LAW OF THE REPUBLIC OF MOLDOVA

of May 13, 2016 No. 94

About modification and amendments in the Law on currency control No. 62-XVI of March 21, 2008

The Parliament adopts this organic law.

Art. I. – In the Law on currency control No. 62-XVI of March 21, 2008 (Official monitor of the Republic of Moldova, 2008, Art. No. 127-130, 496), with subsequent changes, to make the following changes and additions:

1. In Article 3:

6) to state Item in the following edition:

"6) payment instruments – the bills of exchange, checks and other similar payment instruments representing monetary claims to their issuers. This concept does not turn on payment instruments as they are determined by the Law on payment services and electronic money No. 114 of May 18, 2012;";

in Item 9):

the subitem b) to state in the following edition:

"b) the physical persons who are engaged according to the legislation of the Republic of Moldova business activity and also the lawyers, notaries, bailiffs and other physical persons who are engaged in independent professional activity (further – the physical resident persons who are engaged in certain type of activity);";

the subitem f) to add with the offer: ". This concept includes also the permanent missions which are engaged in business activity in the Republic of Moldova (as they are determined by the Tax code No. 1163-XIII of April 24, 1997) the nonresidents specified in subitems c) and d) Item 10);";

the subitem f) Item 10) to add with the offer: ". This concept includes also the permanent missions which are engaged in business activity in the relevant states (carried to those according to the legislation of foreign states) of legal resident persons;";

add Article with the Items 12)-14) of the following content:

"12) suppliers of payment resident services – legal entities who according to the Law on payment services and electronic money No. 114 of May 18, 2012 have the right to provide payment services;

13) non-bank suppliers of payment resident services – legal entities (others, than licensed banks and National Bank of Moldova) who according to the Law on payment services and electronic money No. 114 of May 18, 2012 have the right to provide payment services;

14) the payment account – the account determined by the Law on payment services and electronic money No. 114 of May 18, 2012.".

2. In Article 4:

add Article with part (8-1) following contents:

"(8-1) If other does not follow from this law, regulations of National Bank of Moldova or from essence of legal relationship, the precepts of law in the field of currency control established for payment service providers are applied according to and to issuers of electronic money in connection with release of electronic money and provision of the payment services connected with release of electronic money.";

part (to state 9) in the following edition:

"(9) Residents have the right to open accounts in foreign currency in licensed banks and payment accounts in foreign currency at non-bank suppliers of payment resident services, except for the payment accounts in connection with release of electronic money.

The National Bank of Moldova has the right to establish conditions and procedure of currency transactions through bank accounts / payment accounts in national currency and in foreign currency, opened by residents in licensed banks / at non-bank suppliers of payment resident services.";

add Article with part (9-1) following contents:

"(9-1) for the purposes of this law bank accounts which are opened in licensed banks include also payment accounts which are opened in the licensed banks acting as payment service providers and issuers of electronic money according to the Law on payment services and electronic money No. 114 of May 18, 2012.";

add Article with part (12) the following content:

"(12) If this law sets quantitative limits in euro, and also in cases, stipulated in Item c) parts (2), Item f) parts (3) Article 42-1 and part (4) Articles 44, determination of equivalent in other currency is performed using the official rate of Moldovan leu according to the procedure, established by National Bank of Moldova.".

3. In Article 6:

in part (6):

in the subitem a) Item 2) shall be replaced with words the word "less" ", not exceeding";

after Item 3) to add part with Item 4) of the following content:

"4) the loans/credits within the transactions relating to direct investments.";

add Article with part (6-1) following contents:

"(6-1) Provisions of part (6) are not applied in case the amount of the received loan/credit or the obtained guarantee does not exceed 50000 euros (or their equivalent).".

4. In Article 9:

in the subitem c) parts (words "share certificates, records on accounts" shall be replaced with words 1) "investment shares, shares";

in part (2):

the subitem b) Item 1) to state in the following edition:

"b) admission to trading at the exchange;";

3) to add Item with the words "or from other asset / indicator;";

add part with Item 6) of the following content:

"6) concept "exchange" covers the controlled market and/or multilateral trade system.";

parts (11) and (to state 12) in the following edition:

"(11) without the permission of National Bank of Moldova financial instrument transactions, specified in parts (6) – can be performed (10) in case:

a) the transaction amount does not exceed 10000 euros (or their equivalent); or

b) financial instruments are issued by the international organizations.

(12) Licensed banks, and also organizations which activities are regulated and is under the supervision of the National commission on the financial market perform transactions with foreign financial instruments without the permission of National Bank of Moldova.".

5. In part (Article 11 of the word "except for financial leasing, and also interbank credits with the initial term of return which is not exceeding one year." to replace 4) with the text: "except for following loans / credits:

a) financial leasing;

b) the loans granted by licensed banks;

c) the loans/credits (others, than specified in Items a) and b)) which amount does not exceed 10000 euros (or their equivalent).".

6. Add Article 12 with part (4) the following content:

"(4) part Provisions (3) are not applied if the amount of guarantee does not exceed 10000 euros (or their equivalent).".

7. In Article 13:

part paragraph two (to state 3) in the following edition:

"The National Bank of Moldova has the right to establish conditions and procedure of currency transactions through accounts in national currency and in foreign currency, opened by nonresidents in licensed banks.";

part (to add 5) with Items е) and f) the following content:

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