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

of May 15, 2015 No. 25/3

About licensing for implementation of activities of the central depositary to DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company

For the purpose of maintenance of stability and providing continuity and orderliness in the capital market, protection of the rights and interests of investors, owing to the consideration of the application provided by DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company (mun. Chisinau, Shtefan chel Mare Blvd. shi Sfynt, 73, of IDNO 1003600012333), based on Art. 1 of the h. (1), Art. 3, Art. 8 of the item c), Art. 9 of the h. (1) item d), Art. 22 of the h. (2) 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), Art. 81-84, of Art. 140 of the h. (1), h. (2) item c), h. (3), (8), (10) and (11) 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 Regulations on issue of licenses and permissions in the capital market approved by the Resolution of the National commission on the financial market No. 56/11 of 14.11.2014 (The official monitor of the Republic of Moldova, 2015, No. 1-10, the Art. 11) the National commission on the DECIDES: financial market

1. Issue to DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company license for activities of the central depositary since May 15, 2015.

2. The provisions of Rules of National securities depository of Moldova stated in the subitem are not approved (1) Item 18.9. "Return of fees in case of exit or exception of the list of Members".

3. Approve the Rules of National securities depository of Moldova approved by the Resolution of council of DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company No. 03/2015 of 23:04. 2015, with exception of the provisions specified in Item 2 it (is applied).

4. Order to DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company to take all measures for:

a) completion of the procedure of registration of the additional share issue approved by the Resolution of the National commission on the financial market No. 40/7 of 15.08.2014;

b) increases in the size of guarantee fund.

5. Within one year from the date of entry into force of this resolution the DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company will provide to the National commission on the financial market the audit opinion of the company specializing in audit area and/or consulting of information technologies, relating to the settlement and clearing systems and other information systems used by society.

6. Order to DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company within three months from the effective date of this resolution:

a) provide to the National commission on the financial market the agreement signed with the independent auditor for 2015;

b) test capability of members of ASMP to react in incident situations according to requirements of National Bank of Moldova.

7. In case of non-execution of items 4 – 6 necessary measures according to Art. 144 of the h will be applied to DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company. (2) the Law No. 171 of 11.07.2012 "About the capital market".

8. Nullify the Resolution of the National commission on securities No. 11/10 of 19.03.2010 "About approval of Rules of National securities depository of Moldova".

9. To impose control over execution of this resolution on general management of supervision of securities.

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

Deputy Chairman of the National commission on the financial market

Yuriye Phillip

Approved by the Resolution of Council of DEPOZITARUL NATIONAL DE VALORI MOBILIARE AL MOLDOVEI joint-stock company (the protocol of April 23, 2015 No. 03/2015)

Rules of National Securities depository of Moldova (in the new edition)

Part I. General provisions

Chapter 1. Basic concepts

For the purpose of these rules the concepts given further and expressions mean the following:

Clearing and settlement activities are activities for determination of cross liabilities, that is implementation of transactions for collection, reconciliation, adjustment of information on transactions of purchase and sale of securities and preparation of documents for execution of transactions, and also activities for offsetting of cross liabilities about calculations for securities and implementation of the specified calculations by money transfer and delivery of securities to Members of the transaction.

The analytical account - represents the account opened for the Member of National depositary in National depositary as to the Member of ASMP, intended for the cash accounting of the Member and his clients through which transactions on offsetting or cash write-off are performed. The procedure for opening, maintaining and closing of analytical accounts is regulated separately.

The depositary contract is contract between National Depositary and the depositor according to which services of National depositary are provided to the depositor and the depositor appoints National Depositary custodian.

The depositary account is the account opened in National Depositary for accounting of the rights of the depositor to securities.

The special depositary account is the account opened on behalf of National Depositary for accounting of the securities belonging to the liquidated legal entities, before renewal of liquidation procedure and intended for accounting of the securities which are in nominal ownership of investment societies in process of liquidation according to the resolution of the National commission on the financial market (further – the National commission).

The clearing account is the account opened for each Member of National Depositary and intended for accounting of obligations of this Member on deliveries of securities and calculations for them.

The personal account of the issuer is the account opened in the register of holders of personalized securities for accounting of the securities issued by the issuer in whom data are specified about: issuer, classes of issued securities, issues of securities, treasury shares and other data.

The personal account of the registered person is the account opened by National Depositary in the register of holders of personalized securities for accounting of the property rights to their securities.

Preliminary confirmation of the order is the transaction made by trade system of the operator of the regulated market or the operator of multilateral trade system (further – MTS) based on the data provided by National Depositary for the purpose of prevention of security sale without covering (i.e. security sales which the seller does not have).

Adjustment of the transaction is the clearing transaction consisting in entering into records according to the depositary and clearing account of the Member of the changes reflecting change of instructions for payment under the transaction which party is this Member.

