Content Greeting Message
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CONTENT GREETING MESSAGE................................................................................................ 5 CHAPTER I. THE ACTIVITY OF THE NATIONAL COMMISSION ON FINANCIAL MARKET......................................................................................... 6 I. INTRODUCTION OF THE NATIONAL COMMISSION ON FINANCIAL MARKET ......................................................................................................... 6 II. REALIZATION OF THE ACTIVITY OBJECTIVES OF THE NATIONAL COMMISSION ON FINANCIAL MARKET................................................. 11 2.1. Regulation activity .............................................................................. 11 2.2. Authorization activity.......................................................................... 16 2.3. Supervision and control activity .......................................................... 17 2.4. Protection of the participants rights at the non-bank financial market.. 21 2.5. Juridical activity.................................................................................. 22 2.6. Cooperation and international relations ............................................... 24 2.7. Informational transparency guaranteeing............................................. 28 2.8 Taken measures regarding prevention and combat of the money- laundering and terrorism financing on the non-bank financial market ........ 31 III. ACTIVITY OBJECTIVES OF THE NATIONAL COMMISSION ON FINANCIAL MARKET FOR MEDIUM TERM............................................ 33 CHAPTER II. FUNCTION OF THE NON-BANK FINANCIAL MARKET... 38 I. EVOLUTION OF THE SECURITIES MARKET ....................................... 38 1.1 Primary securities market..................................................................... 38 1.2 Secondary securities market................................................................. 40 1.3. Transactions with the participation of foreign investors ...................... 43 1.4. Professional participants’ activity at the securities market................... 45 II. EVOLUTION OF THE INSURANCE MARKET...................................... 51 III. EVOLUTION OF THE MICRO-FINANCING SECTOR......................... 55 3.1 Savings and credit associations ............................................................ 55 3.2 Micro-financing organizations.............................................................. 58 2 APPENDIXES Appendix No 1 ------------------------------ 59 Appendix No 2 ------------------------------ 60 Appendix No 3 ------------------------------ 65 Appendix No 4 ------------------------------ 67 Appendix No 5 ------------------------------ 69 Appendix No 6 ------------------------------ 70 Appendix No 7 ------------------------------ 78 Appendix No 8 ------------------------------ 82 Appendix No 9 ------------------------------ 83 Appendix No 10----------------------------- 84 Appendix No 11----------------------------- 86 Appendix No 12----------------------------- 89 Appendix No 13----------------------------- 91 Appendix No 14----------------------------- 95 Appendix No 15----------------------------- 95 Appendix No 16----------------------------- 96 Appendix No 17----------------------------- 97 Appendix No 18----------------------------- 98 Appendix No 19----------------------------- 99 Appendix No 20----------------------------100 Appendix No 21----------------------------101 Appendix No 22----------------------------102 Appendix No 23----------------------------103 Appendix No 24----------------------------104 Appendix No 25----------------------------104 Appendix No 26----------------------------105 Appendix No 27----------------------------105 Appendix No 28----------------------------106 Appendix No 29----------------------------106 Appendix No 30----------------------------108 Appendix No 31----------------------------110 Appendix No 32----------------------------111 Appendix No 33----------------------------114 Appendix No 34----------------------------116 Appendix No 35----------------------------129 3 The principal used acronyms and abbreviations SCAs Savings and credit association TA Trusting administrator CB Commercial Bank EBRD European Bank for Reconstruction and Development WB World Bank MSE Moldavian Stock Exchange IC Insurance Company CCECC Center for Combating of Economic Crimes and Corruption SRC State Registration Chamber TC Trusting Company NCFM National Commission on Financial Market NCS National Commission of Securities ISC Independent States Community EDMJ Executive Department of the Ministry of Justice NSD National Securities Depositary UNIF Unspecialized Non-mutual Investment Fund IMF International Monetary Fund IFP Investment Fund for Privatization EPFS Evaluation program of the financial sector IAIS International Association of Insurance Supervisors FIFR Francophone Institute of Financial Regulation IOSR International Organization of the Securities Regulators EFC Enterprise with Foreign Capital JV Joint Venture MFO Micro-financing Organization NGO Non-governmental Organization GIP Gross Internal Product IR Independent Registrar SSR State Securities Register JSC Joint Stock Company ML/TF Money-laundering and terrorism financing ISFC International Standards of Financial Correlation LLC Limited Liability Company EU European Union USAID United States Agency for International Development 4 Greeting message In the context of aspiration to the European integration, the National Commission on Financial Market put forward in its activity the achievement of some prior objectives, provided to contribute at the consolidation of the non-bank financial market, the insurance of the stability and transparency in the activity of the professional participants and, not on the last place, the promotion of trust in the regulated market and in the financial instruments investment. The segments of the non-bank financial market represent the components of the national economy, which are not understood and accepted yet by the society very well. Therefore, the elaboration of regulation framework in correspondence to an adequate supervision, transparent and efficient of the professional participants’ activities of non-bank financial market, first of all is in the interest of the shareholders, insured persons and other categories of investors. From the designation, we, all the members of the Board of Administration, have been conscious that we are getting engaged into a complex consolidation activity of the non-bank financial market. In this process, it is necessary all the professional participants to realize that we do not accept any compromises regarding the observation of the existing legislation, as well as of the adopted decisions for this purpose. The new structure of the non-bank financial market is designated to ensure the connection of its segments into the unique European market. The market development, and inclusion of the Moldavian non-bank financial market in the unique European market, request the conformation of the supervision and control process, the continue improvement of the financial instruments as well as of the institutional dynamics in accordance with the directives of the European Union in the international domain and practices. For the realization of this objective, the national non-bank financial market has to work comparative to other European markets and, the mediators activity of the non-bank financial market shall correspond to the criteria and standards accepted on the international plan. The promotion of the transformations process, directed to the implementation of the existing standards at the European level, has to be supported, first of all, by the professional participants, for purpose of the appropriate solutions identification in order to adopt some special provisions at the specific of the national market. Conscious about the importance of implementation of duties, which derive from legislation, the National Commission on Financial Market intend to establish a professional personnel, capable to manifest an increased spirit of responsibility regarding the entrusted tasks. In relation with the participants at the non-bank financial market, we would like more collaboration and objectivity; also, we hope to get the pertinent and always disinterested support in the realization of the common purpose for the efforts consolidation in the development of the non-bank financial market. I wish you everybody success and realizations in activity. Mihail Cibotaru President of the National Commission on Financial Market 5 Chapter I. THE ACTIVITY OF THE NATIONAL COMMISSION ON FINANCIAL MARKET I. INTRODUCTION OF THE NATIONAL COMMISSION ON FINANCIAL MARKET In correlation with the basic changes, produced in the economy of the Republic of Moldova, the non-bank financial market registered, in the year 2007, important modifications in the institutional and regulation plan, as a result of the foundation of the National Commission on Financial Market (NCFM), on the base of the Low No 129-XVI from 07.06.2007 „For the modification and the completion of the Law No 192-XIV from 12.11.1998, regarding the National Commission of Securities”. The new-founded institution has begun its activity from 06.09.2007, becoming the successor of the National Commission of Securities (NCS), of the State Inspectorate for Insurance and Non-state Pension Funds, and of the State Supervision Service of the activity of the Savings and Credit Associations of the Ministry of Finance, which have been reorganized through absorption