Moldova's National Commission for Financial Markets (CNPF) published a set of Board decisions covering capital markets authorisations, corporate governance requirements and consumer protection supervision. The package includes registration of a share restructuring and capital increase for CRISMAX, rejection of a proposed demerger of a joint stock company, the launch of a thematic review of a non-bank lender, and remedial measures following breaches identified in a credit contract combined with optional accident insurance. On the capital markets side, CRISMAX’s restructuring was registered through an increase in the nominal value of an ordinary registered share from MDL 10 to MDL 1,490 and a MDL 29,600,000 share capital increase from own funds, taking total share capital to MDL 29,800,000 divided into 20,000 ordinary registered shares. The CNPF also rejected an application to authorise the reorganisation by separation of Societatea pe acțiuni “BAZA DE TRANSPORT AUTO NR. 9 DIN DONDUȘENI”, which would have transferred part of its assets to Societatea cu răspundere limitată “IGP-HOLERONORD”. In regulation, amendments to the Corporate Governance Code transpose European Commission recommendations on directors’ remuneration, the role of non-executive or supervisory directors, and board committees, and are positioned as applying in particular to public-interest entities, including companies traded on the regulated market. In supervision, the CNPF initiated a thematic administrative control of OCN “MOGO LOANS” SRL for compliance with Articles 5, 10, 12, 15(7)-(9²) and 20 of Law No. 202/2013 for non-bank credit contracts concluded from 29 May 2022 and still being performed. Separately, following a consumer petition, it found that OCN “FLEX FINANCIAL” SRL and SAR “MOLDCARGO” SA breached consumer protection and insurance legislation, including unfair commercial practices in concluding a non-bank credit contract supplemented by optional accident insurance, and required MOLDCARGO to recalculate the insurance premium and refund any unjustified portion. The amended Corporate Governance Code will enter into force on 1 January 2026.
National Commission for Financial Markets 2025-03-17
Moldova's National Commission for Financial Markets approves corporate governance code amendments effective 1 January 2026 and takes licensing and enforcement actions in capital markets and consumer credit
Moldova's National Commission for Financial Markets (CNPF) issued Board decisions on capital markets authorisations, corporate governance, and consumer protection. Key actions include CRISMAX's share restructuring and capital increase, rejection of a demerger proposal, and a thematic review of a non-bank lender. Amendments to the Corporate Governance Code align with European Commission recommendations, and remedial measures were mandated for breaches in a credit contract with insurance.