The Parliament of Moldova approved the final version of the technical amendments to the legal framework for the transfer of a number of powers from the NCFM to the NBM.
In particular, the deputies adopted a bill in the second reading, the purpose of which is to ensure a smooth transfer of a number of powers from the National Commission for the Financial Market to the National Bank. This is due to the fact that from July 1 this year, the NBM was given the authority to regulate activities in the areas of insurance, reinsurance and non-bank lending. In particular, the NBM assumed the authority to license, approve, register, regulate and supervise the activities of insurers, reinsurers, insurance and/or reinsurance intermediaries of the National Bureau of Motor Vehicle Insurers of Moldova, savings and loan associations, credit history bureaus and non-bank credit institutions. These functions were previously performed by the National Commission for the Financial Market. It is stipulated that requests for permits (issuance, re-issuance, issuance of a copy, duplicate, etc.) or registration requests received by the NCFM on the basis of the legislation, which were not resolved before July 1, 2023, from July 1, 2023 will be considered and resolved by the National Bank of Moldova in accordance with the current legislation. The bill also provides for the transfer of electronic databases and IT systems. In terms of sanctions applied for violations, the draft law provides for a transition to the regime of administrative penalties, which implies a mechanism for determining sanctions in proportion to the financial situation of the sanctioned subject, taking into account the severity of the violation and other related circumstances. //20.07.2023 – InfoMarket.
