Moldova modernizes regulatory framework on financial guarantees, in line with EU legislation
The Republic of Moldova is making its regulatory framework on financial collateral contracts more efficient and aligning it with the provisions of European Union legislation. The draft law providing for this was approved today by Parliament, in the second reading, with 59 deputies voting in favor.
Member of Parliament Victoria Belous, Chair of the Parliamentary Committee on Economy, Budget and Finance, stated in the plenary of Parliament that the draft law proposes the full harmonization of the existing regulatory framework on financial collateral contracts and financial guarantees with that of the European Union.
The legislative initiative was drafted by the National Bank of Moldova and fully transposes into national legislation the Directive of the European Parliament and of the Council on financial collateral arrangements. The draft is part of the measures set out in the National Program for the Accession of the Republic of Moldova to the European Union for the years 2025–2029.
The document extends the category of entities falling under the Law on financial collateral contracts. Thus, among the subjects of the law will be included non-bank payment service providers, undertakings for collective investment in transferable securities, and investment management companies.
At the same time, the Deposit Guarantee Fund in the banking system will be included in the list of entities that may act as providers of financial guarantees.
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