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Ministry of Justice

Republic of Moldova

On November 20, 2015 No. 1076

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

of August 26, 2015 No. 49/3

About approval of the Regulations on investment services and activities

Based on the Art. 34, Art. 50 of the h. (14) item b), Art. 59 of the h. (3) 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 investment services and activities, according to appendix.

2. Within three months from the date of publication of this resolution of person, having license for activities of investment society, shall bring the activities into accord with requirements of the Regulations on investment services and activities and to staticize the internal regulations and procedures for observance of the organizational and operational requirements provided by the Provision with the subsequent informing the National commission on the financial market.

3. In time, provided in Item 2, investment societies shall classify the new and existing clients, depending on their compliance, in category of retail clients, professional clients or the competent parties according to requirements of the Regulations on investment services and activities and the Law No. 171 of 11.07.2012 "About the capital market", with informing clients and the National commission on the financial market upon termination of the procedure.

4. Declare invalid the Regulations on broker and dealer activities in the security market approved by the Resolution of the National commission on securities No. 48/7 of 17.12.2002 (The official monitor of the Republic of Moldova, 2003, No. 20-22, the Art. 31).

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

Deputy Chairman of the National commission on the financial market

Yuriye Phillip

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of August 26, 2015 No. 49/3

Regulations on investment services and activities

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 by L 145 of April 30, 2004;

Directives 2006/73/CE of the Commission of August 10, 2006 about application of the Directive 2004/39/CE of the European Parliament and Council on organizational requirements and operating conditions of the investment companies and about the concepts determined for the purpose of the specified directive published in the Official magazine of the European Union by L 241 of September 2, 2006;

Regulations (CE) No. 1287/2006 of the Commission of August 10, 2006 about application of the Directive 2004/39/CE of the European Parliament and Council on obligations of the investment companies for storage of the reporting and records, to provision of reports on transactions, about transparency of the market, about the admission of financial instruments to the biddings and about the concepts determined for the purpose of the specified directive, the European Union published in the Official magazine by L 322 of December 2, 2008;

Orientations of the European body for securities and the markets of June 15, 2012 about some aspects of requirements of MiFID about adequacy, AEVMP/2012/387;

Recommendations of Committee of the European regulating authorities about securities for the third level of February 9, 2007 about the Minimum list of records according to Article 51 (3) Directives on implementation of MiFID, Ref: CESR/06-552c.

Chapter I. General provisions

1. The regulations on investment services and activities (further – the Provision) determine rules and procedures of regulation of procedure of investment services and activities.

2. Action of this provision extends to the following subjects:

1) investment societies;

2) the allowed persons according to the procedure, the stipulated in Clause 36 Laws on the capital market No. 171 of July 11, 2012 (further – the Law on the capital market) to which all provisions connected with investment societies are applied in non-discriminatory conditions;

3) the branches of investment society opened in other state provided that in case of contradictions between requirements of this provision and the regulatory base of the respective country the last will prevail with preliminary informing the National commission on the financial market (further – the National commission) about this fact;

4) employees and authorized agents of investment society.

3. The this provision subjects within implementation of investment services and activities shall conform at any time to all requirements determined by the legislation on the capital market, and also the adjacent legislation including the foreign exchange legislation.

4. The terms, concepts and expressions used, but which are not determined in this Provision have the determinations provided by the Law on the capital market. For the purposes of this provision the below-stated concepts and expressions have the following determinations:

1) Marzhin call – the mandatory requirement providing compliance to the limits set by the agreement in case of the margin account;

2) the Agreement on rendering investment services and activities (the agreement of mediation) – the agreement signed in writing between investment society and the professional client or the retail client for the purpose of rendering service by investment society in the field of financial investments which minimum requirements are determined by this Provision;

3) the Margin account – the account on which marginal transactions with valuable papers / derivative financial instruments are registered. For functioning of the margin account of valuable papers / derivative financial instruments it is necessary to enclose initial margin and to support its minimum obligatory level according to this Provision;

4) the Account of money – the account used for the purpose of management of accounts of financial instruments, margin accounts and other accounts and registers, in particular for carrying out payment under transactions with financial instruments, and also for management of other obligations of investment society to the client or obligations of the client to investment society for the investment services provided by investment society on behalf of the client;

5) Confidential information – information or data directly or indirectly connected with clients of investment society in the course of implementation of certain investment service, except for:

- information or data which were brought to the attention the public voluntarily and openly by the subject of personal data until the conclusion of the agreement of mediation with investment society;

- cases when the client of investment society directly expresses the consent to disclosure of information to certain third party;

6) the Instruction – the order published by the client about implementation by investment society of the special action connected with rendering investment service or activities to this client including the instruction about the edition of the order on the basis of the right granted by the client to represent its interests, with indication of contents of the order, the instruction about cancellation of the order, with indication of date and time of its transfer to investment society;

7) the Place of the biddings – the controlled market or multilateral trade system (MTC);

8) Margin – the minimum level which the client shall support on the margin account opened at investment society for guaranteeing marginal transactions. The margin can be created in money and in securities according to this Provision;

9) the Order – specifying to acquire or sell financial instruments by means of investment society, constituted according to requirements of this provision;

10) the Tough carrier – any tool which allows the client to store information addressed to it personally so that it was available to the subsequent consultation and which gives the chance in accuracy to reproduce the stored information;

11) Marginal transactions – the transactions made by investment society on behalf of the client or with the securities received based on the credit issued to the client for acquisition of certain securities or with the securities borrowed for the purpose of making of short sales or with derivative financial instruments;

12) Short sales – security sale which at the time of sale are not in ownership of the seller and which he borrowed previously by the conclusion of the loan agreement.

Chapter II. Operational requirements and restrictions in implementation of investment services and activities

Section 1. Organizational and functional requirements

5. Within investment society for implementation of investment services and activities with observance of requirements of the Law on the capital market and regulations of the National commission persons who manage society are responsible.

6. Persons who manage investment society bear responsibility for ensuring compliance with domestic policy, procedures and orders, and also for reliability and completeness of information containing in the records and accounting of investment society applied to observance of obligations stipulated by the legislation about the capital market and, respectively, periodically estimate and check adequacy of internal control systems and efficiency of domestic policy, procedures and orders, taking adequate measures for correction of possible shortcomings.

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