It is registered
Ministry of Justice
Republic of Moldova
On May 28, 2014 No. 978
of April 15, 2014 No. 22/2
About approval of Provisional regulations for security circulation in the secondary market
Based on Art. 147 of the h. (7) the Law No. 171 of 11.07.2012 "About the capital market" (The official monitor of the Republic of Moldova, 2012, No. 193-197, the Art. 665) the National commission on the DECIDES: financial market
1. Approve Provisional regulations for security circulation in the secondary market according to appendix.
Chairman of the National commission on the financial market
to the Resolution of the National commission on the financial market of the Republic of Moldova of April 15, 2014 No. 22/2
1. The provisional regulations for security circulation in the secondary market (further - the Provision) are developed based on part (7) article 147 of the Law No. 171 of July 11, 2012 on the capital market (further - the Law No. 171 of 11:07. 2012).
2. This provision establishes requirements to procedure for security circulation in the secondary market, issued in the form of shares and bonds.
3. This provision is applied to the subjects who obtained the license and permission of the National commission on the financial market, issuers of securities and also physical persons and legal entities which own or intend to acquire the securities issued by issuers of the Republic of Moldova.
For the purposes of this provision concept the independent appraiser implies person having qualification in the field of assessment according to the Law No. 171 of 11:07. 2012, or the face, owning the license of the National commission on the financial market for the right of implementation of activities for securities valuation and relating to them assets according to the Law No. 199-XIV of November 18, 1998 on the security market (further - the Law No. 199-XIV of 18:11. 1998).
4. Security transactions, the issued joint-stock companies, are made on the stock exchange according to the procedure and in the conditions established by its rules approved by the National commission on the financial market, except as specified, stipulated in Item the 5th this provision.
5. The requirement, stipulated in Item 4, is not applied to the following direct cessions of property on securities:
b) redemption and/or acquisition of securities by the issuer;
c) alienation or transfer of treasury shares by the issuer to workers and/or shareholders of society;
d) introduction of securities as fee in the authorized capital of commercial society;
g) transfer of securities as a result of reorganization of the issuer;
h) security sale by means of commercial and investment tenders in the conditions of the Law No. 121-XVI of May 4, 2007 on management of public property and its privatization;
i) the transfers performed according to part provisions (3) articles II of the Law No. 163-XVI of July 13, 2007 on modification and amendments in the Law No. 1134-XIII of April 2, 1997 on joint-stock companies and part (8) article 27 of the Law No. 1134-XIII of April 2, 1997 on joint-stock companies (further - the Law No. 1134-XIII of 2:04. 1997);
j) sale and acquisition by physical persons of the securities received as a result of investment of checks of national property, and/or as a result of liquidation of the investment funds involved in process of privatization for bonds of national property if at the same time the total cost of these transactions within 12 next months does not exceed 1% of total quantity of issued securities of this class;
k) repayment by securities of indisputable debts of the state to participants of privatization;
l) inheritance of securities;
m) voluntary conveyance of securities in the conditions of the Law No. 121-XVI of May 4, 2007 on management of public property and its privatization;
n) transfer of unclaimed securities in the conditions of the Law No. 392-XIV of May 13, 1999 on restructuring of agricultural enterprises in the course of privatization;
o) the transfers connected with the Section of property in the form of securities;
p) the conclusion of gift agreements between physical persons;
q) acquisition or the redemption by the majority shareholder of the securities belonging to minority shareholders.
The transactions specified in subitems b) and e), can be made also on the stock exchange, according to the procedure and in the conditions established by its Rules approved by the National commission on the financial market.
6. The direct cession of property on securities is registered at person who performs maintaining the register of owners of securities.
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