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Ministry of Justice

Republic of Moldova

On December 29, 2014 No. 1013

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

(as amended on 18-03-2016)

Based on Art. 1 of the h. (1), Art. 8 of the item b), Art. 21 of the h. (1) the Law No. 192-XIV of November 12, 1998 "About the National commission on the financial market" (it is repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), Art. 140 of the h. (1) the Law No. 171 of July 11, 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 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 Law No. 171 provisions of July 11, 2012 "About the capital market" 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 for implementation of professional activity in the security market based on the Law No. 199-XIV of November 18, 1998 "About the security market".

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 of October 31, 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.

Chairman of the National commission on the financial market

Artur Hermann

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 and permissions in the capital market (further – the Provision) determine conditions of issue, suspension and revocation of licenses and operating authorities 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-XIV of November 12, 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;

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

3) license for activities of the central depositary;

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 of July 11, 2012 on the capital market are used (further – the Law No. 171 of 11:07. 2012).

Chapter II. The procedure of issue of licenses and operating authorities 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. Any request from NKFR about submission of the additional information or modification of the documents which are earlier filed by the applicant stops current of the term established in Item 7. If the applicant does not transfer in NKFR the relevant information or changes no more than 30 working days from the date of receipt of the appeal of NKFR in time, can be refused to it licensing or permissions.

8. If documents are submitted in incomplete amount or written illegibly, NKFR has the right not to consider the application and to return it within 10 working days from the date of obtaining.

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 of 11.07.2012 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 official language of the Republic of Moldova.

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 in the original or in the copy legalized according to the current legislation or in the cases provided by this Provision in the copy, the confirmed seal and the signature of the official.

13. When licensing or permissions on one copy of the charter provided by the applicant who to it returns, put down subsequently NKFR stamp – "The LICENSE is OBTAINED" – with indication of license type or permission, number and date of its issue.

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 (3) Article 87 and part (4) article 140 of the Law No. 171 of 11.07.2012.

18. In case of variation of the statement for licensing or permission of 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 in licensing or permissions, the applicant can repeatedly submit the application for licensing or permissions which are considered in time, established in Item 6.

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

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 of 11.07.2012.

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