In Moldova, legislation regulating the supervision of investment companies will be harmonized with EU requirements, and the initial capital requirements for authorizing investment companies will be increased
This is envisaged by the Law on Prudential Supervision of Investment Firms, which parliament adopted in the first reading. The document, prepared by the National Commission for Financial Market, aims to strengthen the legal framework for the capital market. According to it, legislation regulating the activities of investment companies providing capital market services will be harmonized with European legislation. The law takes into account the European Commission's recommendations for further harmonizing the national legal framework with European legislation and implements a number of EU directives and regulations. Full harmonization with European legislation is expected to strengthen capital market stability, improve investor protection, and enhance the effectiveness of prudential supervision. The draft law establishes rules regarding the principles and specifics of prudential supervision of investment companies and their groups. The proposed provisions also concern the initial capital requirements applicable to investment firms, administrative measures and sanctions applied in case of non-compliance, and ensuring transparency of the supervisory process. The provisions will apply to investment firms supervised by the NCFM. In the case of credit institutions operating in the capital market, prudential supervision will be performed by the NBM. According to the document, the levels of initial capital required for the authorization of investment firms will be increased. Thus, in the case of companies licensed to trade on own account or subscribe for financial instruments and/or place financial instruments on a firm commitment basis, operate an organized trading system, the capital will increase from EUR 300,000 to EUR 750,000. At the same time, the initial capital of an investment firm must increase from EUR 50,000 to EUR 75,000 if it intends to provide any investment services or carry out any of the following investment activities, without the right to hold funds or securities of clients: receiving and transmitting instructions concerning one or more financial instruments; Execution of orders on behalf of clients; portfolio management; investment consulting; placement of financial instruments without a firm commitment. In this context, the draft law provides transitional provisions aimed at ensuring a gradual implementation and preventing significant disruptions to the activities of non-bank investment companies before the document comes into force. There are 12 investment companies registered in Moldova, of which 7 are banks and 5 are non-bank investment companies. Most of them offer a limited range of services focused on the execution of orders for financial instruments and advisory services. Currently, no investment company in the country operates a multilateral trading facility or conducts significant proprietary trading or underwriting activities in financial instruments. The draft law on prudential supervision of investment companies will be submitted to parliament for consideration in the first reading. // 11.06.2026 — InfoMarket.
