This is provided for in the Law on Prudential Supervision of Investment Firms, passed by Parliament in the second reading. According to a document prepared by the National Financial Market Commission (CNPF), the legislation governing the activities of investment firms providing services in the capital market will be harmonized with European law. It is expected that full harmonization with European legislation will strengthen the stability of the capital market, improve investor protection, and enhance the effectiveness of prudential supervision. The bill establishes rules regarding the principles and specifics of prudential supervision of investment companies and their groups. The proposed provisions also address initial capital requirements for investment firms, administrative measures and sanctions in the event of noncompliance, as well as ensuring the transparency of the supervisory process. The provisions will apply to investment firms supervised by the CNPF. In the case of credit institutions operating in the capital market, prudential supervision will be carried out by the NBM. According to the document, the initial capital requirements for the authorization of investment firms will be increased. Thus, for companies licensed to trade on their own account or to underwrite financial instruments and/or place financial instruments on a firm commitment basis, or to operate an organized trading system, the capital requirement will increase from 300,000 to 750,000 euros. At the same time, the initial capital of an investment firm must increase from 50,000 to 75,000 euros if it intends to provide any investment services or carry out any of the following investment activities, without the right to hold client funds or securities: receiving and transmitting orders relating to one or more financial instruments; executing orders on behalf of clients; portfolio management; investment advisory services; and placing financial instruments without a firm commitment. In this context, the draft law provides for transitional provisions aimed at ensuring a gradual implementation and preventing significant disruptions in the operations of non-bank investment companies before the law enters into force. There are 12 investment companies registered in Moldova, of which 7 are banks and 5 are non-bank investment companies. Most of them offer a limited range of services focused on executing orders for financial instruments and providing advisory services. Currently, no investment company in the country operates a multilateral trading facility or engages in significant proprietary trading or underwriting of financial instruments. The law will take effect on June 1, 2027, except for certain provisions that will take effect upon Moldova’s accession to the EU. Upon the law’s entry into force, the provisions of the Capital Market Law concerning capital adequacy requirements and the termination of activities by trust managers in the capital market will be repealed. // 31.07.2026 — InfoMarket