
Moldova will introduce requirements on disclosure of information by issuers of corporate securities, as well as on affiliated persons.
This is provided for by draft amendments and additions to the Regulation on disclosure of information by issuers of securities, submitted by the National Financial Market Commission (CNPF) for public consultations. These changes reflect the need to adapt the regulatory framework to the latest amendments to the legislation and are aimed at improving the transparency of the financial market. The draft details the requirements for disclosure of information by various categories of issuers, including obligations to provide information on significant events that may affect the value of securities, such as proportional transactions and/or conflicts of interest, with the need to ensure the rights of shareholders, including the right to demand the redemption of their shares. A new section is introduced which sets out provisions concerning the content and procedure for disclosure of information by issuers of corporate bonds (during the period of their circulation). It also establishes clear provisions regarding the disclosure of information on the capital market through the prism of issuers of securities placed through a public offering. In case foreign securities are admitted to the regulated market during the whole period of their circulation on the respective market, the person who initiated the admission procedure is obliged to ensure disclosure of information on foreign securities and their issuer. Another new section concerns disclosure of information on affiliates whose securities are traded on the Stock Exchange. Reporting forms have been supplemented, for example, a public interest entity must indicate the remuneration policy and the annual remuneration report of the issuer's responsible persons. It is also proposed to change the period during which information publicly disclosed by issuers of securities should be available to the public: 10 years instead of 5 years. Consultations on the draft will last until April 25; the draft is available on the CNPF website. // 09.04.2024 – InfoMarket