LAW OF THE REPUBLIC OF MOLDOVA

of November 23, 2017 No. 216

About modification and amendments in the Law on savings and loan associations No. 139/2007

The Parliament adopts this organic law.

Art. I. - In the Law on savings and loan associations No. 139/2007 (Official monitor of the Republic of Moldova, 2007, Art. No. 112-116, 506), with subsequent changes and amendments, to make the following changes and additions:

1. In Article 3:

before the concept "administrator" to add Article with the following concept:

"risk management - the process concentrated on the analysis of profile of risk of association by means of which administrators shall reveal, estimate, register and perform systematic monitoring of the risks capable to influence accomplishment of the planned tasks and realization of achievements and also to develop measures for minimization of probability of origin and/or impact of the risks connected with the performed activities;";

the concept "administrator" after the words "or representations" to add with the words "member of credit committee";

the concept "fund of liquidity" after the words "from the members" to add with the words "and also from financial resources of associations, free for investment".

2. Part (Article 7 to state 2) in the following edition:

"(2) the Association can invest the money which is not used for issue of loans according to the investment policy approved by council. At the same time implementation of investments into the capital or in securities of the economic societies under control to supervision body or National Bank of Moldova, except for derivative financial instruments, is allowed only from written consent of supervision body:

a) to the associations having the license of category A - only in joint-stock companies in which they had the status of the shareholder on the date of entry into force of this law;

b) to the associations having the license of category B or C and the central associations.".

3. Part (Article 8 to add 2) with Item f) the following content:

"f) establishments of internal procedures and operational accounting of identification, registration and risk management.".

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