RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of October 17, 2008 No. 50/13

About approval of the Regulations on issue of the conclusion for implementation by savings and loan associations of investments into corporate securities

List of amending documents

For the purpose of execution of provisions of Art. 7 of h (3) and Art. 35 of h (2) the Law No. 139-XVI of 21.06.2007 "About savings and loan associations" (The official monitor of the Republic of Moldova, 2007, No. 112-116, the Art. 506), based on provisions of Art. 1 of the h. (1), Art. 3, Art. 4 of h (1) and h (2), Art. 8 of the item b), Art. 21 of the h. (1), Art. 22 of the h. (1) and h. (2), Art. 25 of the h. (2) the Law No. 192-XIV of 12.11.1998 "About the National commission on the financial market" (it is repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), item 5 b) and item 7.3 c) the Regulations about the organization and functioning of the National commission on the financial market approved by the Resolution of the National commission on the financial market No. 48/5 of 27.09.2007 (The official monitor of the Republic of Moldova, 2007, No. 157-160, the Art. 587), the National commission on the DECIDES: financial market

Approve Regulations on issue of the conclusion for implementation by savings and loan associations of investments into corporate securities it (is applied).

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of October 17, 2008 No. 50/13

Regulations on issue of the conclusion for implementation by savings and loan associations of investments into corporate securities

Chapter I. General provisions

1. This provision establishes procedure for request, consideration and issue by the National commission on the financial market (further - the National commission) the conclusions for implementation by savings and loan associations which have the license of category B, C or the central associations (further - associations) of investments into corporate securities.

2. In this provision the following concepts are used:

a) investments into corporate securities - sets of corporate securities (shares, bonds, other financial records), further - KTsB, the certain class issued by the commercial society which is exposed to check from the National commission or financial institution, supervision of which activities is exercised by National Bank of Moldova which the association intends to acquire;

b) the conclusion for implementation of investments into corporate securities (further - the conclusion) - issue of the written agreement to the National commission on implementation by association of investments into corporate securities.

3. Investments into corporate securities shall be performed, depending on case, according to the rule "have to term". The excess of quick assets which remained after issue of loans can be invested by association in the corporate sector taking into account that investments shall be made in stable and reliable form, within provided by the Regulations of financial precaution approved by the Resolution of the National commission No. 17/8 of 30.04.2008 (further – NFP). If owing to the carried-out analyses and forecasts it is found out that, at least, the short-term and medium-term financial position is not stable, in order to avoid subjection of the capital of association to risk of association shall not acquire KTsB for the purpose of their sale.

4. The association can invest in KTsB placed by the following commercial societies having form of business of joint-stock company:

a) financial institutions, supervision of which activities is exercised by National Bank of Moldova;

b) insurance companies;

c) microfinancial organizations;

d) other joint-stock companies, supervision of which activities is exercised by the National commission.

5. The association shall address to the National commission behind the conclusion for any investments into corporate securities before direct implementation of investment into corporate securities.

6. The conclusion of the National commission is valid 30 calendar days from the date of its issue. If the association did not perform the approved investments into the set term, but nevertheless intends to acquire data KTsB, the association shall receive the new decision in case of submission of the corresponding statement in the conditions of this provision.

7. Receipt of the conclusion for investment into corporate securities does not reduce and does not eliminate risk of the investment, and also does not assign any obligations to the National commission.

8. Based on this provision for alienation by KTsB association belonging to it by the property right or being in ownership the conclusion it is not issued.

Chapter II. The statement on receipt of the conclusion

9. For receipt of the conclusion the association provides to the National commission the statement according to the sample established in appendix to this provision (further - the statement), with appendix of the following documents:

1) financial reports / the specialized report constituted by the end of the reporting period. If the National commission already received the corresponding financial reports / the specialized report, they are not attached;

2) information on portfolio of KTsB registered on balance and off-balance sheet accounts of association on the date of creation of the statement according to constituted financial reports / to the specialized report, including:

b) the name of the commercial society issuing KTsB;

c) class and state registration number KTsB;

d) date of acquisition by KTsB association;

e) investment cost;

f) quantity of the acquired KTsB.

In case of existence of several classes KTsB, the requested information is shown separately on the emitting commercial societies and on classes of the issued KTsB.

10. In case of need receipts of the conclusion at the same time for two or more investments into corporate securities, the association, in contents of the same statement, separately, clearly will also more exhaustively describe the cost of investments on each joint-stock company and class KTsB according to the application form attached to this provision.

11.   No. 36/13 is excluded according to the Resolution of the National commission on the financial market of the Republic of Moldova of 26.06.2015

Chapter III. Consideration of the application and issue of the conclusion

12. In time no more than 15 working days from the date of filing of application the National commission considers the application and the enclosed documents submitted according to Chapter II of this provision and issues the conclusion or refuses consideration of the application about its obtaining.

13. Date of filing of application date of its registration in registers of accounting of correspondence of the National commission is considered.

