RESOLUTION OF THE NATIONAL COMMISSION ON SECURITIES OF THE REPUBLIC OF MOLDOVA

of February 6, 2003 No. 4/4

About approval of the Regulations on pledge of corporate securities

For the purpose of enhancement of the legislation regulating procedure for pledge of corporate securities based on the Law N192-XIV of 12.11.1998 on the National commission on securities (The official monitor of the Republic of Moldova N 22-23/91 of 04.03.1999) and the Law N 199-XIV of 18.11.1998 on the security market (The official monitor of the Republic of Moldova N 27-28/123 of 23.03.1999). The national commission on securities DECIDES:

1. Approve Regulations on pledge of corporate securities.

2. From Item 2 of the item a) Resolutions NKTsB N 32/9 of 07.09.2000. (The official monitor of the Republic of Moldova of N119-120/333 of 21.09.2000) about carrying out transactions with securities in the secondary market to exclude words "pledge and".

3. This resolution becomes effective after 15 days from the date of its publication in the Official monitor of the Republic of Moldova.

Appendix

to the Resolution of the National commission on securities No. 4/4 of February 6, 2003

Regulations on pledge of corporate securities

1. General provisions

1.1. The regulations on pledge of corporate securities (further in the text - the Provision) are developed according to the Law on pledge.

1.2. Requirements of this provision are applied only in case of pledge of corporate securities.

1.3. The provision establishes:

a) features of encumbrance of securities by bail bonds;

b) requirements to the pledge agreement of securities;

c) pledge order of registration;

d) procedure of the mortgage right and termination of pledge;

e) requirements to the subsequent pledge;

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