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

of December 26, 2008 No. 62/14

About approval of Stock exchange rules of Moldova

Based on Art. 1 of the h. (1), Art. 3, Art. 4 of the 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) the Law No. 192-XIV of 12.11.1998 "About the National commission on the financial market" (repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126) and Art. 47 of the h. (2) the Law No. 199-XIV of 18.11.1998 "About the security market" (repeatedly published in the Official monitor of the Republic of Moldova, 2008, No. 183-185, by the Art. 655) the National commission on the DECIDES: financial market

1. Approve the Stock exchange rules of Moldova accepted by council of Stock exchange of Moldova (the protocol No. 07/08 of 17:11. 2008), in the new edition according to appendix.

2. Cancel the Resolution of the National commission on the financial market No. 17/5 of 19.05.2000 "About approval of Stock exchange rules of Moldova", with subsequent changes and amendments.

3. This resolution becomes effective from the date of publication.

Are approved National commission on the financial market (The resolution of December 26, 2008 No. 62/14) Chairman of NKFR ____________ Mikhail Chibotaru

Are accepted council of Stock exchange of Moldova (protocols of November 17, 2008 No. 07/08) Chairman of Exchange council _____________ Sergey Chebotar

Stock exchange rules of Moldova

Basic concepts and reducings

In these rules the stated below terms and expressions have the following values:

The authorized person - the legal (physical) entity having the license for implementation of the broker and/or dealer activities (the competence certificate on the right of implementation of transactions with securities) issued to NKFR.

The administration of the Exchange is executive body of the Exchange as it is determined by Art. 39 of the Charter of the Exchange.

SAIT - the automated integrated trade system, the software on carrying out the exchange biddings, access to which is provided via terminals (PC) which are in trade floor of the Exchange.

The arbitration - instance which will be organized and functions according to the procedural Regulations approved by Exchange council and which is authorized to consider disagreements between members of the Exchange / Stock exchange agents, between Stock exchange agents and members of the Exchange, between clients and members of the Exchange and/or Stock exchange agents for the purpose of clarification of the valid circumstances of expected violations of exchange Rules and determination of the party bearing responsibility for the caused damage.

The stock exchange agent - the physical person hired by one of members of the Exchange and authorized by NKFR and/or the Exchange for implementation of the activities connected with carrying out security transactions at the Exchange.

Exchange activities in the security market - the organized activities in the security market performed by the professional participant of the security market, directed to creation of infrastructure and provision of services, the civil transactions providing making between members of the security market which subject are securities.

The exchange order - represents the offer on purchase or security sale, traded at the Exchange which is transferred to execution from name and at the expense of the member of the Exchange (dealer transactions) or on behalf of the member of the Exchange and for customer account.

Exchange, or FBM, - Stock exchange of Moldova, joint-stock company which performs exchange activities in the security market according to provisions of the Law on the security market, the Charter of the Exchange and these rules.

Broker activities - the activities performed by the broker, the professional participant of the security market, as the attorney or the broker on implementation of transactions of purchase and sale of securities, acting on the basis of the agreements of the order or the commission, and in case of absence in the contract of specifying for powers of the attorney or the broker - based on the power of attorney on making of the specified transactions.

Inclusion in listing of the Exchange (listing) - the admission of security to the official quotation at one of 2 levels of listing of the Exchange, depending on compliance of the issuer of securities to requirements and conditions imposed by the Exchange. Legal relationship between the Exchange and the issuer are established by the agreement on inclusion and maintenance of securities in listing of the Exchange.

Dealer activities - the activities performed by the dealer, the professional participant of the security market for the purpose of security purchase on its own behalf and at own expense for their subsequent sale for the purpose of profit earning.

The disciplinary commission - the internal FBM collegiate organ, authorized, according to the procedural regulations approved by Exchange council to consider cases of abuse of regulations and the regulations established by the Exchange and/or NKFR and to impose disciplinary sanctions.

Matching - comparison of SAIT of purchasing requests and sale owing to which all possible transactions are determined.

Clearing - set of actions taken by specialized department of the Exchange for the purpose of collection, reconciliations, adjustments and confirmations of information on transactions of purchase and sale of securities at the Exchange, preparation of documents for execution of transactions, and also offsetting of cross liabilities of members of the Exchange.

Consulting - rendering by the professional participant of the security market of additional services in consultation of clients in the field of the licensed activities.

The quotation - establishment of market price of securities of the issuers included in listing of the exchange (listing).

The security quotation - the list of the stock exchange rates published on each class of securities.

Security price - the attitude of market price of securities towards their nominal value.

The market maker (the creator of the market) - the professional participant of the security market performing activities based on the license for dealer activities as the main who shall according to the agreement signed with the issuer of securities or with stock exchange or in other cases established by the legislation to support quotations in certain stock exchange market for certain class of securities.

