Moldova's National Commission for Financial Markets (CNPF) published a package of board decisions covering capital markets, consumer protection and supervision, including forwarding a draft law on central securities depositories to the Ministry of Finance and reopening consultation on a unified procedure for amicable settlement of motor accidents in both paper and electronic form. The central securities depository bill, developed with the National Bank of Moldova, is intended to align the national framework with European standards for securities settlement by fully transposing Regulation (EU) No 909/2014 (CSDR), including amendments under Regulation (EU) 2023/2845. The draft sets a single framework for authorisation and supervision of central securities depositories, introduces settlement discipline tools including cash penalties and mandatory buy-in, regulates reporting of internalised settlements, and strengthens risk monitoring and management. On motor insurance, the proposed rules implement Law No 106/2022 on mandatory motor third-party liability insurance by giving equal legal effect to paper and electronic amicable accident statements, enabling digital identification, electronic completion and signing via trusted services, and automated transmission of the statement and compensation claim to insurers through the MConnect interoperability platform; maximum material-damage compensation would be capped at MDL 25,000 for paper submissions and MDL 50,000 for electronic submissions. Separately, CNPF approved the establishment and key documentation for the voluntary pension fund ARAGONN, registered the securities issued at incorporation by S ASSETS BG (600 registered ordinary shares with a nominal value of MDL 1,000 each, totalling MDL 600,000), and approved valuation reports for securities held by several fiduciary administrators to be auctioned as single packages. On supervision, it rejected FINANCECASA SRL’s request to suspend enforcement of a prior decision imposing a coercive fine of 1,050 conventional units (MDL 52,500) for failure to comply with earlier CNPF decisions, and ordered IM CIA TRANSELIT SA to comply within 60 days with remedial measures from a previous thematic inspection, warning that non-compliance would trigger a further coercive fine of 400 conventional units (MDL 20,000).
National Commission for Financial Markets 2026-02-20
Moldova's National Commission for Financial Markets submits EU-aligned central securities depository bill and consults on electronic amicable accident settlement with MDL 25,000 and MDL 50,000 caps
Moldova's National Commission for Financial Markets (CNPF) published decisions on capital markets, consumer protection, and supervision, including a draft law on central securities depositories to align with European standards and reopened consultation on motor accident settlements. The bill aims to transpose Regulation (EU) No 909/2014, introducing settlement discipline tools and strengthening risk management. Additionally, CNPF approved the voluntary pension fund ARAGONN and addressed compliance issues with FINANCECASA SRL and IM CIA TRANSELIT SA.