LAW OF THE REPUBLIC OF MOLDOVA

of December 1, 2017 No. 250

About additional supervision of the banks, insurers/overcautious persons and investment societies entering financial conglomerate

The Parliament adopts this organic law.

Chapter I. General provisions

Article 1. Subject and purpose of the law

This law establishes rules of additional supervision of the regulated subjects entering financial conglomerate for ensuring financial stability and protection of investors, insured persons and investors.

Article 2. Scope

This law is applied to regulated subjects – the legal entities who are licensed/authorized according to applicable industry rules who are subject to the additional supervision exercised by the coordinator at the level of financial conglomerate.

Article 3. Basic concepts

For the purposes of this law the stated below concepts have the following values:

the insurer/overcautious person – the insurer/overcautious person according to the definition given in the Insurance law No. 407/2006;

joint business – joint business according to the definition given in the Law on activities of banks No. 202/2017;

competent authority – national authority, on circumstances – the National Bank of Moldova or the National commission on the financial market having warrants of law on regulation and supervision on individual

level or at the level of the whole group behind the subjects falling under operation of this law;

relevant competent authority:

a) the competent authority responsible for industry supervision at the consolidated level of the regulated subjects entering financial conglomerate;

b) the coordinator appointed according to provisions of this law, other than the body specified in Item a);

bank – bank according to the definition given in the Law on activities of banks No. 202/2017;

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