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

of August 26, 2015 No. 49/2

About approval of the Regulations on the controlled markets and multilateral trade systems

Based on Art. 60 of the h. (1) and (4), Art. 65 of the h. (2) 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) and Art. 25 of the h. (2) the Law No. 192-XIV of 12.11.1998 "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), the National commission on the DECIDES: financial market

1. Approve Regulations on the controlled markets and multilateral trade systems, according to appendix.

2. Persons falling under requirements of the Regulations on the controlled markets and multilateral trade systems shall provide compliance to these requirements within three months from the date of publication of this resolution with informing the National commission on the financial market.

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

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of August 26, 2015 No. 49/2

Regulations on the controlled markets and multilateral trade systems

This Provision is partial transposition:

The directive 2004/39/SE of the European Parliament and Council of April 21, 2004 about the markets of financial instruments making changes to Directives 85/611/CEE and 93/6/CEE of Council and the Directive 2000/12/CE of the European Parliament and Council and canceling the Directive 93/22/CEE of Council, published in the Official magazine of the European Union No. L 145 of April 30, 2004;

orientations of the European body for securities and the markets of February 24, 2012 about systems and checks in case of the automated biddings for trade systems, investment firms and competent authorities, ESMA/2012/122.

Chapter 1. General provisions

1. The regulations on the controlled markets and multilateral trade systems (further – the Provision) determine the rules and procedures concerning creation, management and operation of the controlled markets and multilateral trade systems (further – MTC), and also obligations of their members.

2. Action of this provision extends to operators of the market, operators of system and members of the controlled market or MTS. Requirements of this provision are obligatory throughout the entire period of implementation of activities by persons falling under its action.

3. The concepts and expressions used in this Provision have the determinations provided by the Law on the capital market No. 171 of July 11, 2012 (further – the Law on the capital market). For the purposes of this provision, the below-stated concepts and expressions have the following determinations:

1) members of the controlled market or MTS – persons who have the right to trade directly in the controlled market or in the organized market (MTS) and to compensate and carry out payment under transactions directly through systems of the central depositary;

2) the operator of the market – the legal entity who manages and/or operates the controlled market;

3) the operator of system - the legal entity who manages and/or operates the organized market (MTC).

4. The operator of the market and the operator of system bear responsibility for effective, reasonable and transparent management of transactions in the controlled market and within MTS, and also for supervision of observance by the controlled market or MTS, being in their management, the requirements established by the Law on the capital market, this Provision and regulations of the National commission on the financial market (further – the National commission).

5. Operators of the market and operators of system shall:

1) to reveal circumstances which constitute or could constitute potential conflict of interest and react to any conflict of interest which could cause damage of integrity of the controlled market and MTS;

2) to control any operational risk, including to reveal any risks and to apply measures to their reducing to minimum;

3) to provide adequate information system and to apply adequate measures to safety, integrity and confidentiality of information;

4) to provide effective functioning of technical systems, including to apply the plan of urgent measures for response to unforeseen events which could break their activities;

5) to provide the fair biddings, and also effective fulfillment of orders;

6) to take measures for safe completion of transactions;

7) to have necessary resources for ensuring the ordered and continuous activities;

8) to perform audit following the results of financial year and information systems;

9) to create conditions for implementation of supervision and control by the National commission with accession to electronic systems;

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