of July 11, 2012 No. 171
About the capital market
The parliament adopts this organic law.
This law is transposition of the following acts of the European Union:
The directive No. 97/9/EU of March 3, 1997 the European Parliament and Council about schemes of compensation to investors published in the Official magazine of the European Communities No. L 84 of March 26, 1997;
The directive No. 98/26/EU of May 19, 1998 the European Parliament and Council about finality of calculations in payment systems and settlement systems for securities published in the Official magazine of the European Communities No. L 166 of June 11, 1998;
The directive No. 2001/34/EU of May 28, 2001 the European Parliament and Council about the admission of securities to the official quotation at the exchange and about information which shall be opened concerning these securities, published in the Official magazine of the European Communities No. L184 of July 6, 2001;
The directive No. 2003/6/EU of January 28, 2003 the European Parliament and Council about illegal use of confidential information and market manipulations (market abuses) published in the Official magazine of the European Union No. L96 of April 12, 2003;
The directive No. 2003/71/EU of November 4, 2003 the European Parliament and Council about the prospectus which is subject to publication in case of public offer of securities or in case of the admission of securities to the biddings changing the Directive No. 2001/34/EU, published in the Official magazine of the European Union No. L345 of December 31, 2003;
The directive No. 2004/25/EU of April 21, 2004 the European Parliament and Council about public offers on purchase published in the Official magazine of the European Union No. L142 of April 30, 2004;
The directive No. 2004/39/EU of April 21, 2004 the European Parliament and Council about the markets of financial instruments changing Directives of Council No. 85/611/EEC, No. 93/6/EEC and the Directive No. 2000/12/EU of the European Parliament and Council, and also canceling the Directive No. 93/22/EEC of Council, published in the Official magazine of the European Union No. L145 of April 30, 2004;
The directive No. 2004/109/EU of December 15, 2004 of the European Parliament and Council about harmonizations of requirements of transparency for information on issuers, whose securities are admitted to trading in the controlled markets, changing the Directive No. 2001/34/EC, published in the Official magazine of the European Union No. L390 of December 31, 2004;
The directive No. 2006/49/EU of June 14, 2006 the European Parliament and Council about adequacy of the capital of investment companies and credit institutions published in the Official magazine of the European Union No. L177 of June 30, 2006;
The directive No. 2006/73/EC of August 10, 2006 the Commissions on application of the Directive No. 2004/39/EC of the European Parliament and Council about organizational requirements and operating conditions of investment company and definitions of concepts for the purposes of this Directive published in the Official magazine of the European Union No. L241 of September 2, 2006;
The directive No. 2009/65/EC of July 13, 2009 the European Parliament and Council about coordination of legislative, reglamentarny and administrative provisions concerning the organizations of collective investment into securities (OKITsB) published in the Official magazine of the European Union No. L302 of November 17, 2009.
The directive No. 2013/36/EU of June 26, 2013 the European Parliament and Council about access to activities of credit institutes and prudential supervision of activities of credit institutes and investment firms changing the Directive No. 2002/87/EU and canceling Directives No. 2006/48/EU and No. 2006/49/EU, published in the Official magazine of the European Union by L 176 of June 27, 2013 (part (5) Articles 4, Article 28, part (3) Articles 65, part (1) Articles 74, part (2) Articles 76, Item a) parts (1) Articles 97, parts (2) - (4) Articles 97, parts (1) - (3) Articles 99, part (1) Article 103 and Items a), c), e), g), i), j) and l) parts (1) Articles 104).
Regulations (EU) No. 1060/2009 of the European Parliament and Council of September 16, 2009 about credit rating agencies published in the Official magazine of the European Union by L 302 of November 17, 2009 with the last changes made by Regulations (EU) 2017/2402 European Parliament and Council of December 12, 2017 about establishment of general framework of safety and creation of special base for the simple, transparent and standardized safety and about modification of Directives 2009/65/CE, 2009/138/CE and 2011/61/EC, and also of Regulations (SE) No. 1060/2009 and (EU) No. 648/2012 (part (1) Articles 2, Items (a), (b), (d), (g) and (w) of part (1) Articles 3, part (1) Articles 4, parts (1) and (4) Articles 6, parts (1), (2) and (5) Articles 7, parts (1), (3) and (5) Articles 8, Article 9, part (6) Articles 10, parts (1) and (3) Articles 14, part (4) Articles 15, parts (1), (2) and (3) Articles 16, part (1) and paragraph two of part (2) Articles 19, part (1) Articles 20, part (1) articles 22a, article 23, parts (1) and (4) articles 23b, article 36, Items 1-15 and 17 of appendix II).
