National Bank of Moldova proposes updated supervisory regime for the single central securities depository

The National Bank of Moldova has published a draft Executive Committee decision and regulation that would update how it supervises the Single Central Securities Depository, setting out monitoring, inspection and enforcement procedures and replacing the existing 2018 supervision framework. The proposed regime specifies routine information flows to the National Bank of Moldova, including quarterly reporting within 20 working days after each quarter and annual submissions by 30 April, covering financial statements, participant and account data, volumes of securities held and processed, clearing and settlement activity, settlement system performance and availability, manual interventions, critical operations and participants, business continuity and recovery arrangements and stress testing, and reconciliation issues. It also defines complex and thematic controls, both planned and unannounced, with the depository to be inspected at least once every three years, and sets procedural requirements for electronic notification, access to premises and IT systems, objections within five working days to a preliminary report, and a written hearing within 10 working days where an adverse decision is contemplated; sanctions and prescriptions would be decided by the Executive Committee and published on the National Bank of Moldova’s website. If adopted, the new regulation would repeal Executive Committee Decision 158/2018, apply to control procedures already underway when it enters into force, and take effect upon publication in the Official Gazette of the Republic of Moldova.