Moldovan Parliament has passed in the second reading the law that provides for granting the CNPF new powers for consumer protection.
In particular, the respective draft law is designed to harmonize the current legislation with the new mandate of the National Financial Market Commission (CNPF), which from July 1 will receive a number of new powers as part of their redistribution between the CNPF and the National Bank (NBM). The most important of the new CNPF functions will be: development, promotion and implementation of program documents in the field of financial inclusion and education; regulation and supervision of the procedure of providing services and mechanisms for settling customer claims; supervision of compliance of information and promotional materials for financial services with the legislation in force; resolution of petitions and disputes. The purpose of the amendments is to create the necessary institutional preconditions for strengthening financial education, increasing the transparency of financial products, eradicating unfair business practices and unfair conditions, and effectively resolving disputes with financial service providers. In September 2020, the Parliament adopted amendments to the regulatory framework, according to which the National Bank of Moldova will take over some of the powers of the National Financial Market Commission from July 1, 2023. Thus, the two institutions were offered a transition period necessary for the organization of their activities in the new environment. Given the fact that from July 1, the regulation of insurance and non-banking loans sectors will pass from the CNPF to the National Bank, the authors of the draft law proposed to secure for the Commission powers to protect the consumers of all financial services, including those provided by capital market companies, insurance, voluntary pension funds, non-bank credit institutions, banks, suppliers of payment services, currency exchange and issuers of electronic money. Also, the CNPF will take over new responsibilities: monitoring the correctness of the development and application of the internal regulations of the companies, verification of the compliance of information disclosure and transparency in the financial services, consideration of the received complaints and settlement of disputes related to the contracts of financial services to consumers. At the same time, the CNPF will be responsible for the implementation of the state program of financial education of the population. The new provisions will come into force on July 1. The transition period was necessary for the NBM to organize its activity in the conditions of supervision of the new sectors. They refer to licensing/permission/authorization of state registration, regulation and supervision of insurers, reinsurers and intermediaries in these sectors, as well as the National Bureau of Motor Insurers of Moldova, Savings and Loan Associations, Credit History Bureaus and non-bank credit organizations. // 30.06.2023 – InfoMarket
