Moldova's National Commission for Financial Markets (CNPF) published decisions from its 5 August 2025 board meeting covering capital market authorisations and consumer-credit supervision, including registering multiple securities issuance results and taking steps to have certain consumer credit contract terms declared void. On authorisation, the CNPF registered: a MDL 5,700,000 additional share issue by JSC INCOMLAC (114,000 ordinary registered shares), raising share capital to MDL 29,595,800; a MDL 4,299,960 additional share issue by JSC JLC (76,785 ordinary registered shares), raising share capital to MDL 78,527,960; a restructuring of JSC TRINEX’s prior share issues by increasing nominal value per share from MDL 10 to MDL 300 and increasing share capital by MDL 582,900 to MDL 603,000; and the results of the fourth bond issue under the offer programme of MOLDOVA-AGROINDBANK JSC for MDL 148,900,000 (7,445 class VI registered bonds of MDL 20,000 each, three-year maturity) with a floating rate linked to a National Bank of Moldova-published deposit-rate benchmark plus a fixed 1.0% margin, paid monthly. The CNPF also removed from the securities issuers register the previously issued securities of JSC B&M TEST following reorganisation by transformation (20,844,941 ordinary registered shares) and deregistered securities of several joint-stock companies (FIRMA ADV, UNIVERSAL, PERVOMAISCOE-VIN, GURAMI, MOLDAGROMAȘ and PROGRAMATIC) following their removal from the state register of legal entities. Separately, it noted that JSC JLC’s registered issuance exceeds 25% of shares in circulation, which under the legislation gives shareholders a right to request the company to acquire their shares. On supervision, the CNPF found that non-bank credit organisation IUTE CREDIT SRL breached Law No. 202/2013 on consumer credit contracts, citing non-compliance with floating interest rules, abusive penalty clauses including a 20% charge on the credit value in case of early contract termination, and foreign-exchange risk clauses that shifted exchange-rate downside to the consumer while allowing unilateral repayment schedule changes. The regulator plans to bring a court action seeking nullity of abusive clauses and those contrary to Law No. 202/2013, and it rejected preliminary appeals filed by BUSINESS PAY SRL and EASY CREDIT SRL against prior CNPF decisions on similar consumer-credit findings due to a lack of arguments warranting a change in the regulator’s decisions; minority shareholders’ buyout requests in the JLC case are limited to three months from registration of the capital increase with the Public Services Agency.

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