Moldova's National Commission for Financial Markets issued a package of capital market and consumer protection decisions, including enforcement action against three nonbank lenders and endorsement of the securities market’s transition from a T+2 to a T+1 settlement cycle on Oct. 11, 2027. The authority identified violations in about 30 Mogo Loans credit agreements, including unbalanced contractual terms, insufficiently transparent or predictable costs, unilateral cost changes and origination fees above the legal limit. Mogo Loans must revise the affected agreements and refund all payments made under them, including interest, fees and penalties, except for the amount originally disbursed. The commission also found that Microinvest used an uncapped penalty of 1% for each day of delay and other disproportionate monitoring and information rights. Credit Auto was found to have provided unclear or incorrect information on credit costs, total payments and interest rates, miscalculated the annual percentage rate and used misleading practices and abusive terms. The authority plans court actions seeking the invalidation of unlawful and abusive clauses at Mogo Loans and Microinvest. The endorsed amendments to the central securities depository’s rules align the T+1 implementation date with draft domestic legislation and the European Union timetable. The commission also registered Moldova Agroindbank’s MDL 200 million three-year bond issue, comprising 10,000 bonds with a nominal value of MDL 20,000 each and a floating rate based on the banking sector’s relevant deposit rate plus a fixed 1.50% margin.

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