(1) This law regulates activities of investment societies, organizations of collective investment and Fund of compensation to investors, public offers, takeover offers, infrastructure of the capital market, including the controlled markets, determines abuses in the capital market and requirements to disclosure of information for the purpose of maintenance of high standards of work in the capital market and creations of optimum conditions for financial investments.
(2) Any activities in the capital market are performed according to provisions of this law, other applicable legal acts and acts of the National commission on the financial market (further - the National commission).
(3) the National commission is body, competent to implement this law according to the powers determined by the Law on the National commission on the financial market No. 192-XIV of November 12, 1998.
(4) For implementation of this law the National commission makes decisions of the regulating nature and individual decisions, and also publishes notifications or letters of explanatory and advisory nature.
(1) This law is applied to physical persons and legal entities of the Republic of Moldova, foreign physical persons and legal entities and stateless persons which render services or perform activities in the capital market or which own or intend to acquire the financial instruments issued by issuers of the Republic of Moldova.
(2) Provisions of this law are applied to the banks performing investment services and activities taking into account the exceptions provided by this law.
(3) Banks render investment services and perform investing activities according to regulations of this law and regulations on activities of banks.
(4) Provisions of this law do not extend to systems of clearing and payment under the transactions with tools of the money market and government securities performed out of the controlled market and/or multilateral trade system and also to the settlement and clearing systems authorized by National Bank of Moldova relating to banks.
(5) Ceased to be valid.
(6) Provisions of Chapter III do not extend to the organizations of collective investment into securities.
This law is not applied:
a) in case of debt management of the public sector in which are involved National Bank of Moldova and organizations of member states of the European Union, the Ministry of Finance and other bodies of the public power similar to it;
b) concerning persons rendering investment services to only parent society, the subsidiaries or other subsidiaries of the parent society;
c) concerning persons making transactions with financial instruments at own expense, except as specified when they are market makers or make transactions at own expense orderly, often and systematically out of the controlled market or multilateral trade system, by means of provision to the third parties of available system for the purpose of expansion of scale of transactions with them;
d) concerning persons rendering consulting services in the field of investments when implementing of other main activities by them which are not regulated by this law provided that rendering such consulting services is not rewarded separately from the main activities;
e) concerning persons whose main activities are transactions with primary raw materials and its derivative tools at own expense;
f) concerning persons rendering investment services irregularly in the course of professional activity in case it is regulated by the acts which are valid the law or the deontological code which do not exclude provision of such service;
g) concerning persons whose investment services consist only in management of system of participation of workers;
h) concerning the companies which investment services and activities consist only in transactions at own expense in the markets of urgent financial instruments or the option markets or other markets of derivatives and in the markets poste restante only for the purpose of receipt of line items in the markets of derivatives, or the companies which make transactions at the expense of other participants of such markets or provide pricing for them and, therefore, are provided with guarantee of the compensating agent of these markets if the agreement responsibility, concluded by these companies, the compensating agent of the same markets bears.
b) shares (shares) issued by the organizations of collective investment into securities;
d) the option agreements, futures contracts, swap contracts, forward percentage contracts and any other derivative financial instruments relating to securities, currencies, interest rates, profitability, financial indexes or property;
e) derivative financial instruments for transfer of credit risk;
(2) This law regulates the security market and the shares issued by the organizations of collective investment into securities. Use of the financial instruments listed in Items c) - f) parts (1), it is regulated by this law only in case of transactions with them in the controlled market or in multilateral trade system. The admission of financial instruments on the controlled markets or in multilateral trade system is performed after their registration by the National commission according to the procedure, established in its regulations, and in Single Central Securities Depository.
(3) According to this law the following financial instruments are considered as securities:
Tasks of the National commission on regulation in the field of the capital market are:
a) maintenance and promotion of concepts of justice, efficiency, transparency and orderliness in the capital market;
b) protection of the rights and interests of persons investing in financial instruments within public offers and/or using investment services;
c) the prevention of violations of the law in the field of the capital market;
d) reducing systemic risks in the capital market;
e) preserving financial stability of the Republic of Moldova by acceptance of adequate measures concerning the capital market;
f) education of general population concerning the capital market, financial instruments, investment services and activities.
