At its 24 February 2026 meeting, Moldova's National Commission for Financial Markets approved transmitting to the Ministry of Finance, for onward promotion, a draft law amending Moldova’s joint-stock company and capital market legislation to align the national framework with European Union rules and Moldova’s EU accession commitments. The Board also adopted a set of authorisation and supervisory decisions affecting securities issuance, non-bank creditors and insurers. The draft law would fully transpose Directive (EU) 2024/2810 on multiple voting share structures, the Shareholder Rights Directive 2007/36/EC as amended (including by Directive 2017/828 on long-term shareholder engagement), and Directive 2023/2864 on the establishment and operation of the European Single Access Point (ESAP). It would also transpose relevant provisions of Directive (EU) 2017/1132 on capital maintenance and changes, acquisition of own shares and simplified merger procedures. Key measures include creating a legal framework for multiple voting shares to facilitate listings on multilateral trading systems, strengthening participation and voting processes in general meetings, setting rules for shareholder identification and intermediary communications, expanding transparency for issuers, institutional investors, asset managers and proxy advisers including via ESAP reporting, clarifying treasury share and conflict-of-interest regimes, adjusting thresholds linked to takeover bids and withdrawal rights to better protect minority shareholders, and expressly defining the CNPF’s administrative control powers for enforcing company law. On authorisation, the CNPF registered the securities issued at incorporation of joint-stock company SALUBRITATE GRUP, comprising MDL 600,000 in share capital through 6,000 registered ordinary shares with a nominal value of MDL 100 each. On supervision, it gave OCN MOGO LOANS SRL an additional 90 days to comply with prior prescriptions to refund consumers all payments collected under certain credit contracts other than the principal disbursed, or to notify debtors that only the principal is payable, warning of a coercive fine of MDL 250,000 for continued non-compliance. It rejected SA ACORD GRUP’s request to suspend execution of a prior CNPF decision on consumer protection breaches in insurance, rejected pre-trial challenges by OCN CREDIT AUTO SRL and FINANCECASA SRL against coercive fines (MDL 7,500 and MDL 52,500 respectively), and upheld a consumer complaint against SAR MOLDCARGO SA for failing to pay motor third-party liability (RCA) compensation within the statutory 10 working days from the insurer’s claim decision date.
National Commission for Financial Markets 2026-02-27
Moldova's National Commission for Financial Markets submits draft law to introduce multiple voting shares and align capital market rules with EU directives
Moldova's National Commission for Financial Markets approved a draft law to align joint-stock company and capital market legislation with EU rules, including transposing several EU directives. Key measures involve frameworks for multiple voting shares, enhanced shareholder rights, and expanded transparency for issuers and investors. Additionally, the Commission made authorisation and supervisory decisions, including registering securities for SALUBRITATE GRUP and addressing compliance issues with non-bank creditors and insurers.