The number of NCFM Management Board members may be reduced from 5 to 3 people.
According to MP Dumitru Alaiba, a relevant legislative initiative of the Action and Solidarity party has been registered in the Parliament. It aims to de-bureaucratize and simplify the structure of the governing body of the National Commission for the Financial Market (NCFM), improve the efficiency of decision making process in NCFM and save money (not less than 5 million lei per year). Let us remind that the previous NCFM Management Board (5 people) was recalled by the Parliament on September 9 of last year, while recognizing its activity ineffective. In January 2022 the parliament appointed 3 people to senior positions in NCFM which made the NCFM Board effective. In particular, Vitalie Lemne and Adrian Gheorghita were appointed vice-chairmen, and Cornelia Cozlovschi became chairperson of the NCFM. "During the 5 months when NCFM was actually non-functional, more than 120 unresolved issues have accumulated. After the appointment of three heads of the NCFM, all these issues were resolved within a month. There is no argument for having five people in the leadership of the NCFM, one director and two deputies are enough. Besides, the reduction in the number of directors is logical in the context of the transfer of functions of the financial market regulator to the National Bank of Moldova in 1.5 years", Alaiba explained. The bill will have to be considered by the Parliament of the country. According to the Law on NCFM, the management of the National Commission is carried out by the Management Board - a collegial body consisting of 5 members, including the chairman and 2 vice-chairmen. They are appointed by the parliament for a 5-year term. // 06.04.2022 – InfoMarket
