The government approved amendments to the current legislation aimed at consolidating the framework of the activities of the National Bank of Moldova.
According to Finance Minister Petru Rotaru, the draft corresponding amendments to some regulations were developed with the aim of strengthening the legal framework related to the central bank and the financial sector, as well as taking into account the recommendations of the IMF presented in a report in July 2021. "Republic of Moldova Technical Assistance Report - Country Governance Assessment and Technical Assistance Report Moldova Financial Sector Stability Review" (October 2021), the commitments undertaken by Moldova under the Memorandum of Economic and Financial Policies agreed with the IMF in November 2023, as well as to implement the necessary adjustments in the regulatory framework, taking into account the entry into force of the Administrative Code of Moldova on April 1, 2019. In general, the bill approved by the Cabinet of Ministers is aimed at consolidating the regulatory framework applicable to the activities of the National Bank, taking into account international standards applicable to central banks. It contains specific provisions that take into account the status and goals pursued by the National Bank as a resolution body, a body exercising licensing and supervision of banks, payment service providers, electronic money issuers and other entities in accordance with the law, as well as the specifics of the industries regulated and supervised by the National Bank. The bill also provides for the improvement of the legislative framework related to the areas of supervisory activities, as well as strengthening the role of the National Bank in the implementation of its main responsibilities. The provisions of the document are aimed at strengthening the status of the NBM in order to ensure the fulfillment of its mandate, contain a ban on ownership of shares of supervised organizations in order to prevent conflicts of interest, and describe the legal regime of assets owned by the National Bank. The bill contains provisions for consolidating aspects of the functional independence of the National Bank, changing the legislative framework in order to delimit the powers of the NBM after transferring some powers to the National Commission for the Financial Market. The document regulates some features of the insolvency process of savings and loan associations, contains provisions aimed at clarifying the mandate and powers of the National Bank in the macroprudential sphere, provisions on the administrative activities of the NBM, including the procedure for the development, adoption/issuance, application of certain acts of the National Bank, as well as some aspects inherent in administrative procedures initiated by the National Bank. // 29.05.2024 — InfoMarket.
