LAW OF THE REPUBLIC OF MOLDOVA

of June 30, 2023 No. 175

About modification of some regulations (competence of the National commission on the financial market in consumer protection of financial services)

The Parliament adopts this organic law.

Art. I. - In the Law on the National commission on the financial market No. 192/1998 (repeated publication: The official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), with subsequent changes to make the following changes:

1. Part (Article 1 to state 1) in the following edition:

"(1) the National commission on the financial market (further - the National commission) is the autonomous public body responsible before Parliament which when implementing the powers is allocated with the right to make decisions, to provide privileges, to impose prohibitions, to exercise intervention, control and to apply sanctions in the limits set by the legislation.".

2. In part (Article 2 of the word "about functioning of the non-bank financial market and" to exclude 2).

3. State Article 3 in the following edition:

"Art. 3. - The main objectives of the National commission are ensuring stability, transparency, safety and efficiency in the capital market and concerning the optional pension funds and the organizations of collective investment, the prevention of systemic risks and manipulation in the capital market, and also consumer protection of financial services in the limits set by the legislation.".

4. In Article 4:

part (to add 1) with words ", and also on subjects of the relations connected with regulation, supervision and control in the field of consumer protection.";

in part (2) word "and non-state pension funds", shall be replaced with words ", the optional pension funds and their administrators,";

add Article with parts (2-1) and (2-2) following of content:

"(2-1) Subjects of the relations connected with regulation, supervision and control in the field of consumer protection are:

a) professional participants;

b) professional participants of the insurance market in sense of the Law on insurance and reinsurance activity No. 92/2022;

c) non-bank credit institutions;

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