At its 19 May meeting, Moldova's National Commission for Financial Markets adopted a package of capital markets authorisations and consumer protection measures, including registering the results of a Moldova-Agroindbank bond issuance and moving toward litigation to invalidate abusive terms identified in consumer credit contracts offered by non-bank lender CREDIT AUTO. The Commission registered in the securities issuers register the second bond issue under Moldova-Agroindbank’s offer programme for MDL 146,100,000, comprising 7,305 class VII registered bonds with a nominal value of MDL 20,000 per bond and a three-year term. The floating interest rate is linked to the banking sector’s weighted average rate on new MDL deposits with maturities of six to 12 months as published by the National Bank of Moldova on the first day of the public offer period (17 April 2025), reset annually on the same month and day, plus a fixed margin of 1.5%, paid monthly. It also registered an additional share issue by AVIS-NORD for MDL 200,000 funded from own capital, bringing share capital to MDL 669,873 (669,873 ordinary registered shares at MDL 1 nominal value), and authorised the reorganisation of “Enterprise for collecting cereals from REDIUL–MARE” from a joint stock company into a limited liability company. On supervision, the Commission found breaches of mandatory requirements under Law No. 202/2013 on consumer credit contracts by CREDIT AUTO, including an overstated total cost of credit relative to the disbursed amount, incorrect calculation of the effective annual rate (DAE), excessive early repayment compensation, and clauses allowing unilateral interest changes, additional damages even after penalties are paid, and restrictions on accessing other credit or disposing of assets. The Board also executed a 4 June 2024 Chişinău Court decision by approving an indirect holder’s request to acquire a qualifying holding exceeding 50% of Pro Invest Capital, and stated that intermediation in a recent fraud case did not take place via the Moldova Stock Exchange. The Commission plans to file a court action seeking a declaration that the identified abusive clauses are null.
National Commission for Financial Markets 2025-05-22
Moldova's National Commission for Financial Markets registers MDL 146.1m Moldova-Agroindbank bond issue and prepares court action over CREDIT AUTO consumer credit clauses
Moldova's National Commission for Financial Markets adopted measures, including registering a Moldova-Agroindbank bond issuance and addressing abusive terms in consumer credit contracts by CREDIT AUTO. The Commission registered a bond issue of MDL 146,100,000, an additional share issue by AVIS-NORD, and authorised the reorganisation of a joint stock company into a limited liability company. It plans to litigate to invalidate abusive clauses in consumer credit contracts.