Moldova's National Commission for Financial Markets registers INTERMEDIAR’s MDL 2 million share issue and imposes MDL 150,000 in coercive fines for non-compliance

Moldova's National Commission for Financial Markets (CNPF) published board decisions covering an issuer authorisation and enforcement action, registering a share capital increase for JSC INTERMEDIAR and sanctioning three entities for failing to execute prior CNPF prescriptions aimed at consumer protection. On authorisation, the CNPF recorded in the securities issuers’ register the results of INTERMEDIAR’s additional share issue of MDL 2,000,000, comprising 2,000,000 ordinary registered shares paid in cash. Following the increase, the company’s share capital becomes MDL 2,587,012, divided into 2,587,012 class I ordinary registered shares with a nominal value of MDL 1 per share. On supervision, the CNPF applied coercive fines for non-execution of its decisions: CASH&GO SRL was fined 1,650 conventional units (MDL 82,500) for failing to comply with prescriptions in 11 decisions, OCN CREDIT AUTO SRL was fined 150 conventional units (MDL 7,500) for failing to comply with one decision, and OCN U CAPITAL SRL was fined 1,200 conventional units (MDL 60,000) for failing to comply with prescriptions in eight decisions. The unexecuted decisions largely required the entities to limit claims on debtors to repayment of the initial disbursed loan principal and to reimburse consumers for all other payments charged under the credit contracts, including interest, fees, taxes, penalties and late-payment interest. The CNPF reiterated that its decisions are mandatory and enforceable and indicated it will continue using legal coercive measures to ensure effective consumer protection and discipline in the financial services market.