Law on capital market to be amended in Moldova

Chisinau, 6 July /MOLDPRES/ - The government, at a today’s meeting, approved amendments to the law on the capital market, aimed at improving the normative framework, reducing the systemic risks and enhancing the level of investors’ protection, maintaining a fair, efficient and transparent market, the government’s communication and protocol department has reported.    
According to the new amendments, decision-makers will establish the peculiarities of allowing the foreign movable securities for trading in Moldova, which will facilitate their circulation.   
Also, provisions are introduced of regulating the work of the consultant of investments, who will be able to work on the capital market after getting an authorization of the National Commission of Financial market (CNPF) to this end.     
At the same time, the amendments regard the increase in the compensation due to be paid to the client of an investment company  from the fund of compensation of investors, if the investment company is unable to return the financial means or the financial instruments to this client (from 6,000 lei to an equivalent in Moldovan lei of 1,000 euros).    
The law on the capital market is completed also with provisions on cases when CNPF will be able to attract the right to licence, earlier issued, for work on the capital market. Respectively, CNPF will be able to withdraw the licence, if the licenced person seriously and systematically infringes the legal provisions, in case of reorganization or liquidation, if insolvency is declared, when the licence from the National Bank of Moldova was withdrawn or at the request by the licenced person.   
Photo: Government