The Parliament of Moldova adopted in the first reading a draft law on the interpretation of a number of articles of the Law on Banking Activity, relating to the ownership of bank shares.
In particular, it's about the interpretation of Articles 45-49, 51 of the Banking Law. The purpose of the legislative initiative is the correct and uniform application of the provisions of the relevant articles of the law. The draft law regulates the concepts of "purchase", "acquisition", "receipt" of bank shares, regulating, in particular, the rights of shareholders associated with existing shares. The proposed rules are aimed at ensuring the transparent and prudent management of banks and the reliable functioning of the banking sector in the interests of bank customers and the country's economy. The bill approved in the first reading provides that, for the application of the provisions of Articles 45-49, 51 of the Banking Law, the words “acquisition”, “receipt” of holdings in the bank’s capital include situations where the shareholders of the bank decide to jointly exercise their rights related to the holdings already owned, thus forming a substantial holding in the bank or holding that reaches or exceeds 5%, 10%, 20%, 33% or 50% or the proportion of voting rights exercised jointly reaches or exceeds 1%, 5%, 10% , 20%, 33% or 50% of the bank's capital, or in such a way that the bank becomes a subsidiary. This law also applies to situations of acquiring/receiving, increasing holdings, including through concerted action in relation to holdings already in the capital of banks, through any legal act or action taken or in the process of being carried out on the date of entry into force of this law. The bill was developed by deputies of the parliamentary faction of the Action and Solidarity party, Olesea Stamate and Radu Marian, in consultation with the National Bank. According to the representatives of the NBM, the regulator supports this project aimed at increasing the transparency of the banking system and introducing clarity and certainty in the application of legislation. The bill must be approved in the second reading. //22.06.2023 — InfoMarket.