The depositor is the physical person or legal entity which signed the depositary contract, using services of National Depositary and having the account opened on the name.

Calculations – set of actions taken at the same time by the Member of National Depositary (seller) for execution of the obligations connected with delivery of securities, on the one hand, and the Member of National Depositary (buyer) for execution of the obligations connected with payments, on the other hand, according to the bargains concluded during one trading session.

National Securities depository of Moldova (further - National Depositary) – the legal entity performing the main and additional activities, provided by the license of the central depositary.

Deposition is the depository operation consisting in transfer of securities into the depositary account owing to their transfer to accounting to National Depositary.

The security holder is the person owning securities based on the property right (owner) or based on the contract (custodian).

The statement from the register is the document issued by National Depositary to person registered in the register of personalized securities or his representative in whom data on the securities registered on the date of issue of the statement from the register or on the date of accounting are specified.

The guarantee fund is the general equity fund of Members intended for decrease in risks when calculating within concluded on regulated by market/MTS of the bargains performed by Members of National Depositary.

The individual investor is the depositor having the right to make orders on the depositary account only through the operators appointed by it.

The Delivery against Payment (DAP) – represents type of calculations for security transactions within system of clearing and calculations of National depositary which provides delivery of securities exclusively when payment is performed;

The member of National Depositary – person the having right to use System of National Depositary based on the depositary agreement.

The operator of the individual depositary account (further - the operator) is the Member of National Depositary having the right based on the contract with the individual investor registered in National Depositary to make orders on accomplishment of the transactions on all or some line items of the individual depositary account of this investor within established by the contract of powers and based on orders of the investor.

Depository operations are the operations performed by National Depositary when implementing of depository activity by it.

The payment order – the instruction issued by the owner of the account on implementation of money transfer.

The registered person is the security holder entered in the register of holders of personalized securities at National Depositary.

The line item is certain number of securities.

The long position is the number of the securities which are subject to delivery to this Member specified in records on depositary and clearing accounts of the Member.

The short position is the number of the securities which are subject to delivery by this Member specified in records on clearing and depositary accounts of the Member.

The net cash line item is the obligations of National Depositary and its Members on money transfer (from the account of National Depositary into accounts of Members or on the contrary) formed as a result of mutual offsetting of monetary commitments of Members according to the concluded bargains. The net cash line item shows what cash amount following the results of clearing each Member shall pay or receive.

The register of owners of securities – the register containing data on owners of securities of certain issuer.

Removal is the depository operation consisting in write-off of securities from the depositary account owing to their removal from accounting in National Depositary and entering of the corresponding records into system of maintaining the register of holders of these securities.

ASMP – The automated interbank payment system.

The symbol T, T+0 – represents date of the conclusion of security transaction on regulated by market/MTS.

The T+n symbol – represents quantity of the working days (n) from the date of the conclusion of security transaction (T) during which functions on clearing and calculations shall be performed.

The system of National Depositary – represents the electronic program administered by National Depositary, including system of clearing and calculations for security transactions and system of maintaining the register of owners of securities.

System of maintaining the register of owners of securities – system of the automated accounting of owners of the securities emitted according to the legislation on joint-stock companies, and the capital market.

System of clearing and calculations – the automated system intended for determination of the rights and obligations following from the bargains concluded in the regulated market or MTS and also for covering of the financial positions following from these transactions.

Investment society – the legal entity whose activities consist in rendering investment services and/or in implementation of investing activities on professional basis. Investment society uses services of National Depositary depending on category of the obtained license.

The negative balance of the clearing account is specified in the records according to the clearing account of the Member cash amount which are subject to payment by this Member.

The positive balance of the clearing account is specified in the records according to the clearing account of the Member cash amount which are subject to payment to this Member.

Temporary suspension of the account is the depository operation consisting in entering into records on the depositary account of the Member of mark about temporary ban on implementation of stock exchange transactions with use of this account.

The translation between accounts is the depository operation consisting in transfer of certain line item or group of line items of securities from one depositary account into other account.

The translation in the account is the depository operation consisting in transfer of certain line item or group of line items of securities from one Section of the depositary account on other Section of the same account.

The translation of securities when implementing activities for maintaining the register – conclusion of securities of one class from the personal account of the security holder or their transfer to the personal account of other security holder.

Chapter 2. Basic provisions

2.1. Legal framework of activities

(1) These rules are developed and approved by the Board of directors of National Depositary according to provisions of the Law on the capital market and "National Securities Depository of Moldova" Charter of joint-stock company.

2.2. Procedure for modification and amendments in rules

(1) Changes and additions are made to these rules by the Board of directors of National Depositary (further - the Board of directors).

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