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  • Sergiu Cioclea, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

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27.10.2017

Regulation no. 23/09-01 on licensing of banks, approved by the DCA of the NBM no. 37 of August 15, 1996

Note: The translation is unofficial, for information purpose only

Published in the Official Monitor of the Republic of Moldova no.59-60/74 of 12.09.1996

Approved by the Council of Administration of the National Bank of Moldova
Minutes no. 37, August 15, 1996
As amended: Minutes no. 37 “b” / 09-01, November 15, 1996
Decision no. 80, April 9, 1998
Decision no. 368, December 4, 1998
Decision no. 32, February 15, 1999
Decision no. 183, July 16, 1999
Decision no. 254, September 30, 1999
Decision no. 359, November 30, 2000
Decision no. 247, September 27, 2001
Decision no. 5, January 10, 2002
Decision no. 110, May 16, 2002
Decision no. 276, November 13, 2003
Decision no. 204, June 30, 2005
Decision no.13, January 12, 2006
Decision no. 35, February 15, 2007
Decision no. 171, September 11, 2008
Decision no. 194, October 9, 2008
Decision no.57, March 26, 2010
Decision no.91, April 12, 2012
Decision no.107, May 30, 2013
Decision no. 218, August 11, 2016
Decision no. 267, October 4, 2017

REGULATION
no. 23/09-01 on licensing of banks and foreign banks’ branches

 

I. Authority and applicability

The National Bank of Moldova has the exclusive right for the issuance of licenses to banks and foreign banks’ branches.

A foreign bank wishing to establish subsidiaries on the territory of Moldova shall receive a license from the National Bank of Moldova, as provided by this Regulation.

A foreign bank wishing to establish a branch on the territory of the Republic of Moldova shall comply with the requirements and shall receive a license from the National Bank of Moldova as provided by Chapter VII5 hereof.

Hereinafter, references to “banks” shall also include subsidiaries of banks.
(as amended on October 4, 2017, Decision no.267)
(as amended on September 11, 2008, Decision no.171 of 11.09.08)

 

II Licenses to perform financial activities

The Bank may perform financial activities within the limit of the license issued, which are allowed under the art.26 of the Law on Financial Institutions. No bank shall engage in financial activities that are not authorized under its license.

According to Article 26 paragraph (1) letter n) of the Law on Financial Institutions, banks may perform activities or services, to the extent that these are within the financial field and for which the permission of the National Bank has been obtained, issued pursuant to Chapter VII4 of this Regulation.
(as amended on May 30, 2013, decision no. 107)
(as amended on September 11, 2008, decision no. 171)

 

III Requirements for minimum required capital

The amount of minimum capital shall be established for Tier I Capital in the amount of 200 million lei.

The method of calculating Tier I Capital is shown in Annex no.4 to this Regulation.
(as amended on December 04, 1998, Decision no. 368)
(as amended on July 16, 1999, Decision no. 183)
(as amended on May 16, 2002, Decision no. 110)
(as amended on November 13, 2003, Decision no. 276)
(as amended on September 11, 2008, Decision no. 171)
(as amended on March 26, 2010, Decision no. 57)

Shares must be paid only from money funds. Non-monetary quotes and equity quotas shall not be used to purchase shares in a bank. 
(as amended on December 04, 1998, Decision no. 368)
(letters B, C and D, amended on May 16, 2002, Decision no. 110)
(letters E and F excluded on May 16, 2002, Decision no. 110)
(letters B, C and D excluded on September 11, 2008, the Decision no. 171)
(as amended on September 11, 2008, Decision no. 171)

 

IV Organization of banks

Banks shall be organized according to the framework regarding joint-stock companies. 
(as amended on January 10, 2002, Decision no. 5)
(as amended on January 12, 2006, Decision no. 13)
(as amended on September 11, 2008, Decision no. 171)

 

V Administrators

The bank’s Board shall meet the provisions stipulated in Articles 18 and 19 of the Law on Financial Institutions.

All administrators shall meet the requirements of the National Bank of Moldova imposed by the requirements to Bank’s administrators.

