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13.01.2015

Regulation on disclosure of information on the financial activity of the licensed banks from the Republic of Moldova, approved by the DCA of the NBM, No. 52 of March 20, 2014

Published in the Official Monitor of the Republic of Moldova no.110-114/596 of May 09, 2014

Registered
at Ministry of Justice
of the Republic of Moldova
No.975  of April 24, 2014

COUNCIL OF ADMINISTRATION
OF THE NATIONAL BANK OF MOLDOVA

 

DECISION no.52
of March 20, 2014

On approval, repeal and amendment of certain normative acts
of the National Bank of Moldova

Pursuant to Article 5, 11 and 44 of the Law on the National Bank of Moldova no. 548-XIII of 21 July 1995  (Official Monitor of the Republic of Moldova, 1995, no. 56-57, Article 624), as amended and supplemented, and Article 1, 30, 35 and 40 of the Law on Financial Institutions no. 550-XIII of 21 July 1995 (republished in the Official Monitor of the Republic of Moldova, 2011, no. 78-81, Article 199), as amended and supplemented, the Council of Administration of the National Bank of Moldova

DECIDED:

1. To approve the Regulation on disclosure of information on the financial activity of the licensed banks from the Republic of Moldova, according to Annex no.1.

2. To repeal the certain normative acts of the National Bank of Moldova, in accordance with Annex no. 2.

3. In the Regulation on outsourcing the bank’s activities and operations, approved by the Decision of the Council of Administration of the National Bank of Moldova no.241 of 3 November 2011 (Official Monitor of the Republic of Moldova, 2011, no. 227-232, Article 2099), as amended and supplemented, registered at the Ministry of Justice of the Republic of Moldova on 16 December 2011 under no.858, in item 8, the wording “Regulation on publishing information on financial activity by licensed banks of the Republic of Moldova, approved by the Decision of the Council of Administration of the National Bank of Moldova no.392, December 21, 2000” shall be replaced with “Regulation on disclosure of information on the financial activity of the licensed banks from the Republic of Moldova, approved by the Decision of the Council of Administration of the National Bank of Moldova no.52 of 20 March 2014”.

4. In the Regulation on foreign exchange entities, approved by the Decision of the Council of Administration of the National Bank of Moldova no.53 of 5 March 2009 (Official Monitor of the Republic of Moldova, 2009, no.62-64, Article 269), as amended and supplemented, registered at the Ministry of Justice of the Republic of Moldova on 16 March 2009 under no.666, in item 80, the wording “Regulation on publishing information on financial activity by licensed banks of the Republic of Moldova, approved by the Decision of the Council of Administration of the National Bank of Moldova no.392 as of December 21, 2000” shall be replaced with “Regulation on disclosure of information on the financial activity of the licensed banks from the Republic of Moldova, approved by the Decision of the Council of Administration of the National Bank of Moldova no.52 of 20 March 2014”.

5. This Decision shall enter into force upon the expiry of a period of 5 months from the date of publication in the Official Monitor of the Republic of Moldova.

 

Chairman
of the Council of Administration

Dorin DRĂGUŢANU

 

Annex no.1
to the Decision of the Council of Administration
of the National Bank of Moldova
no52 of March 20, 2014

 

REGULATION
on disclosure of information on the financial activity of the licensed banks

from the Republic of Moldova

CHAPTER I
GENERAL PROVISIONS

1. This Regulation is drawn up on the basis of the authority vested in the National Bank of Moldova by Article 5, 11 and 44 of the Law on the National Bank of Moldova and Article 30, 35 and 40 of the Law on Financial Institutions.

2. The purpose of this Regulation is to ensure the disclosure of information on the financial and economic activity of the licensed banks to foster market discipline and competitiveness and strengthen financial stability by promoting transparency of banks’ activities, and to provide the public with financial and economic information of banks and risk exposures.

