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ANNUAL REPORT 2011 National Commission for Financial Markets’ Activity and Non-Banking Financial Market Functioning

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ANNUAL REPORT 2011 National Commission for Financial Markets’ Activity and Non-Banking Financial Market Functioning REPUBLIC OF MOLDOVA NATIONAL COMMISSION FOR FINANCIAL MARKETS ANNUAL REPORT 2011 National Commission for Financial Markets’ activity and non-banking financial market functioning Chisinau 2012 1 2 CONTENTS Message of the Board of National Commission for Financial Markets 8 Chapter I. ACTIVITY OF THE NATIONAL COMMISSION FOR 11 FINANCIAL MARKETS I. Organization and functioning of the National Commission for Financial Markets (NCFM) 11 1.1. Participants on non-banking financial market 14 1.2. Organizational structure and professional training 14 1.3. Budget and Financing 16 1.4. Information Technologies Development 17 1.5. Information Transparency 18 II. Achievement of Activity Objectives of the National Commission for 22 Financial Markets 2.1. Regulatory activity 22 2.2. Authorization and licensing activity 25 2.3. Monitoring and control activity 29 2.4. Protection of the rights of non-banking financial market participants 35 2.5. Legal activity 37 2.6. Activity of specialists’ certification 39 2.7. Internal Institutional cooperation 40 2.8. International cooperation activity 41 2.9. Activity of preventing and combating the money laundering and 47 terrorism financing on the non-banking financial market Chapter II. ORGANIZATION AND FUNCTIONING OF NON- 49 BANKING FINANCIAL MARKET I. Development of securities market 49 1.1. Primary market of securities 49 1.2. Secondary market of securities 51 1.3. Participation of foreign investors in transactions on securities market 58 1.4. Financial results of Joint Stock Companies’ activity 60 1.5. Activity of professional participants on the securities market 62 II. Insurance market development 72 2.1. Insurance companies’ activity 72 2.2. Activity of insurance and/or reinsurance intermediaries 83 2.3. Street Victims Protection Fund 84 III. Microfinance sector development 84 3.1. Activity of savings and credit associations 86 3.2. Activity of microfinance organizations 97 IV. Activity of Credit History Bureau 100 Annexes 102 3 ANNEXES Annex No. 1 Organizational structure of the National Commission for Financial Markets 102 Annex No. 2 Regulatory decisions of the National Commission for Financial Markets approved in 2011 103 Annex No. 3 Legal and normative acts examined by NCFM at the request of other authorities with corresponding notifications 106 Annex No. 4 Recordings made in the State Register of licenses issued, re- issued, suspended and withdrawn in 2011 108 Annex No. 5 Authorizations of reorganization issued to Joint Stock Companies in 2011 120 Annex No. 6 Information on contraventions detected on the non-banking financial market in 2011 121 Annex No. 7 List of Joint Stock Companies which have performed constitutive issues in 2011 123 Annex No. 8 List of Joint Stock Companies which have performed supplementary issues in 2011 124 Annex No. 9 List of Joint Stock Companies which have made changes in the State Register of Securities in 2011 127 Annex No. 10 Public offers registered and developed on the secondary market in 2011 130 Annex No. 11 Transactions developed within public offering prospectus 134 Annex No. 12 Transactions with securities of Joint Stock Companies included in the listing of Moldova Stock Exchange in 2011 135 Annex No. 13 Free float ratio for issuers included in the listing of Moldova Stock Exchange as per 31.12.2011 136 Annex No. 14 List of Joint Stock Companies which registered securities issues with participation of foreign capital in 2011 137 Annex No. 15 Purchases and sales of securities made by foreign investors depending on the home country in 2009-2011 139 Annex No. 16 List of Joint Stock Companies which submitted the annual financial report on securities for 2010 140 Annex No. 17 Results of economic and financial activity of Moldova Stock Exchange according to the situation at the end of 2011 176 Annex No. 18 Results of economic and financial activity of the National Securities Depository of Moldova according to the situation at the end of 2011 176 Annex No. 19 Results of economic and financial activity of non-banking brokers/dealers according to the situation at the end of 2011 177 Annex No. 20 Information on the amount of transactions made via non- banking brokers/dealers in 2011 178 Annex No. 21 Amount of transactions with corporate securities made via commercial banks in 2011 179 4 Annex No. 22 List of independent registrars who provided issuers’ register keeping services in 2011 180 Annex No. 23 Results of economic and financial activity of independent registrars according to the situation at the end of 2011 181 Annex No. 24 Economic and financial situation of investment funds in process of forced