Moldova's National Commission for Financial Markets published a clarification rejecting claims that a single firm monopolises investment advice in Moldova. Beeyond Investments SA is the only company that has obtained specific authorisation as an investment consultant since that legal category was introduced, but 12 other licensed investment firms are also entitled to provide investment advice under their existing licences. The Commission also said measures taken against Double-Case were aimed at banned promotion of leveraged financial instruments, not at financial education as such. The investment consultant regime introduced by 2022 amendments to the capital market law requires applicants to be joint-stock companies with at least MDL 600,000 in capital, at least three certified staff, defined procedures covering instruments, trading venues, risks, investment strategy and client assessment, and investor-protection arrangements including reporting and audit. Beeyond was authorised on 15 April 2024 to provide services and activities linked to non-leveraged instruments traded on regulated markets, including shares, bonds and fund units. The Commission said financial education remains permitted when it is genuinely aimed at raising public awareness, but cannot serve as a cover for commission-based referrals into Forex trading. After complaints about losses on Pelliron referrals arranged by Double-Case, Parliament in 2025 banned advertising and marketing of leveraged financial instruments, and the Commission ordered Double-Case advertisements for Pelliron removed from media and billboards. A new law under public consultation would regulate leveraged instruments and investment firms dealing in them by transposing Directive 2014/65 on markets in financial instruments.
National Commission for Financial Markets2026-05-19
Moldova's National Commission for Financial Markets says 13 entities may provide investment advice and clarifies leveraged instrument advertising ban
Moldova’s National Commission for Financial Markets clarified that Beeyond Investments SA is the only firm specifically authorised as an investment consultant, but 12 other licensed investment firms may also provide investment advice, rejecting monopoly claims. It stressed that actions against Double-Case targeted banned promotion of leveraged financial instruments rather than financial education, and noted that a draft law under consultation would regulate leveraged instruments and firms dealing in them by transposing Directive 2014/65 on markets in financial instruments.