It is registered
Ministry of Justice
Republic of Moldova
On June 10, 2013 No. 919
of May 17, 2013 No. 96
About approval of Regulations about placement and the redemption of government securities in the form of records on accounts
Based on the Art. 11, Art. 26 of the item c) the Law on National Bank No. 548-XIII of July 21, 1995. (The official monitor of the Republic of Moldova, 1995, Art. No. 56-57, 624), with subsequent changes and amendments, Art. 14-17 of the Law on public debt, the state guarantees and the state recrediting No. 419-XVI of December 22, 2006. (The official monitor of the Republic of Moldova, 2007, Art. No. 32-35, 114), with subsequent changes and amendments, DECIDES: Administrative board of National Bank of Moldova
1. Approve Regulations about placement and the redemption of government securities in the form of records on accounts, according to appendix No. 1.
2. Consider invalid some regulations of National Bank of Moldova, according to appendix No. 2.
3. The tenders announced before entry into force of this resolution will be is carried out according to the procedure, established before entry into force of this resolution.
Chairman of Administrative board of National Bank of Moldova
Approved by the Resolution of Administrative board of National Bank of the Republic of Moldova of May 17, 2013
The Republic of Moldova of May 17, 2013 No. 13/2-1/133, No. 96, the Ministry of Finance
1. These regulations establish rules and procedures of placement and the redemption of the government securities issued by the Ministry of Finance of the Republic of Moldova in the domestic market in the form of records on accounts, conditions of access for participants in the primary market, their rights and the obligation, and also other conditions, procedures and the principles of the organization and functioning of the market of government securities.
2. The National Bank of Moldova acts as the fiscal agent of the state under the Law on National Bank of Moldova No. 548-XIII of July 21, 1995 and the Agreement on the fiscal agent signed with the Ministry of Finance and bears responsibility for the organization and carrying out from name and on specifying of the Ministry of Finance of auctions for sale of government securities in the primary market, implementation of registration of government securities in system of records on accounts, principal payment and discount, and also for interest payment (coupons) on government securities.
3. The National Bank will organize and performs activities for placement/sale of government securities according to requirements of these regulations and with respect for the principles concerning transparency of the market and conditions of access, the used procedures in carrying out transactions selling government securities, and also investor protection and the non-discriminatory attitude towards participants.
4. Participants of the primary market of government securities are primary dealers and participating banks who are not primary dealers.
5. Requirements of these regulations are applied to the Ministry of Finance as the issuer of government securities, to National Bank as the fiscal agent of the state, to primary dealers, their clients and participating banks of the market of government securities.
6. In these regulations the concepts determined by the Law on public debt, the state guarantees and the state recrediting No. 419-XVI of December 22, 2006 are applied. (The official monitor of the Republic of Moldova, 2007, Art. No. 32-35, 114), with subsequent changes and amendments.
7. For the purpose of these regulations the following concepts are also determined:
a) participating bank – the bank allowed by National Bank to perform operations with government securities exclusively on its own behalf and at own expense and which signed the agreement on the participant of the primary market of government securities with National Bank;
b) treasury obligations (further CO) – the government securities issued with discount and redeemed on repayment date at par value with circulation period up to one year;
c) the ISIN code – international security identification number (International Securities Identification Number, ISIN) which unambiguously determines the certain release of government securities appropriated according to the international standard ISO 6166;
d) the client (investor) – physical person or legal entity, resident or the nonresident of the Republic of Moldova at the expense of whom the primary dealer submits the auction participation application selling government securities;
e) the coupon – periodically paid interests on government bonds to their holders throughout circulation period of bonds;
f) settlement date – date of money transfer to the Ministry of Finance for the government securities purchased at auctions;
g) repayment date – date when the redemption of government securities is performed by the issuer;
h) the primary dealer – the bank allowed by National Bank for carrying out transactions with government securities in the primary market as a result of accomplishment of selection criteria and which can perform operations on its own behalf and at own expense or on its own behalf and at the expense of the clients, physical persons and/or legal entities, residents or nonresidents;
i) auction – method of sale of government securities in the primary market according to requirements of these regulations;
j) the margin – the size (expressed in percent points) which increases to interest rate of treasury bonds established as the indicator for charge of size of the coupon to government bonds with floating interest rate which is determined within the auction and is constant during circulation period of bonds;
k) market maker – the primary dealer who is constantly present at the market for implementation at own expense of transactions with government securities at the price established by it;
l) government bonds (further GO) – the government securities issued with discount, at par value or with award with for a period of year and more on which the issuer periodically pays interests according to fixed or floating interest rate, in accordance with the terms of release and which are redeemed on repayment date on their nominal value;
m) the competitive request – the purchasing request of government securities in which the participant specifies desirable cost for obtaining and the offered price/margin;
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