The Moldavian Depositary Receipt (MDR) - the derivative security issued by the issuer registered in the Republic of Moldova, and certifying the property right to one or several foreign securities.

Fraudulent actions - it is considered that members of the Exchange are involved in fraudulent or dishonest actions if they use the signature of the client on any document without its permission if they distort the instructions this by the Exchange or NKFR or if falsify any document used in the activities.

NDTsB - National securities depository of Moldova - the professional participant of the security market who renders services in accounting of the rights of depositors to securities, in implementation of clearing and payment under the transactions which are carried out at the Exchange.

NKFR - The national commission on the financial market created according to the Law on the National commission on the financial market.

The limited price - minimum price below which the seller does not wish to sell and maximum price above which the buyer does not wish to buy.

Support in listing - set of actions taken by specialized department of the Exchange for the purpose of supervision of the issuer's compliance to the requirements established for the listing level appropriated to it owing to which transfer of securities/is level listings higher lower from existing can follow suspension or exception of securities of listing of the Exchange.

Exclusive information - the exact, earlier not revealing information having direct or indirect relation to one or more issuers or to one or more securities which in case of public disclosure could influence the price of the corresponding securities or of the price of derivative securities with which those are connected significantly.

Rules NDTsB - rules which regulate activities of NDTsB, developed according to Regulations on activities of National securities depository of Moldova and procedure for its licensing and the Charter of NDTsB.

The procedure of special purchase (buu-in special) - introduction by the Exchange in the day following for settlement, orders on security purchase at own expense according to which the obligation on their delivery in enough was not fulfilled.

The procedure of special sale (sale-in special) - introduction by the Exchange in the day following for settlement, orders on security sale at own expense according to which the obligation by cash calculations was not fulfilled.

Direct access to SAIT - possibility of person to enter / квитовать orders into SAIT by means of the computer terminal (PC).

Calculations - set of actions taken by at the same time Stock exchange agent (Seller) for execution of the obligations for delivery of securities, on the one hand, and the Stock exchange agent (Buyer) for obligation fulfillment on payment, on the other hand, for the stock exchange transactions concluded within one trading session. Calculations are perfromed for "calculating date" which T+3 moment for all stock exchange transactions is.

The calculating agent is participant of NDTsB (depositary of investment fund, bank custodian) which according to Rules NDTsB perfroms calculations for the bargain concluded at the Exchange by other participant of NDTsB - the member of the Exchange for the benefit of the client of the first participant (investment fund or other institutional investor).

Clearing bank - the bank institution authorized by National Bank of Moldova for implementation of financial activities in which all members of the Exchange have settlement accounts by means of which cash calculation for the bargains concluded at the Exchange is perfromed including carried out through NDTsB.

The register of members of the Exchange - the document (list) on accounting of members of the Exchange which is maintained by specialized department of the Exchange, the having title effect for the member of the Exchange from the moment of its entering into the register and the right stopping effect for the member of the Exchange from the moment of its exception of the Register.

Registration of securities at the Exchange (non-listing) - assumes admission to trading at the Exchange of certain class of securities which issuer does not conform to qualification requirements for one of 2 levels of listing of the Exchange or in case the issuer does not agree to comply with the conditions established by the Exchange for inclusion and maintenance of securities in listing of the Exchange.

Market price - the price at which bargains with certain securities during one trading session in the stock interactive exchange market are concluded.

Market value of securities - the weighted average price registered within the transactions which are carried out in the auction mode in the stock exchange market for the last six months in the amounts established in part (42) article 21 of the Law on the security market.

The transaction of "cross" - type of stock exchange transaction in which participates in quality of the intermediary, both from the buyer, and from the seller, the same member of the Exchange.

The transaction of "REPO" - type of stock exchange transaction of purchase and sale of securities with the special conditions established in the relevant agreement. These conditions provide implementation of two consecutive transactions: security sale for limited term, at in advance determined price and the obligatory redemption of securities the initial seller after this term at other price.

Transactions in the auction mode - the transactions of purchase and sale of securities registered on the stock exchange in the main section, the transactions of purchase and sale of single packets, transactions made as a result of public offers in the secondary market, the auctions organized by bodies of the public power on the stock exchange and also any other transactions made as a result of holding auctions in the stock exchange market.

The T symbol - represents date of the conclusion of the transaction of purchase and sale of securities at the Exchange.

T+ symbol - represents the date corresponding to quantity of the working days which passed from the date of the conclusion of the transaction at the Exchange.

Accidental number - number of the exchange order assigned to SAIT.

Specialized department of the Exchange - the isolated structural unit of the Exchange performing functions and responsible for certain sphere of activity of the Exchange according to the functional obligations established by regulations on the organization and activities.

Terminal contracts - the contracts "future", "option" or other derivatives which represent type standardized by quantity and the price of contracts which assume implementation of delivery or consent to delivery of securities to certain date in the future.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info