Pursuant to Article 241(4) of Law on Financial Institutions no. 550-XIII of 21 July 1995, by way of derogation from Article 19(2) of Law no. 81-XV of 18 March 2004 on Investments in Entrepreneurial Activity and Article 21(5) of Law no. 845-XII of 3 January 1992 on Entrepreneurship and Enterprises, foreign banks’ branches are not legal entities. Foreign banks’ branches shall be registered according to the procedure set out in Article 12 of Law no. 220-XVI of 19 October 2007 on State Registration of Legal Entities and Individual Entrepreneurs.
(supplemented on October 4, 2017, Decision no. 267)
(as amended on May 30, 2013, Decision no. 107)
(as amended on April 09, 1998, Decision no. 80)
(as amended on April 12, 2012, Decision no.91)

 

VI. License application

A. Application for a license for financial activities performance shall be submitted by the founders of the bank in writing to the Governor of the National Bank of Moldova as in accordance with the provisions of annexes to this Regulation. The request shall be attached the list of documents listed in Annexes.

B. The applicant will be notified in writing as soon as a complete set of documents is submitted in accordance with the requirements provided in the relevant annex to this Regulation. At the same time, the application will be registered and accepted for consideration by the National Bank of Moldova.

C. The National Bank has the right to request any additional information if the information submitted according to letter A of this chapter is not sufficient to take a decision on license issuance.
(as amended on June 30, 2005, Decision no. 204)
(as amended on September 11, 2008, Decision no. 171)

 

VII Decision to issue the license

A. Within three months from the application registration date, the National Bank shall grant preliminary approval or refusal of the application and shall notify the applicant about its decision in writing.

B. Denial

The decision on refusal to issue the license shall contain the grounds on which the license was refused, in accordance with the requirements of the Article 7 of the Law on Financial Institutions.  Failure to provide sufficient information to the National Bank for decision purpose, and/or provision of erroneous information in the application for license issuance, shall be also considered grounds for denial of application.

The National Bank of Moldova shall not issue the license in case the capital of the bank does not correspond to the amount of minimum required capital plus the necessary expenses for bank foundation. The expenses related to bank foundation shall comply with the limit foreseen in the business-plan developed in compliance with item 12 of the Annex no.1 to this Regulation.
(as amended on January 10, 2002, Decision no. 5)
(as amended on February 15, 2007, Decision no. 35)
(as amended on September 11, 2008, Decision no. 171)

C. Preliminary approval

1. The National Bank shall grant preliminary approval of a license application if the criteria included in Article 7, paragraph 2 of the Law on Financial Institutions with regard to banks and Article 7, paragraph 6 of the Law on Financial Institutions with regard to subsidiaries of a foreign bank, are met.

2. In its preliminary approval, the National Bank shall establish conditions, which must be met by the applicant in order to receive the license as set forth in Article 7, paragraph 3 of the Law on Financial Institutions.

3. The applicant shall comply, within one year, with the requirements of the National Bank in accordance with Section C (2) of Chapter VII. Otherwise, the preliminary approval of the application for the license shall automatically become void.  

D. Issuance of license

1. The applicant shall submit in writing a confirmation on the fulfillment of the requirements listed by the National Bank of Moldova, the calculation of the total regulatory capital in compliance with Annex no.4 as of the last reporting date of the month as well as the registration decision issued by the State Registration Chamber. After the National Bank is assured that all the requirements are met, it shall issue the license within one month as well as the written approval for holding significant interest by the shareholders who have requested such an interest approval.

2. The National Bank of Moldova, within maximum 3 working days from the adoption of the decision on issuance of license, shall notify the applicant in writing about this and about its obligation to pay the fee for license issuance. The license shall be signed within 3 working days from the date of receiving the document that confirms the payment of the fee for license issuance set for in the Law on Financial Institutions, and shall be handed over against signature to the person authorized by the bank. The bank shall have the power to perform financial activities provided for in the license as of the date of its signing. In case a decision has been adopted to substitute the license held by another one, which decreases the number of allowed activities, the bank, from the date of adopting the respective decision, shall lose the power to perform the activities, provided for in the license substituted, and not stipulated by the license to be issued.