(1) for the purposes of this law the following concepts are used:
credit rating activities - data analysis and information, and also assessment, approval, assignment and review of credit ratings;
credit rating agency - the legal entity whose activities include the assignment on professional basis of credit ratings registered according to the procedure, established by the National commission;
the rating analyst - the physical person performing the analytical functions necessary for assignment of credit rating;
the financial analyst - the specialist who conducts investment research;
firm commitment - the obligation of investment society to be signed on all unclaimed financial instruments;
it is excluded;
the requirement about obligatory response - the requirement sent to owners of the voting securities about purchase of these securities on the conditions provided by this law;
clearing - replacement of the debts and obligations following from transfer orders which one or several participants publish for benefit of one or several participants or receive them from one or several participants, single net debt or the single net obligation therefore only one net debt can be demanded and only one net obligation is owed;
the client - any physical person or legal entity to which investment society renders investment and/or support services;
the retail client - the client who is not the professional client;
the professional client - persons determined in part (1) Article 137;
the investment company - the organization of collective investment into securities - the legal entity created in the form of joint-stock company according to provisions of this law and Join-stock companies law No. 1134-XIII which places and redeems the shares upon the demand of the shareholder;
investment consulting - provision to the client, at its request or at the initiative of investment society, taking into account features of this client, personal recommendations for one or several transactions with financial instruments which concern:
a) purchases, sales, subscriptions, exchange, redemption or ownership of any financial instrument;
b) execution or non-executions of the right granted by the financial instrument concerning purchase, sale, subscription, exchange or the redemption of the financial instrument;
control - situation in which the physical person or legal entity answers, at least, one of the following conditions:
a) owns independently or together with persons acting in coordination, the majority of voting shares or shares in commercial society;
b) owns independently or together with persons acting in coordination, the number of voting shares or shares which allows it to appoint or dismiss most of members of council of society, executive body or most of members of executive body and/or the auditor or most of members of audit committee;
c) exerts the dominating impact on commercial society, shareholder or the member of whom is, based on the contract with this commercial society or provision of the constituent act or the charter of society;
d) is shareholder or the member of commercial society and controls independently, based on the agreement signed with other shareholders or members of this society, the majority of voting powers;
custodial activities, or storage - the activities performed by depositary of assets of the organization of collective investment into securities, the central depositary, investment society for storage and/or accounting of financial instruments and money of clients according to requirements of this law;
The central depositary – the Single Central Securities Depository performing the activities according to the Law on Single Central Securities Depository No. 234/2016;
the depositary of assets of the organization of collective investment into securities - bank which has the license of National Bank of Moldova for implementation of the activities permited banks is responsible for the obligations provided in Section 3 of Chapter V and carries out other provisions provided in Chapter III;
the issuer - the legal entity issuing or intending to issue securities;
the subject of public value - the subject corresponding to at least one of the following criteria:
a) is bank, insurance (reinsurance) company or the organization of collective investment into securities with the status of the legal entity;
b) is issuer whose securities are admitted to trading in the controlled market;
c) is large subject as it is determined by part (4) article 4 of the Law on financial accounting and the financial reporting No. 287/2017, and which is or joint-stock company in which the share of the state exceeds 50 percent of the authorized capital, or joint-stock company in which the share of the state exceeds 30 percent of the authorized capital and which performs activities in one or several areas, significant for state security, specified in article 4 of the Law on the mechanism of consideration of investments No. 174/2021, significant for state security;
execution of the orders concerning financial instruments on behalf of clients - implementation of necessary measures for transactions for sale or purchase of financial instruments on behalf of clients;
exposure to sale - the period between registration date of the offer on security sale at the operator of market/system and date of execution/expiration of the offer;
eksternalization - transfer of some functions by investment society to other person;
investment fund - the organization of collective investment into securities without legal position founded on the basis of the agreement of particular partnership which continuously and immediately places and redeems shares in the form of investment shares and which performs the activities according to provisions of this law and regulations of the National commission;
the insider - any person having exclusive information;
tools of the money market - tools, business in which is usually done in the money market, liquid and giving in to exact value assessment at any time, including the government securities issued for a period of up to one year, deposit certificates and other similar tools, except for payment instruments;
the skilled investor - persons specified in part (1) Article 138;
close ties - situation in which two or several physical persons or legal entities are connected by means of:
a) participations that means immediate or indirect possession in at least than 20 percent of voting shares or the authorized capital of commercial society;
