Approved by National Bank of Moldova of November 29, 1996, No. 42/09-01

Regulations about ownership of essential equity interest of bank

I. Basis

These regulations are developed according to the powers of National Bank of Moldova provided by articles 11 and 44 of the Law on National Bank of Moldova and articles 15 and 40 of the Law on financial institutions.

II. Application

A. Transfer by means of transactions of share of the capital of bank, including acquisition of equity interest of banks by bank on account of repayment of the credits issued by it, is performed with the written permission of National Bank of Moldova if as a result of this transfer any person or any persons acting jointly have directly or indirectly essential equity interest of this bank and also if as a result of increase in such share limits of 25 percent, 33 percent, 50 percent will be reached or exceeded. Implementation of voting power by the shareholders who are owning essential shares and did not get permission of National Bank, or received the share which led to exceeding of the maximum limit provided by Art. 15 the paragraph (2), stops from the moment of receipt of the notification from National Bank, in the amount of the share which exceeded resolved by National Bank and Art. 15 the paragraph (2) the Law on financial institutions limits.

B. Person owning essential equity interest of bank for July 1, 1996 shall get the written permission of National Bank of Moldova before increasing the equity interest of bank after this date.

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