Moldova’s National Commission for Financial Markets outlines capital market reform priorities as development strategy enters public consultation

Moldova’s National Commission for Financial Markets (CNPF) published a readout of chair Dumitru Budianschi’s remarks at the “Future of Governance 2025” conference, focusing on capital market development and the supervisor’s priorities of market efficiency and consumer protection. The intervention framed the authority’s work as a continuing process of regulation and upgrading supervisory mechanisms. Budianschi highlighted the challenges and opportunities of a restructuring Moldovan capital market that must fit local needs and scale, and pointed to the need to align national legislation with the European Union acquis, involving the transposition of more than 200 normative acts. He also referenced the capital market development strategy currently under public consultation, aimed at creating a more supportive framework, expanding the supply of financial instruments and attracting issuers, including by developing the capital market advisory sector which currently lacks government support. He further stressed the importance of building capacity to raise funding on the local capital market given the absence of a local institutional investor segment, and pointed to cooperation with the Investment Agency and government to support economic development through investment funds, alongside cross-border collaboration with Romania’s Financial Supervisory Authority and the Bucharest Stock Exchange.