3. This Regulation establishes the criteria and procedures of information disclosure on banks’ financial and economic activities and other relevant information for the public, including information on the requirements to open, modify and fund accounts, grant credits, accept deposits, issue and serve payment cards, information on shareholders and/or group of persons acting in concert and that hold qualifying holdings in the share capital of banks and the beneficial owners thereof.

4. For the purpose of this Regulation the following definitions shall apply:
Bank office - the premises where the bank territorial subdivision is located (headquarters, branch, representative and secondary offices).
Noticeboard – a board in a bank office where public information is displayed in a publicly accessible place.
Website of the bank - all the information in electronic form and means of interactive dialogue, which the bank makes available to the public on the Internet.
Interest rate - the interest rate on the credit (deposit), expressed as a fixed or floating rate applied to the credit (deposit) balance annually.
Consumer - an individual who intends to order or purchase or orders, purchases or uses products and services for needs unrelated to entrepreneurial or professional activity.
Total cost of credit - all costs, including interest rate, commissions, fees and any other costs that have to bear the borrower in connection with the credit agreement and which are known to the lender, except for notarial costs; costs of auxiliary services, related to the credit agreement, in particular the average insurance premiums, are included when obtaining a credit or its obtaining is subject to closing a service contract under the terms and conditions set forth.
Total amount of credit - total amount made available under a credit agreement.
Annual effective interest rate - the total cost of the credit granted to consumer, expressed as an annual percentage of the total credit amount, including costs referred to in Article 23 paragraph (2) of the Law on credit agreements for consumers, as appropriate.
Principal amount – gross amount of credits/deposits, which excludes the accrued interest and is not reduced by the amounts of value adjustments and allowances for impairment losses (loss of value) and by the amount of allowances for assets losses/conditional commitments calculated in accordance with the Regulation on assets and conditional commitments classification.
Information disclosure – public disclosure of information through different channels, such as mass media, noticeboard or website, according to the provisions of this Regulation.

 

CHAPTER II
QUALITATIVE CHARACTERISTICS OF INFORMATION DISCLOSURE

5. The disclosed information shall reflect the real situation of banks and shall allow the public to assess promptly the financial and economic situation of banks, the results obtained, related risks, ownership structure and the operational activity thereof.

6. Banks shall comply with the following qualitative characteristics of the disclosed information:

  1. accessible information – disclosure of information though channels that offer equal and timely access to information;
  2. complete and comprehensive information - disclosure of information in aggregate and consolidated form, which may be assessed considering the activities carried out;
  3. relevant and timely information – timely and promptly disclosure of relevant information to the public in the decision-making process;
  4. authentic information – disclosure of real, verifiable, neutral, complete information reflecting the economic essence of events and transactions carried out;
  5. comparable information - disclosure of information for determining the trends of data in dynamics;
  6. material information – disclosure of information that would exclude the omission of some important data able to change the user’s assessment or decision.

 

CHAPTER III
GENERAL PROVISIONS ON AUTHENTICATION AND
DISCLOSURE OF INFORMATION BY BANKS

7. The information disclosed shall be authenticated by the signature by the chief of the executive body of the bank and - in case when the information is drawn up based on accounting information - by the chief accountant, and by the bank’s stamp. This information shall be maintained at the bank’s headquarters (at the executor).

8. Copies of original information referred to in item 7 shall be displayed on noticeboards in bank offices.

9. According to the legislation in force and this Regulation, the chief of the executive body of the bank is responsible for the preparation and disclosure of information. If the published information is erroneous and non-compliant with the requirements of the National Bank of Moldova and the legislation in force, banks shall publish a denial and correct the information.

10. The information disclosed in accordance with this Regulation shall be not subject to audit. If the bank decides to audit this information, the audit’s opinion shall be published as well.

11. The information to be published on the bank’s official website, in accordance with this Regulation, shall be placed in separate category/sub-category and be available on home page, in a format and language accessible to public. The following format and language shall be considered accessible if corresponds to the characteristics below:

  1. text is coherent, concise and readable;
  2. name of category shall be sufficiently suggestive of the nature and type of information contained;
  3. text size, colour and contrast shall be set properly to allow for its ease reading.
  4. no practices are used that create a clearly psychological discomfort, which would result in imposing the reader to quit reading the respective text.

