Moldova's National Commission for Financial Markets (CNPF) adopted a set of decisions spanning consumer protection and capital markets, including enforcement actions against non-bank lenders, an order addressing claim handling at an insurer, and registration of two additional share issues. The regulator also announced that it is initiating the move towards risk-based supervision on the capital market. Following a consumer petition, CNPF found that OCN “LOIAL CREDIT” SRL breached Law No. 202/2013 on consumer credit contracts through incomplete and inaccurate contractual and precontractual disclosures and by inserting a contractual confidentiality clause and other potentially abusive terms, such as unilateral interest-rate changes, an early-repayment fee, dispute-jurisdiction provisions, and restrictions linked to taking other credit or disposing of assets and claims. Similar non-compliance was identified at OCN “OK CREDIT” SRL, including transparency failures, incorrect application of the credit interest rate, and unlawful constraints on early repayment via compensation above the legal cap, alongside clauses on penalties, damages, loan purpose and extensive personal guarantee requirements. In insurance supervision, disclosure deviations in an AUTOCASCO property policy at ÎM CA “GRAWE CARAT ASIGURARI” SA were linked to an improper reduction of indemnity, which under civil law deprived the insurer of the right to rely on a proportional indemnity clause. CNPF ordered OK CREDIT to recalculate interest and return illegally collected amounts within 30 days, and it plans to file court actions to have abusive clauses used by LOIAL CREDIT and OK CREDIT declared null. It required GRAWE CARAT ASIGURARI to settle the referenced claim by compensating the full insured loss within the insured sum. On capital markets authorisations, the results of MDL 748,800 additional share issues by Societatea pe acţiuni “DRUMURI ORHEI” and Societatea pe acţiuni “DRUMURI-CRIULENI” were entered in the securities issuers’ register, each issue comprising 74,880 class I registered ordinary shares with a nominal value of MDL 10 funded through non-cash contributions, bringing share capital to MDL 41,803,530 and MDL 43,138,760 respectively. Requests linked to a CREDITBUN contract review and GREEN CREDIT’s attempt to suspend execution of a prior CNPF decision were rejected.
National Commission for Financial Markets 2025-10-03
Moldova's National Commission for Financial Markets steps up consumer credit enforcement and starts shift to risk-based capital market supervision
Moldova's National Commission for Financial Markets (CNPF) adopted decisions on consumer protection and capital markets, including actions against non-bank lenders LOIAL CREDIT and OK CREDIT for consumer credit law breaches. The CNPF also addressed insurance supervision issues at GRAWE CARAT ASIGURARI and registered additional share issues for DRUMURI ORHEI and DRUMURI-CRIULENI. The regulator announced a shift towards risk-based supervision in the capital market.