The Annex to the license is an integral part of it and contains all license conditions and express activities and/or services to be performed in accordance with Article 26 paragraph (1) of the Law on Financial Institutions.
(as amended on May 30, 2013, decision no. 107)
(as amended on April 09, 1998, Decision no. 80)
(as amended on September 27, 2001, Decision no. 247)
(as amended on May 16, 2002, Decision no. 110)
(as amended on February 15, 2007, Decision no. 35)
(as amended on September 11, 2008, Decision no. 171)

 

VII¹ Issuance of authorized copies of the license

A. The National Bank of Moldova shall issue authorized copies of the license for each branch/representative office of the bank.

B. The bank, after obtaining the preliminary approval from the National Bank of Moldova according to the art. 13(4) of the Law on Financial Institutions and registering the branch/representative office at the State Registration Chamber, within 10 days, shall submit to the National Bank of Moldova an application to obtain an authorized copy of the license, and enclose the followings: a copy authorized by the bank of the decision regarding the registration of the branch/representative office; an authorized copy of the regulation of the branch/representative office registered at the State Registration Chamber; the document confirming the payment of the respective fee according to the Law on Financial Institutions.

C. After submitting the application according the conditions stipulated in letter B, the bank presents to the National Bank of Moldova the original copy of the license in order to make the copies. The National Bank of Moldova shall make the copies in the same day.

D. The authorized copy of the license is issued and granted within 5 working days from the date when the original of the license was presented.

E. Presentation to the National Bank of Moldova and return of the original of the license, as well as receipt of the authorized copies of the license is performed through an authorized person, in exchange for a signature.

F. The authorized copy of the license shall meet the following requirements:
- on the first page in the upper right corner will be written:

“Authorized copy for the branch/representative office
__________________
located on _______________
Vicegovernor________________,
                   (signature)  
                      _____________________”;
            (date)

- application of the original signature of the Vice Governor of the National Bank of Moldova and the date of signing on the respective text;
- application of the official stamp of the National Bank of Moldova with the State Emblem on the respective text and signature;
- the sheets shall be stitched and on the last page shall be applied the signature of the chief of secretary section of the National Bank of Moldova together with the stamp of the National Bank Secretary. 
(as amended on May 30, 2013, decision no. 107)
(introduced as on September 11, 2008, Decision no. 171)

 

VII² Reissuance of bank license/authorized copies of the license

A. The reasons for reissuance of the bank license/ the authorized copy of the license are changes in the name and/or location of the bank/branch/representative office and modification of other data in the license/authorized copy of the license.

B. For the reissuance of the license/authorized copy of the license, the bank, after obtaining the preliminary approval in writing from the National Bank of Moldova according to the art. 17(1) of the Law on Financial Institutions and after the registration of the changes at the State Registration Chamber that lead to the modification of the data of the license/authorized copy of the license, within 10 days, shall submit to the National Bank of Moldova an application for the reissuance of the license/authorized copy of the license, attaching to it the followings: the copy authorized by the bank of the registration decision regarding the registration of modifications (completions) to the status/regulation of the branch (or their new wording); the copy authorized by the bank of the competent bodies decision regarding the respective modifications; the document confirming the payment of the respective fee according to the Law on Financial Institutions.

In the case of license reissuance, if the bank has any branches/representative offices opened, it shall request in the application to be issued authorized copies of the reissued license for each branch/ representative office, indicating their name and location, as well as the document confirming the payment of the respective fee according to the Law on Financial Institution.
(as amended on May 30, 2013, Decision no. 107)
(as amended on August 26, 2016, Decision no. 218)

C. In the case of reissuance of the authorized copy of the license, after presenting the application according the conditions stipulated in letter B, the bank shall submit to the National Bank of Moldova the original copy of the license in order to make the copies. The National Bank of Moldova shall make the copies in the same day.

D. Reissued license/authorized copies of the reissued license for each bank’s branch/ representative office is granted within 5 working days from the date when the application for reissuance of the license/ authorized copy of the license was handed. Reissued and authorized copy of the license is granted within 5 working days when the original of the license was presented.