b) control that means the relation between parent society and subsidiary or the similar relation between any physical person or legal entity and commercial society; any subsidiary of subsidiary is considered subsidiary of parent society which actually controls these subsidiaries. Also the situation in which two or more physical persons or legal entities are connected constantly with the same person by means of control is considered close connection;
portfolio management - portfolio management, created from one or several financial instruments, on discretionary and individualized basis, according to the powers conferred by the client;
the market maker - person who is continuously present at the capital market who buys and sells financial instruments at own expense and at the prices established by it;
the offerer - physical person or legal entity which offers securities for sale or which are offered to purchase securities by means of public offer;
the takeover offer - the obligatory or voluntary offer addressed to all owners of the voting securities of certain joint-stock company, concerning purchase of all or certain number of securities, the establishment of control initiated as a result of establishment of control or aiming over the society which issued these securities; the takeover offer the offer of society issuer concerning own securities is not considered;
the public offer of securities - the message addressed to certain persons, performed in any form and any methods which contains sufficient information about proposal validity and about the offered securities and thus allows the investor to make the decision on purchase of these securities or on subscription to these securities;
the operator of the market - the legal entity who manages the controlled market and/or exploits him;
the organization of collective investment into securities (further - OKITsB) the subject with legal position created on the basis of the constituent act in the form of investment company or on the basis of the agreement of particular partnership without organization of the legal entity, in the form of investment fund which is effective according to the principle of distribution of risks and which activities consist in attraction and collection of free money of physical persons and/or legal entities by release and share placing or investment shares for the purpose of their subsequent investment into the turned securities and/or into other financial instruments or into other assets according to part provisions (1) Article 112;
qualified participation - the immediate or indirect possession in at least than 10 percent of the authorized capital of investment society, the operator of the market or share in the authorized capital of investment society, the operator of the market allowing to exert the dominating impact on them. Immediate and indirect possession is established according to regulations of the National commission;
persons acting in coordination - two or more faces tied directly expressed (oral or written) or acquiescence for the purpose of carrying out general policy for the issuer. The return will not be proved yet, the following persons are considered acting in coordination:
1) affiliates of the legal entity (issuer, offerer, owner of securities):
a) members of council of society, members of executive body, members of audit committee, officials of management company (trustee), the head of the subject of the audit performing functions of audit committee, other officials, if necessary (heads of branches, the chief accountant, etc.);
b) the spouses/spouse, relatives and cousins-in-laws to the second degree inclusive the physical persons specified in Item and);
e) the legal entity jointly with the affiliates specified in Item and), or the physical person acting on behalf or at the expense of the corresponding legal entity;
f) the legal entity jointly with the affiliates specified in Item and), or physical person, from name or at the expense of which the corresponding legal entity acts;
g) the legal entity jointly with the affiliates specified in Item and), or the physical person acting together with the corresponding legal entity;
h) the legal entity who is together with the corresponding legal entity under control of the third party;
i) any other physical person or legal entity which affiliation is proved, depending on circumstances, the issuer, the owner of securities, degree of jurisdiction or the National commission;
2) affiliates of physical person (offerer, owner of securities):
a) the spouses/spouse, relatives and cousins-in-laws to the second degree inclusive the relevant physical person;
b) commercial society in which capital the relevant physical person independently or jointly with the affiliates specified in Item and), has control;
c) the legal entity jointly with the affiliates specified in Item and) parts (1), or the physical person acting on behalf or at the expense of the relevant physical person;
d) legal entity or physical person, from name or at the expense of which the relevant physical person is effective;
3) parent society together with subsidiaries, and also any of subsidiaries of the same parent society among themselves;
4) the legal entity with the pension funds and society on management of these funds;
5) persons who acquired shares of society under the circumstances specifying the approved purchase or who have joint intention to acquire shares of society;
6) the legal entity together with members of its governing bodies and/or with the affiliates specified in Item 1) and also the corresponding persons on the relation to each other;
7) persons who when implementing certain types of economic activity use the financial resources arriving from the same source or provided by the different subjects which are persons acting in coordination;
8) persons who when implementing certain types of economic activity send the benefits received thus to the same receiver or receivers who are persons acting in coordination;
9) legal entities, structure of shareholders/unitholders or the structure of governing bodies of which has mainly the same structure;
10) persons who perform or performed the similar investment policy which is expressed in acquisition and/or alienation of the financial instruments issued by the same issuer or issued by persons acting in coordination with the same issuer;
11) persons who when implementing of the rights granted by securities which they own within society pursue general policy in relation to society;
