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Ministry of Justice

Republic of Moldova

On February 27, 2015 No. 1027

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

of December 20, 2014 No. 62/21

About approval of the Regulations on prudential requirements to activities of society of trust management of investments

Based on Art. 101 of the h. (1), Art. 104 of the h. (2), Art. 105 of the h. (1) item d) and h. (2) the item b), Art. 113 of 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 Regulations on prudential requirements to activities of society of trust management of investments according to appendix.

2. This resolution becomes effective from the date of publication.

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 December 20, 2014 No. 62/21

Regulations on prudential requirements to activities of society of trust management of investments

This Provision is partial transposition of the Directive 2009/65/EU of the European Parliament and Council of July 13, 2009 about approval of acts of the legal force and administrative acts about the organizations of collective investment into securities (OKITsB) (reforming) published in the Official magazine of the European Union by L 302 of November 17, 2009, the Directive 2010/43/EU of the Commission of July 1, 2010 about application of the Directive 2009/65/EU of the European Parliament and Council in the part relating to organizational requirements, conflicts of interest, rules of conduct, risk management and contents of the agreement between depositary and society of trust management, published in the Official magazine of the European Union by L 176 of July 10, 2010 and the Regulations of the Commission (EU) No. 583/2010 of July 1, 2010 about application of the Directive 2009/65/EU of the European Parliament and Council in the part relating to the key information intended to investors and to conditions which accomplishment is necessary in case of submission of the key information intended to investors, or the prospectus on the tough carrier, except paper, or by means of the electronic page, the European Union published in the Official magazine of L 176 of July 10, 2010.

Chapter I. General provisions

1. The regulations on prudential requirements to activities of society of trust management of investments (further – the Provision) establish prudential regulations of the organization and functioning of society of trust management of investments (further – ODUI), namely requirements about check of compliance, about risk management and conflicts of interest in personal transactions, rules of conduct, expense categories of the organizations of collective investment into securities (further – OKITsB), restrictions in case of receipt of loans, etc.

2. This Provision is applied to licensed ODUI which provides services in asset management of OKITsB. Concept ODUI implies as well investment company which is controlled independently as a result of receipt of the corresponding license.

3. ODUI performs the activities based on the Law on the capital market No. 171 of July 11, 2012 (further – the Law No. 171 of July 11, 2012) and other requirements established in the capital market and also according to the constituent act and the program of the activities approved by the decision of competent authority of society which include organizational structure of ODUI, types of investment services and activities, procedure for decision making, internal regulations of the organization and provision of services and other aspects of the planned actions.

Chapter II. Determinations

4. For the purposes of this Provision the concepts determined in the Law No. 171 of July 11, 2012 are used. Also for the purposes of this Provision the following concepts are used:

kontragentny risk - the risk of loss of OKITsB determined by possible failure to carry out by the partner in the transaction of the obligations to performing final cash payment under the transaction;

liquidity risk - the risk determined by impossibility to sell, liquidate or close any line item of portfolio of OKITsB at limited cost in the shortest reasonable interval of time which influences capability of OKITsB to observe at any time the obligation according to the redemption of shares upon the demand of their owners;

operational risk - the risk of loss of OKITsB determined by inappropriate nature of internal processes and human errors, and also shortcomings of the ODUI systems or external events which includes the legal and documentary risk and risk connected with bidding procedures, the calculations and assessment performed on behalf of OKITsB;

market risk - the risk of loss of OKITsB determined by fluctuation of market value of line items of portfolio of OKITsB which can be connected also with change of variables of the market, such as interest rates, the currency exchange rates, stock prices or solvency of certain issuer;

shares – the shares or investment shares issued by investment companies or, respectively, investment funds which take continuously place and redeemed;

department – division or person within ODUI, responsible for certain functions according to internal regulations of the organization and provision of services.

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