14. The national commission has the right to request amendment by association of the provided document package and/or entering of necessary changes and amendments into the submitted documents with indication of or without specifying of completion date in the following cases:

a) non-presentation of all documents and/or in case of discrepancy to information containing in them according to provisions of Chapter II of this provision;

b) the submitted documents and/or information are doubtful, illegible or carelessly constituted;

c) contents of the submitted documents and/or information contradict provisions of the legislation and regulations of the National commission.

In any of these cases the term of consideration of the application is calculated from the moment of representation to the National commission of the specified changes or additional documents.

15. The national commission refuses consideration of the application of association on receipt of the conclusion based on at least one of the following motives:

1) the license of association is suspended or the license is cancelled;

2) on the date of filing of application and throughout its consideration restrictions of activities of association, the instruction and/or the outstanding and/or being in process of accomplishment stabilization measures are valid;

3)  No. 36/13 is excluded according to the Resolution of the National commission on the financial market of the Republic of Moldova of 26.06.2015

4) investment into corporate securities on which the conclusion is requested is acquisition of derivative securities;

5) there are prohibitions established by the National commission and/or degree of jurisdiction on transactions with specified to KTsB;

6)  No. 36/13 is excluded according to the Resolution of the National commission on the financial market of the Republic of Moldova of 26.06.2015

7) the emitting commercial society specified in the statement:

a) does not fall under action of item 4 of this provision or is insolvent, or is in process of insolvency, reorganization or liquidation;

b) has no necessary licenses for activities implementation / деятельностей or their action is suspended, or they are cancelled;

8)  No. 36/13 is excluded according to the Resolution of the National commission on the financial market of the Republic of Moldova of 26.06.2015

9) the submitted documents and/or information are invalid (not authentic).

16. If the amount of corporate investment which requires the conclusion exceeds the restrictions allowed by NFP, the National commission makes the decision on issue of the conclusion on investment in the amount of, not exceeding the specified restrictions, being guided by requirements of Item 15 of this provision.

17. If the association requests at the same time the conclusion for two or more investments into corporate securities, and their general size exceeds the restrictions set by NFP, the National commission makes the decision on issue of the conclusions in consecutive procedure according to the submitted applications, before achievement of the specified restrictions, being guided by requirements of Item 16 of this provision.

18. In case of refusal in consideration of the application the association on condition of elimination of the motives which formed the basis for refusal can submit the new application according to the procedure, established by this provision.

Chapter IV. Informing association

19. The national commission notifies association on issue of the conclusion within three working days from the date of decision making according to the statement in writing on paper and/or by means of electronic system of the circulation of documents. In case of statement variation the National commission in writing notifies association on motives of refusal within three working days after the expiration provided in Item 12 of this provision.

20. In case of simultaneous requesting of the conclusions for two or more corporate investments into securities the decision of the National commission is issued for each investment separately.

Chapter V. Special provisions

21. The originals of documents corresponding to transactions on corporate investments into securities are stored in safes of associations for the purpose of ensuring their integrity.

22. For violation of requirements of this provision by association the National commission has the right to apply the adequate measures provided by the current legislation including:

a) initiate cancellation of the corresponding transactions by degree of jurisdiction if KTsB still are in ownership of association and/or

b) apply measures to administrators whose decisions led to violations of requirements of this provision.

To the appeal to degree of jurisdiction according to provisions of the subitem and) this Item the National commission can oblige administrators to sell KTsB if violation of requirements of this provision was established.

Appendix

to Regulations on issue of the conclusion for implementation the loan - savings associations of investments into corporate securities

 
     Председателю Национальной комиссии
     по финансовому рынку
     CеRеRе

                              ЗАЯВЛЕНИЕ
     на получение заключения ссудо-сберегательными ассоциациями
           для инвестирования в корпоративные ценные бумаги  
 
ССА "____________", находящаяся по адресу: ул. _____________ , №_____,
     наименование
IDNO______________, с. (ком., г., мун.,) _______ , р-н ______________,
прошу выдать заключение для приобретения_____________________________,
                                     количество (в цифрах и прописью)
_____________________________________________________________________,
      наименование и класс КЦБ и государственный регистрационный
                            номер эмиссии
выпущенные_____________________________________, IDNO________________,
               наименование эмитента КЦБ
     за максимальную цену одной ЦБ________________________________лей,
                                      сумма в цифрах и прописью
     в сумме______________________________________________________лей,
                        сумма в цифрах и прописью
     от_________________________________________, IDNO/IDNP__________,
        указывается имя, фамилия / наименование
        продавца (в случае прямых сделок) или
                Фондовая биржа Молдовы
        
     Предстоящая инвестиция    осуществляется    в    соответствии   с
инвестиционной политикой ассоциации.

Исполнительный директор (Доверенное лицо)

_______________________                     ________________________
     фамилия, имя                                   подпись

Дата _________________                                М.П.
 

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