12. Disclosure of information on the website of the banks, required under chapters IV and V of this Regulation, shall be accessible at a distance of up to 3 clicks. Banks shall display the category “Disclosure of information” on the homepage of their website and shall; contain two subcategories:
1) „Information on economic and financial activity”;
2) „Information on bank governance”.
Subcategory „Information on economic and financial activity” shall include the reports referred to in item 14 of this Regulation, grouped by years and months, in XLS format, according to the templates provided by the National Bank through interbank website, while the information required under item 15, grouped by years, in DOC format.

13. Banks shall publish on their website only materials generated by them. If banks publish information from external sources, a reference to the original source shall be included in a footnote.

 

 

CHAPTER IV
DISCLOSURE OF INFORMATION AND ECONOMIC ACTIVITY

14. Banks shall monthly disclose on their website and display on noticeboards in bank offices the information referred to in sub-items 1) – 4) of this item and, quarterly, the information referred to in sub-items 5) and 6) of this item no later than the last day of the month following the reporting period.
Information on economic and financial activities, which reflects the financial position of the bank at the end of the operational day of the reporting month, shall include:

  1. FIN1-balance sheet, FIN2- profit and loss account (drawn up in accordance with the Instruction on the individual financial statements FINREP applicable to banks);
  2. indicators relating to the economic and financial situation of the bank, according to Annex no.1 of this Regulation, which shall include, but not be limited to:
    1. indicators of capital;
    2. indicators of assets;
    3. indicators of income and profitability;
    4. indicators of liquidity;
    5. indicators of sensitivity of market risk;
    6. general data;
  3. information on credits, according to Annex no.2 to this Regulation, which shall include, but not be limited to:
    1. credit industry;
    2. number of credits granted during the reporting month in Moldovan Lei and foreign currency;
    3. credit portfolio granted in Moldovan Lei and foreign currency;
    4. average interest rate of credits granted in Moldovan Lei and foreign currency.
      Credit industry shall be determined taking into account the field of activity of the borrower in accordance with the categories specified in the Chart of accounts of the bookkeeping within licensed banks of the Republic of Moldova;
  4. information on deposits, according to Annex no.3 to this Regulation, which shall include, but not be limited to:
    1. type of deposit;
    2. deposit portfolio accepted in Moldovan Lei and foreign currency;
    3. average interest rate of deposits accepted in Moldovan Lei and foreign currency.
      The type of accepted deposits shall be determined based on the following criteria: term of the deposit accepted by the bank (term deposit, sight deposit), with and without interest and its ownership (deposits of individuals, legal entities, including deposits of state budget and administrative-territorial units budgets deposits of banks, non-bank financial environment, and deposits of other individuals performing an entrepreneurial activity or other type of activity);
  5. information on remaining contractual maturities of financial assets and liabilities related to exposure to liquidity risk shall be published in accordance with FIN26 template “Exposure to liquidity risk” of the Instruction on the individual financial statements FINREP applicable to banks;
  6. information on financial assets and liabilities sensitive to interest rate changes shall be published in accordance with FIN27 template “Exposure to interest rate risk” of the Instruction on the individual financial statements FINREP applicable to banks;

15. Banks shall publish on their website, maintain in their offices and make available to public upon request, the following information for the last three years preceding the reporting year:

  1. annual report of the bank;
  2. where appropriate, consolidated annual report of the bank;
  3. annual financial statement of the bank, which shall include: balance sheet, profit and loss account; statement of changes in equity; cash flow statement, notes to the financial statements;
  4. auditor's report on annual financial statements, attaching own annual financial statements;
  5. where appropriate, auditor's report on consolidated annual financial statements, attaching own consolidated annual financial statements;
  6. report of bank’s management;
  7. where appropriate, consolidated report of bank’s management;
  8. accounting policy of bank;
  9. information on risk management strategy of the bank.

