Moldova's National Commission of Financial Market to have new powers

Chisinau, 26 May /MOLDPRES/ - The parliament today approved, in the first reading, a draft law which sees the adjusting of the normative framework to the new mandate of the National Commission of Financial Market (CNPF).   

Thus, a string of powers will be redistributed between CNPF and the National Bank of Moldova (BNM) as of 1 July 2023.

The most important of the new powers of CNPF are the elaboration and implementation of documents of policies in the field of financial inclusion and education; regulation and supervision of the way the services are provided and the mechanisms of settling clients’ pretensions; supervising the meeting of the normative framework of the information and advertising material for the financial services according to the special legislation; settling petitions and litigations.

The goal of the amendments is to create the needed institutional premises for strengthening the financial education, enhance the transparency of the financial products, eradicating the incorrect commercial practices and abusive clauses, efficient settlement of disputes with the providers of financial services.  

In September 2020, the parliament adopted amendments to the normative framework, according to which, starting from 1 July 2023, BNM will take over certain powers of the National Commission of Financial Market. Thus, the two institutions were given a transition period necessary for organizing the work in new conditions.     

Photo: cnpf.md