12) persons who for implementation of certain types of economic activity, for representation of the interests or for implementation of the voting powers granted by financial instruments which they own appointed as attorneys/attorneys the same person / the same persons acting in coordination;
13) persons which united in any legal form recognized by the law, and the purpose or subject of consolidation implementation of the certain actions connected with society is;
14) the persons owning or owning at the same time shares in one or several legal entities, exercising control over them and pursuing general policy;
For the purposes of this law the concept "persons acting in coordination" is applied in case of takeover offers, determination of qualified participations and in case of identification of abuses in the market;
persons managing activities of investment society - the physical persons performing function of management and management in investment society which can influence decisions of investment society. In case of investment societies which are not banks sole executive body, the members of collegiate executive body and/or members of council of society performing the activities in investment society on the basis of the individual employment contract who according to internal regulations of investment society have powers on management of its activities can be persons managing activities of investment society. In case of banks sole executive body, the members of collegiate executive body and/or members of council of the society and division managers responsible for activities in the capital market performing the activities in bank on the basis of the individual employment contract who according to internal regulations of investment society have powers on management of its activities can be persons managing activities of investment society;
relevant persons - the following categories of persons:
a) members of council, members of executive body and audit committee, and also employees of investment society;
b) the authorized agent of investment society - physical person;
c) members of council, members of executive body and audit committee, and also workers of the authorized agent of investment society - the legal entity;
d) persons holding shares and/or shares in the capital of investment societies and/or authorized agents;
e) any physical person which represents investment society or the authorized agent when implementing investing activities or when rendering investment service;
f) any physical person which on the basis of the agreement on eksternalization is directly involved in implementation of investing activities or in rendering investment service to investment society or the authorized agent;
the rating forecast - opinion on the expected direction short-term, medium-term or both credit ratings;
the controlled market - the multilateral system administered and operated by the operator of the market which provides or facilitates data, according to its not discretionary rules, the numerous orders received from the third parties about purchase and sale of financial instruments in such a way that there is conclusion of agreements concerning the financial instruments admitted to trading according to its regulations and which is authorized and functions regularly according to provisions of this law;
the potential buyer - physical person or legal entity which independently or together with persons acting in coordination intends to take directly or indirectly shares in the capital of investment society;
the program of the offer - the plan allowing to issue continuously or repeatedly during the certain period of time, the securities which are not capital;
the project of acquisition - intention of the potential buyer to acquire share in the authorized capital of investment society;
credit rating - the conclusion issued with use of the debugged and installed system of assessment of rating categories concerning creditworthness of the subject, the debt or financial liability, the debt security or preferred share and other financial instrument, or the issuer of such debt or financial liability, the debt security or preferred share and other financial instrument;
it is excluded;
the family relations - the relations of person with persons having one of the following statuses:
a) spouses/spouse of person;
b) the own or nonnative child who is dependent on person;
c) any other relative of person who lives in one housing with it within, at least, one year;
restructuring of issue (issues) of securities - change of number of shares, and/or the nominal (established) value of all securities of certain class, and/or the size of the authorized capital which, depending on circumstances, can be followed by consolidation, crushing or converting of securities of the corresponding class;
the location of investment society - the place where persons which are really managing investment society regularly perform the powers. The location of investment society legal entity of the Republic of Moldova shall be located in the territory of the Republic of Moldova and shall be specified in the charter of investment society;
multilateral trade system (further - MTC) - the multilateral system operated by investment society or the operator of the market which provides data, according to its not discretionary rules, the numerous orders received from the third parties about purchase and sale of financial instruments;
society of trust management of investments - the investment society having the license of category B or C which activities consist in rendering specialized services in asset management based on the agreement according to provisions of this law and regulations of the National commission;
investment society - the legal entity with form of business of joint-stock company which activities consist in rendering investment services and/or in implementation of investing activities on professional basis;
registration society (registrar) - the legal entity with form of business of joint-stock company authorized according to this law which main activities in the capital market is only maintaining shareholder registers of society;
investment research - studying, the analysis or information stated in other form, the containing accurate recommendations or offers on investment strategy for one or several financial instruments or issuers of financial instruments, including any opinion on cost or on the present or future price of these tools or on issuers which are intended for distribution by various methods, including through mass media, electronic resources or the public provided that they:
