NATIONAL COMMISSION FOR FINANCIAL MARKETS REPUBLIC OF MOLDOVA
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General Presentation

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     National Commission of Financial Market (NCFM) was established in accordance with the Law nr.129-XVI of June 7, 2007 "On Amending and Completion of Law nr.192-XIV of November 12, 1998 on the National Securities Commission, by merger of the National Securities Commission with the State Inspection for Insurance and Non-state Pension Funds Supervision and the State Supervisory Service of Savings and Loan Associations under the Ministry of Finance of the Republic of Moldova. Powers of regulation and supervision of NCFM were extended to non-banking financial market segments, including: securities market, insurance market, microfinance sector, which till the time of merger were carried out by the state authorities above, each having its activity history.
     
      1. The first official documents on the capital market and on the state authority of securities market regulation were dated on February 4, 1992 - Decree No13 of the President of the Republic of Moldova “On Provisional Regulation on the Securities Market and Stock Exchange in the Republic of Moldova” and on October 13, 1992 - Decree of the Government of the Republic of Moldova nr.668 "On the Establishment of the Republican Commission for Securities Market. In 1993, the Republican Commission was reorganized as the State Commission for Securities Market under the Ministry of Finance of the Republic, by the Decree of the Government of the Republic of Moldova and a year later, in accordance with the Decree of the Government of the Republic of Moldova nr.529 of July 20, 1994 was restructured as state organization with permanent status - the State Commission for Securities Market under the Government of the Republic Moldova (SCSM).

Since March 1995 the activity of the State Commission for Securities Market was carried out as a separate structure with Executive Apparatus. Its competence was established by the Law on Securities Market and Stock Exchanges and the Regulation of the Commission, approved by the Government of the Republic of Moldova. The State Commission consisted of 11 Commissioners including the Chairman and his deputies, working as permanent servants and the other members of the Commission represented the concerned economic bodies - State Chancellery of the Government of the Republic Moldova, Ministry of Finance, Ministry of Economy, Ministry of Privatization and State Property Administration and National Bank of Moldova.

The year 1998 was a remarkable one in the history of the institution by the approval of the Law nr.192-XIV of 12.11.1998 (in force from 04.03.1999) "On the National Securities Commission", according to which was established the autonomous authority of the Public Administration for regulation, supervision and control of the observance of legislation on securities market and participants activity to it. The National Securities Commission becomes the successor of the State Commission for Securities Market, is a legal person, and has a stamp with the State Emblem and its name. Authority of the National Securities Commission is in force throughout the Republic of Moldova. The National Securities Commission is a collegial body composed from five members, including Chairman, Vice-chairman and three members. The Board is composed from Chairman and Vice-chairman and three members. Appointed as members of the Administrative Council could be persons having experience record in finance, economy or banking of at least  10 (ten) years.

National Securities Commission stated as a State authority, empowered to regulate, supervise and control the securities market and its participants, continuing to achieve its goals and strategies through the development and improvement the legal, administrative and financial framework. It has consolidated the efforts of the professional participants in the field and of the state structures representatives for the development of a modern capital market, ensuring strict control of observance of legislation.

On June 7, 2007 the Parliament of the Republic of Moldova approved the Law nr.129-XVI amending Law no. 192 - XIV of November 12, 1998 on the National Securities Commission, according to which was established the National Commission of Financial Market.

Together with the National Securities Commission, in the composition of the National Commission of Financial Market entered the staff of the Inspection for Insurance and Non-state Pension Funds Supervision and the State Supervisory Service of Savings and Loan Associations under the Ministry of Finance of the Republic of Moldova, which were reorganized by absorption to the National Commission of Financial Market in July-August 2007.

2. Insurance Supervision Authority of the Republic of Moldova was established by Government Decision no. 296 of 12.06.1991, being created the State Service for Insurance Supervision under the Ministry of Finance. Subsequently, the Law no. 1508-XII of 15.06.1993 on Insurance and The Regulation, structure and staff number approved by the Government Decision of the Republic of Moldova no.77 of 08.02.1996 has established the basic principles and competences of the State Service for Insurance Supervision. As a result of approval by the Parliament of the Republic of Moldova the Law no. 329 - XIV of 25.03.1999 on the non-state pension funds, the State Service for Insurance Supervision became the State Inspection for Insurance and Non-state Pension Funds Supervision which had the basic task the supervision of insurance activity in the Republic of Moldova, ensuring protection of the lawful interests of insurants and legislation observance in the insurance field by the market participants of insurance services. The staff of the Inspectorate included 10 public servants, divided into 2 sections: Control Section and Analysis and Evidence Section.

3. The State Supervisory Service of Savings and Loan Associations of the Citizens worked under the Government Decision Nr.719 of 28.06.2004 "On Improving the Framework of Supervision the Activities of Savings and Loan Associations of the Citizens", approved in order to increase financial stability and strengthening microfinance system through savings and loan associations of the citizens, not to allow excessive risks in the system, including to minimize the risk of losses of savings of the citizens which are members of associations, correlate normative acts in force with the current requirements on regulation and supervision of associations activities to achieve the mentioned objectives and to comply with the provisions of Article 6 of Law nr.1505-XIII of 18 February 1998 on savings and loan associations of the citizens. The staff of State Supervisory Service of Savings and Loan Associations of the Citizens included 10 persons, divided into 2 sections: Control Section and Analysis and Evidence Section.

   

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