RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of November 14, 2014 No. 56/11

About approval of the Regulations on issue of licenses and permissions in the capital market

Based on part (1) article 140 of the Law on the capital market No. 171/2012 (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 Regulations on issue of licenses and permissions in the capital market according to appendix.

2. In case of issue of licenses to investment societies according to provisions of the Law on the capital market No. 171/2012 provisions of Section 2 of Chapter III of Provisions on issue of licenses and permissions in the capital market are not applied to the professional participants owning licenses to implementation of professional activity in the security market based on the Law on the security market No. 199/1998,.

3. The regulations on procedure for provision and revocation of licenses for professional activity in the security market approved by the Resolution of the National commission on the financial market No. 53/12/2008 (Official monitor of the Republic of Moldova, 2009, No. 3-6, Art. 1) and registered in the Ministry of Justice at No. 632 of December 30, 2008, to declare invalid since March 14, 2015.

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of November 14, 2014 No. 56/11

Regulations on issue of licenses and permissions in the capital market

Chapter I. General provisions

1. The regulations on issue of licenses, permissions and other allowing documents in the capital market (further – the Provision) determine conditions of issue, suspension and revocation of licenses, permissions and other allowing documents for implementation of activities in the capital market.

2. The national commission on the financial market (further - NKFR) is the single body, authorized to apply requirements of this provision according to the exclusive rights established by the Law No. 192/1998 on the National commission on the financial market.

3. Issue of licenses and permissions is performed for the purpose of ensuring control over activities of the licensed or authorized persons, and also for the purpose of protection of the rights and interests of investors. Conditions based on which licenses or permissions were granted shall be observed throughout the entire period of activities of the licensed or authorized persons.

4. NKFR issues the following license types and operating authorities in the capital market:

1) license for activities of investment society;

1-1) licenses for activities of society on investment management;

2) license for activities of the operator of the market;

3) ceased to be valid;

4) operating authority of the controlled market;

5) operating authority of multilateral trade system;

6) operating authority of registration society.

5. For the purposes of this provision the concepts provided by the Law No. 171/2012 on the capital market are used (further – the Law No. 171/2012) and the Law on the alternative organizations of collective investment No. 2/2020 (further - the Law No. 2/2020).

Chapter II. The procedure of issue of licenses, permissions and other allowing documents for implementation of activities in the capital market

6. The license or the operating authority in the capital market is issued to NKFR no more than 6 months from the date of submission by the applicant of the statement for licensing or permission and documents confirming observance of requirements of the legislation in the field of the capital market in time.

7. In case of need the additional data the term established for consideration of the application about licensing, permission or other allowing documents for implementation of activities in the capital market can be prolonged or suspended for the term established by supervision body with the notification of the applicant. If the requested additional documents and data were not provided during fixed term, NKFR stops the procedure of consideration of the application and reports about it to the applicant within no more than 10 working days from the date of the expiration of fixed term for additional submission of all documents.

7-1. In case of licensing for implementation of activities of society for investment management the conditions provided in part shall be complied (4) article 18 of the Law No. 2/2020.

8. Ceased to be valid according to the Resolution of the National commission on the financial market of the Republic of Moldova of 11.07.2023 No. 38/5

9. Any person intending to request licensing or operating authorities in the capital market can get acquainted previously in NKFR with the conditions of issue of licenses or permissions established by the Law No. 171/2012, the Law No. 2/2020 and this Provision.

10. All documents necessary for issue of NKFR of licenses, permissions or other soglasiya provided by this Provision are represented to NKFR in Romanian, depending on case, in the original or in the verified copy according to the legislation.

11. The documents relating to foreign physical persons and legal entities, published in other language are represented in the translation legalized according to the procedure, established by the legislation.

12. The documents specified in this Provision are represented to NKFR on paper or electronically, according to requirements of the Law on electronic identification and confidential services No. 124 of 19:05. 2022, using the qualified digital signature.

13. Ceased to be valid according to the Resolution of the National commission on the financial market of the Republic of Moldova of 11.07.2023 No. 38/5

14. For the purpose of assessment of observance of conditions of issue of licenses or permissions, stipulated by the legislation, NKFR can request in oral or in writing information and explanations in connection with the documents submitted according to this Provision.

15. The statement for licensing or permissions, and also documents attached to it can be withdrawn by the applicant before licensing or permission or to variation of this statement.

16. The personal data requested NKFR in the context of issue of licenses or operating authorities in the capital market are processed and stored according to the legislation on personal data protection.

17. NKFR rejects the statement for licensing or permissions in the cases specified in part (7) Articles 63, of part (4) Articles 73, parts (4) article 140 of the Law No. 171/2012 and part (6) article 18 of the Law No. 2/2020.

18. In case of variation of the statement for issue of licenses, permissions and other allowing documents NKFR in writing notifies on it the applicant and tells him the reasons for which the statement was rejected.

19. In case of variation of the statement for licensing or permission the submitted documents return to the applicant on its request. After elimination of the reasons which formed the basis for refusal of NKFR in licensing, permission or other allowing documents, the applicant can repeatedly submit the application for licensing, permission or other allowing documents which are considered in time, established for consideration of the corresponding statements.

20. Resolutions NKFR on issue, renewal, suspension or revocation of license or permissions are published in the Official monitor of the Republic of Moldova and on the NKFR official web page.

21. Persons who obtained licenses or operating authorities in the capital market, except for banks shall specify directly on the letterhead number and date of issue of the license or permission of NKFR, and also the identification data.

22. Collection for issue of licenses or permissions is enlisted in the budget of NKFR by the licensed or authorized person in the terms provided by the Law No. 171/2012 and the Law No. 2/2020.

23. In case of issue of licenses or permissions, and also in case of their response the relevant information joins in the Register of licenses and operating authorities in the capital market which maintaining is performed by NKFR and which contains depending on circumstances the name and the location of the licensed or authorized person, fiscal code (IDNO), contact information (phone number, the e-mail address), details of the granted license or the permissions relating to types of the rendered services and activities and also any operational restrictions, information on issue, renewal and revocation of license or permissions.

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