liquidation at the end of 2011 182 Annex No. 25 Economic and financial situation of investment funds in process of liquidation on own initiative at the end of 2011 183 Annex No. 26 Economic and financial situation of trust managers at the end of 2011 184 Annex No. 27 Contracts of providing services by companies for estimation of securities and assets related to them 185 Annex No. 28 Results of economic and financial activity of companies for estimation of securities and assets related to them at the end of 185 2011 Annex No. 29 Information on services for consulting and investment consulting developed by professional participants of the non- 186 banking financial market in 2011 Annex No. 30 Subscribed insurance premiums in 2011 187 Annex No. 31 Insurance compensation and claims paid in 2011 188 Annex No. 32 Balance sheet of insurance companies according to the situation at the end of 2011 190 Annex No. 33 List of insurance companies with foreign capital 191 Annex No. 34 Placement of assets admitted to represent insurance reserves and minimum solvency margin according to the situation at the 192 end of 2011 Annex No. 35 Report on reinsurance operations 194 Annex No. 36 Main indicators of insurance companies’ activity at the end of 2011 196 Annex No. 37 Financial results of insurance and/or reinsurance brokers 198 Annex No. 38 General information regarding economic and financial situation of savings and credits associations at the end of 2011 201 Annex No. 39 Key indicators on the activity of microfinance organizations at the end of 2011 215 5 Main Acronyms and Abbreviations Used SCA Savings and Credit Association TA Trust Administrator BaFin German Financial Supervisory Authority IRB Insurance and/or reinsurance broker CB Commercial Bank EBRD European Bank for Reconstruction and Development WB World Bank NBMI National Bureau of Motor Insurers NBM National Bank of Moldova MSE Moldova Stock Exchange IC Insurance Company CCECC Centre for Combating Economic Crimes and Corruption ICEEC Integration Committee of the Eurasian Economic Community TC Trust Company JIC Joint Insurance Company NCFM National Commission for Financial Markets NSC National Securities Commission CIS Commonwealth of Independent States NSD National Securities Depository CEE Central and Eastern Europe FATF Financial Action Task Force NNIF Non-mutual Non-specialized Investment Fund IMF International Monetary Fund IAIS International Association of Insurance Supervisors 6 ICURN International Credit Union Regulators’ Network IOSCO International Organization of Securities Commissions IOPS International Organization of Pension Supervisors FCC Foreign Capital Company JV Joint Venture MMoU Multilateral Memorandum of Understanding MO Microfinance Organization GDP Gross Domestic Product RISP Rural Investment and Services Project RM Republic of Moldova SSR Securities State Register JSC Joint Stock Company AIPS Automated Interbank Payment System ML/TF Money Laundering and Terrorism Financing CS Commercial Society IFRS International Financial Reporting Standards IMS Informational Management System LLC Limited Liability Company USA United States of America EU European Union USAID United States Agency for International Development WOCCU World Council of Credit Unions 7 BOARD’S MESSAGE In terms of main economic indicators, the development of the Republic of Moldova's economy reveals a good trend in 2011. Macroeconomic factors have influenced the development of the non-banking financial market, which have recorded positive evolutions on most of its components. As a non-banking financial market regulator, NCFM in cooperation with development partners has undertaken appropriate measures to address new challenges, giving priority to training goals, to promote legislative and regulatory framework to European and international standards and to strengthen its institutional and operational capacities. In the implementation of Law No. 35 of 03.03.2011 “For approval of the strategy of non-banking financial market development for the years 2011-2014 and Action Plan for implementation of the Strategy of non-banking financial market development for the years 2011-2014” for NCFM calendar year 2011 is marked by complex activities of development and promotion of the draft Law on Capital Market, the draft Law on non-banking financial organizations, the draft Law on voluntary pension funds and the draft Law amending the insurance legislation, which have the objective to harmonize national legislation with the acquis communautaire in order to ensure development of effective instruments of prudential supervision, financial stability and market operators to establish a mechanism of protection of the rights of investors and consumers of non-banking financial services. Mention award the initiative to grant NCFM the competence for leasing supervision, thus ensuring the consistency of consolidation of non-banking financial market,
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