E. Presentation to the National Bank of Moldova and return of the original of the license, as well as the receipt from the National Bank of Moldova of the original reissued license and the authorized copies of the respective license or the reissued and authorized copies of the license of the branch/ representative office is performed through a person authorized by the bank, in exchange for a signature.

F. On the date of issuance of the reissued license/ reissued and authorized copies of the license, the license/authorized copy of the license that was held by the bank before loses its validity.
(introduced as on September 11, 2008, Decision no. 171)

 

VII³ Issuance of a duplicate bank license/authorized copies of the license

A. The grounds for the issuance of a duplicate bank license/ the authorized copy of the license are their lost or deterioration.
In case of license lost or deterioration, the National Bank of Moldova shall issue a new license with the inscription “Duplicate”.

B. For obtaining the duplicate bank license/authorized copy of the license in case of its lost or deterioration, the bank shall submit to the National Bank of Moldova within 15 working days an application regarding the issuance of the duplicate license/ authorized copy of the license, attaching the document confirming the payment of the respective fee according to the Law on Financial Institutions.
In case of issuing the duplicate license, if the bank has any branches/representative offices opened, it shall request in the application the issuance of the duplicate license/ authorized copy of the license for each branch/ representative office and shall attach to this application the list of branches/representative offices, indicating their name and location, as well as the document confirming the payment of the respective fee according to the Law on Financial Institution.

C. In case of issuance of the duplicate of the authorized copy of the license, after presenting the document confirming the payment of the respective fee, the bank shall submit to the National Bank of Moldova the original of the license in order to make the copies. The National Bank of Moldova shall make the copies in the same day.

D. The duplicate license is issued within 3 working days from the date when the application for issuance the duplicate license was handed, but the authorized copy of the duplicate license for each branch/representative office of the bank is issued within 5 working days from the date when the application for issuance the authorized copy of the duplicate license was handed. The duplicate of the authorized copy of the license for a branch/representative office is issued within 3 working days from the date when the original license was submitted to the National Bank of Moldova.

E. Presentation to the National Bank of Moldova and return of the original of the license, as well as the receipt from the National Bank of Moldova of the duplicate license and the authorized copies of the respective license or the duplicate of the authorized copies of the license is performed through an authorized person, in exchange for a signature.

F. On the date of issuance of the duplicate license/authorized copies of the license, license/authorized copy of the license that was lost or deteriorated loses its validity.
(introduced as on September 11, 2008, Decision no. 171)

 

VII4. ISSUANCE OF THE PERMISSION FOR ACTIVITIES OR SERVICES, ACCORDING TO ARTICLE 26 PARAGRAPH (1) LETTER n) OF THE LAW ON FINANCIAL INSTITUTIONS

A. The extension of the types of activity of the bank, which are within the financial field, other than those referred to in Article 26 paragraph (1) letters a)-m) of the Law on Financial Institutions, serves as grounds for the issuance of the permission for the activity or service according to the Article 26 paragraph (1) letter n) of the Law on Financial Institutions.

B. The activities or services within the financial field are those activities or services carried out on the market regulated and supervised by the National Commission for Financial Market.

C.  Banks may carry out activities or services in accordance with Article 26 paragraph (1) letter n) of the Law on Financial Institutions only after obtaining the permission of the National Bank, registering the amendments and completions to the Statute of the bank at the State Registration Chamber, re-issuing the bank license/authorized copy of the bank's license.

D. In order to obtain the permission to conduct the activity or service in accordance with Article 26 paragraph (1) letter n) of the Law on Financial Institutions, the bank shall submit an application to the National Bank, expressly indicating the activity or service to be carried out. The application shall be made in the state language and shall be signed by the Chairman of the bank. The following documents in the state language shall be attached to the application:

1. Extract from the minutes of the general meeting of shareholders or the Board on which the decision was adopted on the activity or service in accordance with Article 26 paragraph (1) letter n) of the Law on Financial Institutions, expressly specifying the activity or service to be carried out.

