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The document ceased to be valid since February 17, 2020 according to Item 2 of the Resolution of National Bank of the Republic of Moldova of December 13, 2019 No. 328

Approved by Administrative board of National Bank of the Republic of Moldova of August 15, 1996 (the Protocol No. 37)

REGULATIONS ABOUT LICENSING OF BANKS AND BRANCHES OF FOREIGN BANKS NO. 23/09-01

of August 15, 1996 No. 37

(as amended on 25-04-2019)

 

President of National Bank of Moldova

Leonid Talmach

 

I. Application

The National Bank of Moldova has exclusive right to issue of licenses to banks and bank departments of foreign state.

The foreign bank wishing to open department in the territory of the Republic of Moldova shall obtain the license of National Bank of Moldova according to the procedure, established by these regulations.

The foreign bank wishing to open branch in the territory of the Republic of Moldova shall observe requirements and obtain the license of National Bank of Moldova according to the procedure, established by Chapter VII-5 of these regulations.

Further the reference to "bank" will include as well departments of banks.

II. Licenses for implementation of financial activities

The bank can perform the financial activities permited bank according to Art. 26 of the Law on financial institutions within the granted license. The bank has no right to perform the financial activities which are not provided by the license.

According to Item n) parts (1) Art. 26 of the Law on financial institutions the bank can perform types of activity or services provided that they treat the financial sphere and for which shall have the permission of National Bank of Moldova issued on the terms of Chapter VII-4 of these regulations.

III. Requirements to the size of minimum necessary capital

The size of the minimum capital is established for the capital of the I level in the amount of 200 million lei.

The method of calculation of the capital of the I level contains in the appendix N4 to these regulations.

The payment for shares can be brought only by money. Property fees and other non-cash fees cannot be used for share purchase of bank.

IV. Creation of banks

Banks are created in the form of joint-stock company according to the legislation on joint-stock companies.

According to part (4) article 241 of the Law on financial institutions No. 550-XIII of July 21, 1995, in departure from part (2) article 19 of the Law on investments into business activity No. 81-XV of March 18, 2004 and part (5) article 21 of the Law on entrepreneurship and the companies No. 845-XII of January 3, 1992, bank departments of foreign state are not legal entities. Departments of foreign tanks are registered according to the procedure, the stipulated in Clause 12 Laws on state registration of legal entities and individual entrepreneurs No. 220-XVI of October 19, 2007.

V. Heads

The council of the bank shall conform to the requirements provided by articles 18 and 19 of the Law on financial institutions.

All heads shall conform to requirements imposed by National Bank, way of regulation of requirements to heads of bank.

VI. The statement on receipt of the license

A. The written application on receipt of the license for the implementation of financial activities constituted according to the requirements containing in appendices of these regulations moves founders of bank addressed to the president of National Bank of Moldova. The document package, listed in appendices shall be enclosed to the application.

B. As soon as the complete document package is provided according to requirements of the corresponding appendix of these regulations, the petitioning person will be notified on it in writing. Then the statement will be registered and taken cognizance by National Bank.

C. The National Bank has the right to require submission of additional data if information provided according to subitem A of this Chapter is insufficient for decision making according to the statement on receipt of the license.

VII. Decision on licensing

A. V three-months term from the date of registration of a statement National Bank gives prior consent or rejects the statement and in writing notifies the applicant on the decision.

B. Refusal in licensing.

The decision on refusal shall contain explanation of reasons for rejection of the statement according to article 7 of the Law on financial institutions in licensing. Can be reasons for rejection of the statement also representation of insufficient data to National Bank for decision making about licensing and/or submission of false information in the statement on receipt of the license.

The National Bank does not grant the license if the capital of the created bank does not correspond to the amount of the minimum capital and expenses required for creation of bank. The expenses connected with creation of bank are performed in the limits provided by the business plan developed according to the item 12 of appendix of 1 these regulations.

C. Prior consent.

1. The National Bank gives prior consent to licensing if it determines that the requirements containing in Section 2 of article 7 of the Law on financial institutions, concerning banks and the requirements containing in Section 6 of article 7 of the Law on financial institutions, concerning departments of foreign bank were fulfilled.

2. In prior consent to licensing the National Bank establishes the requirements provided in Section 3 of article 7 of the Law on financial institutions which the petitioning person shall execute for receipt of the license.

3. The petitioning person shall fulfill the requirements of National Bank specified in Item C within one year. 2 Sections VII. Otherwise prior consent to licensing is cancelled.

D. Licensing.

1. The petitioning person shall submit in writing confirmation of the fact that the listed requirements of National Bank, the calculation of the aggregate normative capital constituted according to appendix N 4, on the last reporting date are executed also the decision on registration issued by the State registration chamber. After the National Bank will make sure that its requirements are fulfilled, grants the license within one month and also the written permission for ownership of essential share of shareholders who petitioned for it.

2. The National Bank, in time no more than three working days from the date of decision making about licensing, notifies in writing the applicant on this fact and on need of introduction of collection for licensing established by the Law on financial institutions. The license is signed within three working days from the date of receipt of the document confirming introduction of collection for licensing and handed, under list, to the authorized person of bank.

The bank has the right to perform the financial activities provided by the license from the date of its signing.

Appendix to the license is its component and contains all conditions of licensing, and also directly specified types of activity and/or services planned for implementation according to part (1) Art. 26 of the Law on financial institutions.

E. it is excluded

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