Moldova’s National Commission for Financial Markets (CNPF) has launched work to transition capital market oversight to a risk-based supervision model, centred on aligning the national prudential framework for investment firms with the EU Investment Firms Directive (Directive (EU) 2019/2034, IFD) and Investment Firms Regulation (Regulation (EU) 2019/2033, IFR). As part of a 22–26 September technical assistance programme, experts from Romania’s Financial Supervisory Authority shared experience with CNPF, Moldova’s Ministry of Finance and market participants on the EU prudential regime for investment firms. CNPF vice-president Vladimir Rusnac linked the transposition of the EU framework to building a risk-based supervisory system and noted it requires both legislative changes and stronger institutional capacity to implement and supervise the new requirements. The EU Senior Adviser for financial services, Nicolae Grigore, highlighted the regulations’ role in investor protection, financial stability and creating a fair competitive environment, and tied EU-alignment to facilitating Moldovan firms’ access to EU markets and strengthening investor and international partner confidence. The activity took place under the EU-funded project “Moldova is Europe – Support for EU integration”.
National Commission for Financial Markets 2025-09-26
Moldova’s National Commission for Financial Markets begins shift to risk-based capital markets supervision by aligning investment firm rules with EU IFD and IFR
Moldova’s National Commission for Financial Markets (CNPF) is transitioning to a risk-based supervision model for capital markets, aligning with the EU Investment Firms Directive and Regulation. This initiative, supported by Romanian experts, involves legislative changes and capacity building to enhance investor protection and market access. The project is part of the EU-funded "Moldova is Europe – Support for EU integration" initiative.