Information referred to sub-items 1) – 9) shall be prepared taking into account the Law on accounting and the Law on capital market.

16. Banks shall publish quarterly in newspapers of common circulation the information referred to in item 14 sub-items 1) and 2) no later than the last day of the reporting quarter. At the same time, banks shall indicate on their noticeboards and website the newspapers in which such information has been disclosed.

17. Within four months of the end of the financial year, banks shall publish in newspapers of common circulation, and in local newspapers where banks have separate subdivisions, copies of the balance sheet and external audit, and shall print out the annual report in order to distribute free copies of the latter to the public.

18. National Bank may publish on its website the information disclosed by banks in accordance with item 14 of this Regulation.

 

CHAPTER V
INFORMATION ON PROVISION OF SERVICES AND PRODUCTS

19. In order to allow public to independently assess banks’ services and products offer, banks shall print out and distribute free materials that disclose information on terms and conditions of services and products offered by a bank, according to items 20 – 25.

20. Banks shall disclose information on deposit acceptance conditions, opening, modification and closing of accounts, and payment card use, which shall include, but not be limited to:

  1. main characteristics of different types of deposit (deposit accounts);
  2. deposit acceptance conditions, which shall include, but not be limited to:
    1. amount of deposit (minimum/maximum) in national currency/foreign currency;
    2. term of deposit (term deposit or sight deposit) in national currency/foreign currency;
    3. currency of deposit (national currency/foreign currency);
    4. interest rate (floating/fixed) of deposits accepted in national currency/foreign currency, and the calculation method of interest rate, which shall be illustrated with representative examples
    5. method (with or without capitalization) and term/frequency of interest payment;
    6. right and conditions to change the interest rate;
    7. commissions, fees related to opening and serving a deposit account;
    8. right and way to fund or partially withdraw funds from a deposit account;
    9. conditions for termination of deposit contract before term;
    10. documents necessary to open, modify and close a deposit account;
  3. existence of an instrument on the bank’s website designated to resolve equations in order to determine total amounts (interest rate and other payments to be paid by the bank), which are to be paid in accordance with the respective deposit contract. At the same time, this instrument shall provide the possibility to make calculations by period (monthly/quarterly), depending on the frequency of deposit-related payments that are to be made by the bank. Deposit-related payments shall be determined taking into account the conditions existing before deposit contract conclusion (amount of deposit, term of deposit, interest rate, etc.);
  4. a guide to open deposit accounts (including to open, modify and close current accounts for account holders), which shall include the list of documents to be submitted to open accounts, specific requirements for documents to be submitted (specimen of signature and the stamp), as well as formalities to be followed in order to open and use such accounts;    
  5. conditions to issue and serve payment cards shall include, but not be limited to:
    1. documents necessary to issue a payment card, card issuance term and its validity;
    2. commissions and conditions for payment card issuance (minimum funding amount, minimum account balance, restrictions on payment card use, issuance fee, annual servicing fee, and other fees charged in case of validity extension, changing the name/surname, payment card loss/theft/damage, PIN change and other);
    3. commissions for operations performed and services rendered (fund an account, withdraw funds, pay goods/services, and make transfers to clients, visualization of account balance, provide a mini statement/statement of account, investigation of disputes regarding operations performed, etc.);
    4. interest calculation formula and periodicity of interest payment by the bank for the funds held in account, if applicable;
    5. the exchange rate applied to card operations, established by the bank or, where appropriate, the method of determining it (for example, the exchange rate set by the international payment systems) - if the transaction currency differs from currency of card account;
  6. in addition to the information referred to in sub-item 5, in case of a credit card, banks shall also disclose the following information:
    1. minimum / maximum amount of the credit/overdraft sanctioned;
    2. minimum / maximum credit reimbursement term;
    3. credit insurance form;
    4. interest rate paid by the client, the method of calculation, reimbursement method and periodicity of interest payment;
    5. other payments that are not included in the interest rate (which are they and the amount thereof);
    6. size of penalties for unauthorized overdraft/exceeding the credit reimbursement period;
    7. interest rate paid by the client for the outstanding credit, the calculation method and manner of reimbursement of outstanding amounts;
    8. documents necessary to obtain a credit;
    9. minimum requirements to clients for credit extension;
  7. information on the commissions established for merchants for payment card acceptance services.

