board of National Bank of Moldova

1. The Regulations about activities of issuers of electronic money and non-bank payment service providers affirm it (is attached).

2. The resolution is published in Monitorul Oficial al Republicii Moldova and becomes effective on September 15, 2013.

Appendix

to the Resolution of Administrative board of National Bank of the Republic of Moldova of June 27, 2013 No. 123

Regulations about activities of issuers of electronic money and non-bank payment service providers

Chapter I General provisions

1. The regulations about activities of issuers of electronic money and non-bank payment service providers (further - Regulations) are applied to non-bank payment service providers, and also to non-bank issuers of electronic money, its subject are Yoyoreglamentirovany activities for provision of payment services and/or release of electronic money.

2. The terms, concepts and phrases used in these Regulations have the values provided in the Law on payment services and electronic money (further - the Law).

3. For the purpose of these Regulations the following concepts are used:

final settlement – the termination of the transaction between the payer and the receiver by settlement of monetary commitments between them;

non-bank payment service providers – payment society, suppliers of post services as payment service providers, the societies issuing electronic money as the payment service provider;

fraud risk - risk of emergence of situations when the manager or other employee working for the non-bank supplier of payment services / the non-bank issuer of electronic money acts purposely, providing wrong information and which lead to the related financial losses, and also to loss of reputation;

liquidity risk - risk of emergence of situation which consists in non-compliance with financial liabilities by the non-bank payment service provider in relation to the user of payment services at the scheduled time;

operational risk - risk that shortcomings of information system or internal procedures, the human mistakes, weak government or hindrances caused by external events will reduce will damage or will interrupt work of non-bank payment service providers and non-bank issuers of electronic money;

business risk - risk which consists in use of payment services and services in release of electronic money by the user of payment services / the holder of electronic money for the purpose of money laundering and financing of terrorism and in other illegal purposes.

Chapter II Licensing

Part 1. General provisions

4. The National Bank of Moldova, according to items 6 and 11 of Art. 7 of the Law has exclusive right to grant licenses for provision of payment services to payment organizations, suppliers of post services. According to Art. 81 of the Law, the National Bank of Moldova has exclusive right to issue of licenses to the societies issuing electronic money for activities for release of electronic money, this license grants the right of provision of payment services.

5. Nobody has the right to practice the payment services listed in Art. 4 of the Law and also to issue electronic money without license granted by National Bank of Moldova.

6. Payment society / societies issuing electronic money can be created as joint-stock companies or limited liability companies and fall under the legislation regulating activities of commercial societies if the Law does not provide other.

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