Public consultations were held in parliament on a bill on consolidating the framework of the National Bank of Moldova.
Consultations with the participation of representatives of the National Bank, the banking community, specialized organizations, business associations and other interested parties were held by the parliamentary commission on economics, budget and finance. Representatives of the banking community spoke on certain provisions of the bill. For example, the head of the Association of Banks of Moldova, Dorel Noroc, noted the need to expand the period for consideration of appeals against the conclusion (the draft provides for a period of up to 10 days), and also called the provision related to the revocation of a bank’s license too general (the draft proposes revocation of the license if the bank is engaged in activities of money laundering or violates the requirements for preventing and combating money laundering and terrorist financing). The unjustified introduction of specifications for some internal regulations and other comments and suggestions were also noted. The bill 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. It is envisaged to improve the legislative framework related to the areas of supervisory activities, as well as strengthen the role of the National Bank in the implementation of its main responsibilities. The provisions of the draft 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. It also contains provisions for consolidating aspects of the functional independence of the National Bank, changing the legislative framework in order to delineate 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. The bill must be approved by parliament. // 25.06.2024 — InfoMarket.