21. Banks shall disclose information related to lending conditions, which shall include, but not be limited to:

  1. general characteristics of each type of credit granted;
  2. conditions for granting credits, according to Annex no. 4 of this Regulation, which shall include, but not be limited to:
    1. credit currency;
    2. total amount of credit in national currency (minimum/maximum)/total amount of credit in foreign currency (minimum/maximum);
    3. interest rate on credit, fixed/floating, in national currency (minimum/maximum)/in foreign currency (minimum/maximum) and the method of calculating the interest rate by at least two representative examples;
    4. period of contract validity of the credit in national currency (minimum/maximum)/period of contract validity of the credit in foreign currency (minimum/maximum);
    5. other payments than the interest rate of the credit in national currency/foreign currency, which are included in total cost of credit;
    6. actual annual interest rate of the credit in national currency/foreign currency and information referred to in Article 4 item (3) of the Law on Consumer Credit Agreements, as appropriate;
    7. manner (annuities, rates, bullet payment) and frequency of payments;
    8. documents necessary to obtain a credit;
    9. credit insurance forms accepted by the bank;
    10. effects of early reimbursement and penalties related to the credit agreement;
    11. conditions under which the interest rate may change;
    12. indication that the payments related to credits in foreign currency or in national currency, linked to foreign currency, will change depending on the exchange rate of MDL against foreign currencies, where payments will be made in national currency;
    13. the way the exchange rate is applied to payments on credits in foreign currency or in national currency linked to foreign currency;
  3. existence of an instrument on the bank’s website designated to resolve equations in order to determine total amount of credit (interest rate and other payments to be paid under sub-item 2) letters d) and e) of this item). At the same time, this instrument shall provide the possibility to make calculations by period (monthly/quarterly) for products with fixed payment schedules, depending on the frequency of payments that are to be made by the client (payment of credit, interest rate, commissions, fees, etc.) and depending on the balance of credit. Total cost credit shall be determined taking into account the conditions existing before credit agreement conclusion (total amount of credit, reimbursement terms, effective interest rate, etc.).

22. Banks shall disclose information related to conditions under which foreign exchange operations are performed, which shall include, but not be limited to:

  1. conditions under which foreign exchange operations are performed;
  2. amount of commissions and other related payments.

23. Banks shall disclose information related to conditions under which payments/transfers (international transfers) to/from abroad are carried out, except for the remittances, which shall include, but not be limited to:

  1. conditions under which international transfers are carried out;
  2. ways of making payments/transfers to/from abroad;
  3. currency of payment/transfer to/from abroad;
  4. amount of commissions and other related payments;
  5. available information on all types of commissions or payments to be charged/may be charged by foreign banks through which international transfers are carried out, as well as the amount of such commissions.

24. Banks shall disclose information related to the provision of money remittance services as required by the Regulation on the activity of payment service providers within money remittance systems.

25. Banks shall disclose information about other products and banking services offered by the bank, which shall include, but not be limited to:

  1. characteristics of goods and services;
  2. services provision conditions;
  3. fees and interest rates, as appropriate, including commissions charged, as well as their amount and time of payment.

26. Disclosure of information on interest rate and other payments related to the credit/deposit shall include information about specific conditions, objective criteria and, where appropriate, benchmark index applicable to the initial interest rate of credit, and the notification method and terms in case of interest rate changes and/or other payments changes.

