CNPF has updated the criteria and procedure for granting compensations from the Investor Compensation Fund.
According to the press service of the National Financial Market Commission (CNPF), the relevant amendments were made to the Regulation on Investor Compensation Fund to bring this regulatory act in line with the new norms in the Law on Capital Market, which came into force on June 16. According to the Regulation, in case of investment companies' failure to return money and/or financial instruments to clients, the Fund will pay each affected client compensation in the amount of the investment company's total obligation towards him, but within the established limit. As of June 16, the maximum limit of compensation was increased from 6 thousand lei to 1 thousand euros in lei equivalent. This will make it possible to increase the level of investors' protection. It is also envisaged to expand the sources of money that form the capital of the Fund, as well as to increase the range of beneficiaries who have the right to claim compensation. In particular, the Fund will issue compensation to the clients of trustees - monetary amounts equal to the value of assets (securities/shares) and cash placed on the client's account, according to the restored data from the registers of trustees' clients; to former shareholders of companies subject to compulsory revocation proceedings - monetary amounts equal to the value of the shares that were the subject of the compulsory revocation claim; as well as to shareholders of mutual investment funds and investment funds for privatization - monetary amounts due to them after liquidation. The Regulation is also supplemented with a new chapter (VII), which regulates the procedure for payment of compensation from the Investor Compensation Fund and includes a standard application form to be submitted to CNPF for this purpose. Information on the payment of contributions, compensation procedures, annual reports related to the Investor Compensation Fund and other relevant information are available at the following link: https://www.cnpf.md/ro/informatii-generale-6399.html. //21.07.2023 - InfoMarket.