2. The economic rationale underlying the bank's ability to carry out activities or services under Article 26 paragraph (1) letter n) of the Law on Financial Institutions, which shall include, but not be limited to the following information and data:
a)  description of clients and market segment to which the new activity or service is designated;
b) description of the activity or service offered and price/tariff policy related thereto;
c) the volume of activity or service and their market shares for the next three years of activity;
d) planned investment for the creation of technical support and personnel necessary to carry out the activity or service;
e) description of the adequacy of the information system to the specific of the activity or service to be carried out and the level of use of additional software;
f) the impact on the activity or service on the balance sheet accounts and on income statement for the next year;
g) development of processes to identify, manage, monitor and report the risks related to the activity or service.

3. Indication of legal provisions in force governing the activity or service to be carried out.

E. National Bank has the right to require additional information and documents, where documents and information submitted under letter D of this chapter are insufficient to make a decision on the issuance of the permission.

F. Within 30 working days as of the receipt of the complete documents and information, according to letter D of this chapter, the National Bank shall issue, as applicable, the permission for the activity or service, according to Article 26 paragraph (1) letter n) of the Law on Financial Institutions or shall reject the application, informing in writing the bank about its decision and the reasons for rejection.

G. If the National Bank considers that further investigation is necessary for the decision of issuance of the permission to carry out the activity or service in accordance with Article 26 paragraph (1) letter n) of the Law on Financial Institutions, the time limit set in letter F can be extended by 30 working days, informing the bank about this.

H. As reason for rejecting the application for permission to carry out an activity or service in accordance with Article 26 paragraph (1) letter n) of the Law on Financial Institutions may serve:
a) nonconformance of the activity or service to be carried out with the financial filed, according to letter B of this chapter;
b) failure to submit documents and information referred to in letters D, E of this chapter and/or the submission of incomplete, inconsistent, incorrect or insufficient documents and information;
c) if the results of the examination of the application does not allow the National Bank to be fully convinced that the bank will comply with the Law on Financial Institutions or that the financial position will be satisfactory.

I. The decision on the approval of the amendments and completions to the Statute of the bank shall not be issued prior to the permission of the National Bank, according to letters F, G of this chapter.

J. The amendments and completions to the Statute of the bank shall expressly indicate the activity or service to be carried out by the bank and shall be examined in terms of Annex no.5 to this Regulation.

K. After the registration of the amendments and completions to the Statute of the bank at the State Registration Chamber, which will expressly indicate the activity or service to be carried out by the bank according to Article 26 paragraph (1) letter n) of the Law on Financial Institutions, for which the bank has the permission of the National Bank, the National Bank shall re-issue the license of the bank/authorized copy of the license in accordance with Chapter VII2 of this Regulation.

L. The bank shall notify the National Bank of carrying out the activity and service according to Article 26 paragraph (1) letter n) of the Law on Financial Institutions within 5 days as of the date of its commencement. The notification shall be accompanied by internal regulations regarding the activity or service.
[Chapter VII4 inserted on May 30, 2013, Decision no. 107,]
(as amended on August 11, 2016, Decision no.218, in force on 26.08.2016)

 

VII5. Foreign bank’s branch licensing

A. The foreign bank’s branch may carry out, in the limit of the license, financial activities pursuant to Article 26 of Law on Financial Institutions no. 550-XIII of 21 July 1995. The foreign bank’s branch shall not be entitled to carry out financial activities no foreseen in the license issued by the National Bank of Moldova and shall not exceed the object of activity of the foreign bank licensed by the competent authority of the country of origin.

B. The foreign bank’s branch shall have an endowment capital that shall not be less than the amount of capital initially established in Article 5(1) of Law on Financial Institutions no. 555-XIII of 21 July 1995.

C. The foreign bank’s branch shall maintain a minimum required capital pursuant to Chapter III hereof.

D. The National Bank of Moldova may establish a reduced value of the minimum required capital of the foreign bank’s branch, that must be kept pursuant to letter C of this chapter, should the following conditions be cumulatively met:

1. There is a prudential regulation framework in the country of origin of the foreign bank equal to the one set out in Law on Financial Institutions no. 550.XIII of 21 July 1995 and in the regulatory acts issued for its application;

2. The supervisory authority from the country of origin exercises an adequate supervision of the foreign bank, including in terms of the activity of the branch located in the Republic of Moldova;

3. There is a collaboration agreement based on the principle of reciprocity with the supervisory authority from the country of origin on the supervision of the foreign bank’s branch, providing that a similar treatment is applicable to bank branches from the Republic of Moldova, established on its territory.