27. Interest rates, commissions, fees and other payments for the provision of banking services and banking products shall be published with the same font size that was used in the disclosure of other information.

28. Information under item 19 shall be continuously updated based on amendments and/or completions made to bank's internal regulations and shall be published as soon as possible but not later than 3 days from the occurrence of amendments and/or completions.

29. Information and materials disclosed in this chapter shall be displayed on the noticeboard in bank offices and the website of banks. A contact person and his/her telephone number shall be also displayed on the noticeboard (and/or in the materials disclosed).

 

 

CHAPTER VI
DISCLOSURE OF INFORMATION ON BANK GOVERNANCE

30. Banks shall disclose information on the procedures for drawing up referrals/claims/complaints by clients and persons authorized to receive and address such referrals/claims/complaints, and the formalities of presenting them to the bank.

31. Banks shall maintain and make available to the public, at request, the bank’s Statute with all further amendments and completions.

32. Banks shall disclose information about the right to carry on financial activities by displaying a copy of license at the headquarters of the bank, confirmed by the signature of the person responsible from the bank. Copies of copies of license, authorized by the National Bank, confirmed by the signature of the person responsible from the bank, shall be displayed in the separate subdivisions of banks (branches, representative offices) and in their secondary offices (agencies, foreign exchange offices). The list of activities permitted by the internal regulations of separate subdivisions and agencies shall be displayed in each separate subdivision and agency of banks.

33. Banks shall disclose at least information on outsourcing of activities of material importance, date of outsourcing, name of the supplier, its role in the activities/operations outsourced.

34. Banks shall disclose information on its organizational structure, including the name of the existing specialized committees, indicating their subordination, considering the competence of management bodies of banks in accordance with the legislation in force, the list of branches, representative offices and secondary offices, indicating the name and address thereof.

35. Banks shall disclose information on members of board, executive body, vice presidents, and chief accountant as in accordance with Annex no.5 to this Regulation, which shall include, but not be limited to:

  1. general information about members of board, executive body, vice presidents, and chief accountant: name, surname, position, date of confirmation by the National Bank, position(s) held within the bank, shareholding that exceeds 5% of bank’s share capital;
  2. other data on theoretical and practical experience of members of board, executive body, vice presidents, and chief accountant: work experience in the past 5 years, education (university studies, postgraduate studies, trainings in the last 5 years).

36. Banks shall disclose the list of persons authorized to engage with bank in contractual relationships, which shall include: name and surname administrator, position held, telephone number, signature of the authorized person. The list of authorized persons shall be confirmed by the stamp of the bank.

37. Banks shall disclose information on shareholders and / or groups of persons acting in concert, with qualifying holdings in the share capital of the bank, and the beneficial owners of such persons in accordance with Annex no.6 of this Regulation, which shall include, but not be limited to:

  1. general information about direct holders of qualifying holdings: name, surname/name of shareholders, country of residence, number of group, shareholding, voting right;
  2. general information about beneficial owners of persons referred to in sub-item 1): name, surname of the beneficial owner, country of residence.

38. The terms used in item 37 correspond to the definitions stipulated in the Law on Financial Institutions and in the Regulation on qualifying holdings in the share capital of banks.

39. The information disclosed in item 37 shall be updated within 15 days of the date the changes in the ownership structure of the bank, in case of changes in the data from the table of Annex no.6 to this Regulation

40. The information provided in this chapter shall be disclosed in the noticeboards of bank offices and on the website of the bank and shall be updated in case of changes, but not later than 10 days after such changes/completions occur, except for the information updated in accordance with item 39.

 

CHAPTER VII
FINAL PROVISIONS

41. This Regulation shall not interfere or alter the obligations of banks to disclose the information in any other form or method based on other laws in force than those specified in this Regulation.

42. Banks shall disclose information on the website in accordance with applicable laws in force relating to banking activity, including as issuer of securities and / or service provider, and any other information they consider important in evaluating the economic and financial situation, their activities and the risks they undertake.

 

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