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

of April 21, 2017 No. 17/7

About approval of the Instruction about procedure for security sale, arrested by the State Tax Administration

Based on Art. 1 of the h. (1), Art. 8 of the item b), Art. 21 of the h. (1) the Law No. 192-XIV of November 12, 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. 203 of the h. (8) the Tax code No. 1163-XIII of April 24, 1997 (it is repeatedly published in the Official monitor of the Republic of Moldova, 2007, the special edition) the National commission on the DECIDES: financial market

1. Approve the Instruction about procedure for security sale, arrested by the State Tax Administration, according to appendix.

2. Recognize invalid the Instruction about the organization and carrying out stock exchange transactions of Moldova with the securities arrested by tax authorities approved by the Resolution of the National commission on securities No. 32/5 from 25 dekabrya2003 years (The official monitor of the Republic of Moldova, 2004, No. 45-49, the Art. 111).

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of April 21, 2017 No. 17/7

The instruction about procedure for security sale, arrested by the State Tax Administration

I. General provisions

2. This Instruction establishes procedure for security sale, arrested by the State Tax Administration, in the controlled market within multilateral trade system (MTC) and out of them.

3. Within this Instruction personal data, only strictly necessary and irredundant concerning the established purpose, with ensuring proper level of safety and confidentiality concerning the risks provided by processing and the nature of the processed data according to the principles established by the legislation on personal data protection are processed.

4. The concepts used in this Instruction have the determinations provided by the Law No. 171 of July 11, 2012 and the Rules of the controlled market of Stock exchange of Moldova approved by the National commission on the financial market (further – NKFR) the Resolution No. 23/3 of May 8, 2015.

5. Sale of the arrested securities in the controlled market or MTS is performed according to their rules by exposure by single packets with the exceptions provided by this Instruction.

6. Sale of the arrested securities out of the controlled market and MTS is performed only in case security circulation takes place according to part provisions (3) articles II of the Law No. 163-XVI of July 13, 2007 on modification and amendments in the Join-stock companies law No. 1134-XIII of April 2, 1997. In this case it is necessary to observe the procedure established by the Regulations on security circulation in the capital market approved by the Resolution NKFR No. 14/5 of March 31, 2016.

7. If the arrested securities do not conform to requirements of admission to trading in the controlled market or MTS and also if the arrested securities were not sold according to Item 6, they temporarily are registered in the controlled market without observance of the procedure of the admission established by the corresponding rules only for the purpose of alienation.

8. Seller of the arrested securities is the State Tax Administration which sells the arrested securities through the investment societies rendering investment services and performing investing activities based on earlier signed agreement.

9. Original price of sale of the arrested securities will be determined taking into account one of the criteria established in part (2) article 23 of the Law No. 171 of July 11, 2012.

10. If the arrested securities are not requested by buyers throughout the period of the biddings which shall not exceed 20 working days, the State Tax Administration has the right to expose them within the new auction with gradual lowering of the previous price to 20%, considering as well events which influence the share price of the issuer.

II. The organization of exposure to sale of the arrested securities

11. The decision on exposure to sale of the arrested securities is made by the State Tax Administration.

12. The seller in the procedure established by the legislation and this Instruction:

Requests 1) from registration society / keeper which records owners of the arrested securities, the statement from the register;

Requests 2) before exposure to sale of the arrested securities, depending on circumstances, the issuer of the corresponding securities has financial statements for the last three years;

3) constitutes documents for the temporary admission of the arrested securities on the controlled market if securities are not allowed on this market or MTS;

4) determines selling price of the arrested securities;

5) is provided by publication, according to this Instruction, the information message about the offer on alienation of the arrested securities in the controlled market or MTS, and also creation of the documents necessary for exposure and sale of the arrested securities.

13. For the temporary admission on the controlled market for the purpose of alienation of the arrested securities the operator of the controlled market registers the arrested securities in the corresponding market in the separate list, without observance of the procedure of registration and the admission, only for their exposure to sale.

14. The temporary admission specified in Item 13, grants to the seller exclusive right to sell the arrested securities in the controlled market. After security sale they are excluded from the temporary list.

15. The procedure and conditions of exposure to sale of the arrested securities specified in information messages cannot change throughout the period of exposure of these securities for sale.

III. Procedure for carrying out tenders on selection of investment societies

16. Tenders on selection of investment societies which will render investment services and to perform investing activities in the capital market in sales process of arrested of securities, will be organized by the State Tax Administration which determines also the winner of this tender.

17. The main selection criteria of winners are:

1) the activities period in the capital market;

2) competence of personnel and technical capabilities for implementation of security transactions;

3) amount of transactions for the last three years as the intermediary in the capital market, including as the investment society rendering investment services to the seller of the arrested securities;

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