E. Persons nominated as foreign bank’s branch managers shall comply with the provisions of Article 245 of Law on Financial Institutions no. 550-XIII of 21 July 1995, and with the requirements established by the National Bank of Moldova through regulations on requirements to administrators.

F. The application for license from a foreign bank’s branch for the conduct of financial activities, drafted pursuant to the provisions set forth in Annex no. 6 hereto, shall be sent by the foreign bank to the governor of the National Bank of Moldova. Documents and information listed in the aforementioned annex shall be attached to the application.

G. Should the documents and the information be provided pursuant to the provisions of Annex no. 6 hereto, the application shall be registered by the National Bank of Moldova for examination. The foreign bank shall be informed in writing.

H. The National Bank of Moldova shall be entitled to ask for additional documents and information, should the documents and information presented pursuant to letter. G hereto be not enough to make a decision of the issuance of the license.

I. The National Bank of Moldova, within three months from the date of receipt of full documents and information pursuant to letter G hereto, shall preliminarily approve the application on the issuance of the license on conduct of financial activity pursuant to Article 26 of Law on Financial Institutions no. 550-XIII of 21 July 1995 or shall reject the application, informing the foreign bank in writing about its decision and the reasons for rejection.

J. Reasons for rejection can serve: failure to comply with the requirements of licensing set out in Article 243(1) and (4) of Law on Financial Institutions no. 550-XIII of 21 July 1995, submission of insufficient information to the National Bank of Moldova to make a decision on the issuance of the license and/or provision of inauthentic information in the application for license issuance. The National Bank of Moldova shall, within no more than 3 business days from the date of taking the decision of rejecting the application, shall inform the foreign bank in this regard.

K. Following the preliminary approval of the application, the National Bank of Moldova shall set out the next requirements for license issuance:

1. the foreign bank shall place the endowment capital in a provisory account opened with the National Bank of Moldova. The amount of the endowment capital shall not be less than the capital set out in letter G;

2. employment of specialist;

3. submission of the copy of the decision of registration, certified pursuant to Law on Notaries no. 1453-XV of 9 November 2002 and the excerpt from the State Registry issued by the competent authority of the Republic of Moldova on state registration of enterprises and their record;

4. rent or purchase of banking operations equipment and banking furniture;

5. draft contract on external audit services concluded with an audit company that shall carry out external audit at the foreign bank’s branch pursuant to Article 34 of Law on Financial Institution no. 550-XIII of 21 July 1995.

L. The foreign bank shall undertake to fulfill within one year the requirements of the National Bank of Moldova set out at letter K hereto. Otherwise, the preliminary approval of the application for license issuance shall be cancelled. If the requirements set out at letter K hereto are met, the National Bank of Moldova shall issue the license applied for within one month.

M. The National Bank of Moldova, within no more than 3 business days from the date of the decision to issue the license, shall inform the foreign bank in writing in this regard and about the necessity to pay a fee set out in Article 8(3) of Law on Financial Institution no. 550-XIII of 21 July 1995 in order to issue the license. The License shall be signed within 3 business days from the date of receipt of the document certifying the payment of the fee for license issuance and shall be handed out within two days from the date mentioned on the license, against signature, to the authorized person of the foreign bank.

N. Annex to the license is an integral part thereto and includes all licensing terms and conditions, activities and/or services to be carried out pursuant to Article 26(1) of Law on Financial Institution no. 550-XIII of 21 July 1995.

O. The foreign bank’s branch shall be entitled to conduct financial activities set forth in the license from its signing.

P. Provisions of Chapter VII1-VII4 hereto shall duly apply to the foreign bank’s branch.
The Regulation of the foreign bank shall be amended only with the approval of the National Bank of Moldova. In order to obtain this approval, provision of paragraph 2 of Annex no. 5 hereto shall duly apply.
(inserted on October 4, 2017, Decision no 267)

 

VII6. Licensing of the bridge bank

A. The bridge bank shall be incorporated as a joint-stock company, may conduct financial activities pursuant to Article 26 of Law on Financial Institutions no. 550-XIII of 21 July 1995, within the license issued by the National Bank of Moldova and the restrictions on its activity provided properly and may operate through one or more bank branches subject to resolution, should the National Bank of Moldova thus decide to constitute the bridge bank.

