The European Union has launched a new Twinning Project in the field of prudential regulation and supervision of the non-banking financial market in Moldova. The Twinning Project kick-off meeting took place on October 30, 2015, with the participation of the high level representatives of the EU Delegation to Moldova, Government and public administration of Poland and Moldova.
The Twinning Project “Development and consolidation of the National Commission for Financial Markets’ operational and institutional capacities in the field of prudential regulation and supervision”, funded by the European Union, will be implemented by the Polish Financial Supervision Authority (KNF) to the benefit of the National Commission for Financial Markets (NCFM), responsible for the supervision of non-banking financial markets in Moldova.
The Twinning Project will assist the NCFM in strengthening its operational and institutional capacities to supervise and regulate capital market and investment funds sector, insurance companies sector as well as savings and credit associations (credit unions) and pension funds sector.
The Polish and Moldovan partners, with the EU financial support, will work together to develop an effective regulatory and supervisory framework in Moldova.
In the course of 2-years of project implementation, experts from the KNF, with the EU financial support, will assist the Moldovan partner in the field of development of the risk-based supervision system for the non-banking financial market participants to ensure the stability and safety of this sector and to enhance its role in the national economy.
During the Twinning Project the particular emphasis will be put on the development and implementation of the Risk Based Supervision System by the NCFM as well as the alignment with the EU acquis and implementation of the best practices of the EU in regard to non-banking financial markets supervision. A better methodology and standards of supervision of the non-banking financial markets including capital market, insurance, pension funds and credit unions in Moldova, aligned with relevant EU acquis and best practices, will allow a more efficient and secure application of supervisory system based on forecasting and evaluation of risks. Consequently a well-functioning non-banking financial markets in Moldova will contribute to the economic growth, as well as overall security and stability of the non-banking financial market participants. details