a) are called or described as investment research or similar terms or are provided as objective or independent explanation of contents of the recommendation;
b) are not investment consulting;
capital securities - shares and another similar it the turned securities, and also any other type of securities which can be converted into shares or which grant the right to share purchase of the same issuer;
the personal transaction - the transaction with financial instruments made directly or indirectly by relevant person, answering to at least one of the following conditions:
1) actions of relevant person are not part of actions which are performed by it within activities of investment society or the authorized agent;
2) the transaction is made for the account:
a) this relevant person;
b) any person with whom this relevant person consists in the family relations or with which it has close ties;
c) person with whom this relevant person consists in such relations owing to which relevant person has direct or indirect interest in result of the transaction in addition to the collection or the commission levied for transaction;
principal trading - transactions with financial instruments at own expense;
investment share - the dematerializovanny equity financial instruments in the form of records on accounts issued by investment fund which confirm the owner's right to part of assets of the relevant fund and which acquisition is the only way of investment into investment fund;
usufruct on securities - right to use by one person (usufructuary) the determined or determined period of time the securities belonging on the property right to other person (the nominal owner) and uses of the rights granted by these securities except for the rights to alienate them. The procedure for establishment of usufruct on securities, its registration and exception of the accounts opened in the Central depositary is determined by its rules;
the securities which are not capital - bonds and other types of debt securities, and also any other type of securities which can be converted or which grant the right to bond purchase and other types of debt securities of the same issuer;
the securities issued continuously or repeatedly - the securities of one class issued continuously or at least than two separate tranches within one year;
foreign securities - the securities specified in part (3) Articles 4, issued by the issuer - the foreign legal entity and introduced into circulation in the territory of the Republic of Moldova according to provisions of this law;
the turned securities - the following types of securities:
a) shares and other values, equivalent to shares (further - shares);
b) bonds and other debt securities (further - bonds);
c) other negotsiiruyemy securities granting the right to acquire such securities by subscription or exchange.
(2) the National commission has the right on own initiative or upon the demand of the concerned party to publish decisions in the form of resolutions on assessment and qualification of person, organization, situation, information, transaction, financial instruments or legal acts.
(1) Shares and any other securities which can be converted or which grant the right to purchase or sale of shares can be issued only by joint-stock companies.
(2) Bonds and any other securities which can be converted or which grant the right to bond purchase can be issued by joint-stock companies, limited liability companies and bodies of local public authority.
(3) It is excluded.
(4) Issue of securities can be performed:
a) by means of public offer;
b) by means of the closed offer (the closed issue).
(4-1) Subjects of public value perform additional issue of securities only by means of public offer.
(4-2) Term of securities placement in case of the issue of securities closed additional by means of the closed offer cannot exceed 12 months from the date of adoption by the issuer of the decision on the closed issue of securities.
(5) Securities which shall become subject of public offer and/or to be admitted to trading in the controlled market or in MTC, except for government securities, also records on accounts and in registers of the Central depositary according to its rules are subject to registration by the National commission.
(6) Before registration of securities according to part (5) the address and public offer of securities is forbidden.
(7) Securities are issued only in dematerializovanny personalized form which represents the records performed on the personal accounts of securities of registered persons opened in the Central depositary or at the registrar.
(8) the Securities regulated by this Chapter can be issued only in national currency.
a) discrepancy of information containing in the submitted documents, procedure for their acceptance to legislation provisions;
b) availability in the submitted documents of information specifying that conditions of release and security circulation contradict legislation provisions, and also availability of false or unreliable information;
c) not remedial action, the submitted documents revealed in;
d) the ban on registration imposed by degree of jurisdiction or the legal executive.
(12) Provisions of this Article, Articles 8, of 10, of 11, 13-19 and 118-126 these laws, and also Articles 12 and 17-19 of the Join-stock companies law No. 1134/1997 are applied as appropriate to the limited liability companies issuing bonds.
(13) Cancellation of securities is performed according to:
a) to the decision of the issuer;
b) to the decision of degree of jurisdiction;
c) to the decision of body of state registration on exception of society of the State register of legal entities.
(14) the Decision on cancellation of securities made according to Item b) parts (13), shall provide including terms of cancellation and action which the holder of the register needs to undertake, to body of state registration, the National commission and in case of need to the issuer for the purpose of cancellation of securities.
(1) the Issuers determined in part (2) Articles 7, have the right to issue:
b) unsecured bonds - the bonds which are not providing the providing forms listed in Item and).
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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