The single central securities depository of Moldova will establish relationships with depositories from other states.
This was announced by the National Bank of Moldova, noting that it had initiated the development of a draft resolution of the Executive Committee of the NBM on the approval of the Regulation on allowing the establishment of links between the Single Central Securities Depository and depositories from other states. According to the provisions of Art. 41 of the Law on the Single Central Securities Depository, the Central Depository is obliged to apply to the National Bank with a request for permission to establish communication with depositories of other states. The application will be evaluated taking into account the provisions of the law and the relevant regulatory framework. According to the provisions of the Law on the Single Central Securities Depository, the National Bank of Moldova approves normative acts of a regulatory nature in order to implement this law, including acts related to the activities of the Central Securities Depository. In this regard, in accordance with the provisions of the Law on Normative Acts, the National Bank of Moldova announced the initiation of the development of a normative act approving the Regulation on allowing the establishment of links between the Single Central Securities Depository and depositories from other states. In connection with the above, in order to streamline the process of developing a draft resolution, the NBM asked for opinions, proposals and recommendations to be submitted within 10 days to the address: National Bank of Moldova, bul. Grigore Vieru, 1, Chisinau mun., or send them to the Department for Regulation, Licensing and Development of Payment Systems of the NBM at the e-mail address: mailto:reglementare.psp@bnm.md. According to the provisions of the Law on the Single Central Securities Depository, the NBM authorizes the depository to interconnect with the central depositories of other states in the case when the Central Securities Depository really proves that the interconnection provides adequate protection for all central depositories and their participants, in particular with regard to possible loans taken by central depositories; and concentration and liquidity risks arising from the agreement on the relationship. The relationship is based on an appropriate contractual agreement that establishes the rights and obligations of the related central depositories and, if necessary, the participants of the Central Securities Depository.// 05.07.2022 — InfoMarket