B. The bridge bank shall have share capital that can be lower than the level set out in Article 5 of Law on Financial Institutions no. 550-XIII of 21 July 1995, but no lower than the equivalent of MDL 50 million.

C. The National Bank of Moldova, as the resolution authority, shall approve the incorporation documents, its risk strategy and profile prior to the issuance of the license to the bridge bank with the duly application of provisions of Chapter III, paragraph 3 and 12 of Annex no.1 and Annex no.5 hereto.

D. The members of the Supervisory Board and the Executive Board of the bridge bank, nominated pursuant to Article 122(1) letters b) and c) of Law no 232 of 3 October 2016 on banks’ recovery and resolution, shall be assessed by the National Bank of Moldova with due application of provisions of paragraphs 11-15, 19-21, 23-33, 35-37, 38, items 5)-10) and 13), 40, 44, 53, 59 and 60 of the Regulation on the requirements to administrators, approved by Decision of the Executive Board of the National Bank of Moldova no. 203 of 27 July 2017.

E. Persons nominated as members of the Supervisory Board and the Executive Board of the bridge bank shall submit to the National Bank of Moldova the documents for the assessment within the timeframe set out by the National Bank of Moldova.

F. In exercising its control duty over the bridge bank, the National Bank of Moldova shall assess and approve the members of the Audit Committee of the bridge bank for a 3-month term of office from the date of license issuance, with due application of the regulations relating to the requirements to bank administrators.

G. Administrators of the bank subject to resolution, others than the one mentioned in letterd D and F hereto, may exercise similar functions in the bridge bank without being repeatedly confirmed by the National Bank of Moldova and shall be deemed confirmed on the date of their being nominated in the respective function, unless the National Bank of Moldova decides otherwise when establishing the bridge bank.

H. The provisions of chapters C, VII1, VII2, chapter VIII letter A-C hereto and chapter V of the Regulation on the requirements to administrators shall apply mutatis mutandis on the bridge bank too.

I. The requirements from the Law on Financial Institutions no. 550-XIII of 21 July 1995 and the regulations issued by the National Bank of Moldova on the obligation of concluding an audit contract with an independent audit company accepted by the National Bank of Moldova, shall be applied by the bridge bank within 3 months from the date of license issuance.
(inserted on October 4, 2017, Decision no. 267)

 

VIII Register of banks

A. The National Bank shall maintain a register of licensed banks and of foreign banks’ branches. When the National Bank issues a bank/foreign bank’s representative license, this is added to the register. The register shall contain the bank's name and the addresses of its head office, branches and representative offices and of the foreign bank’s branch. The following documents shall be attached to the register:

1. The authorized copy of the bank's charter and, if required, the authorized copy of the regulation of the foreign bank’s branch.

2. The list of officials of the bank authorized to act on behalf of the bank/foreign bank’s branch.

3. The document specifying the limits of authority of persons mentioned in item 2 and their notarized specimen signatures.
If the documents stipulated in items 1-3 have been amended, their copies authorized by the bank/foreign bank’s branch shall be submitted to the National Bank of Moldova within 10 business days.

B. The bank/foreign bank’s branch, the license of which has been revoked, shall be removed from the register through the respective record.

C. The bank/foreign bank’s branch shall submit to the National Bank of Moldova the charter and, if required, the regulation of the foreign bank’s branch and their internal regulations in electronic form, to the email address of the National Bank of Moldova, regulamente.banci@bnm.md, designed for their internal regulatory documents.  In the charter and, if required, the foreign bank’s branch regulation and/or internal regulations have been amended, they shall be submitted to the National Bank of Moldova with the amendments inserted, in electronic format, to the email address specified herein, within 10 business days(as amended on October 4, 2017, Decision no. 267)
(as amended on October 9, 2008, Decision no. 194)
(item 4 amended on September 27, 2001, Decision no.247)
(last paragraph removed by Decision no. 247 of September 27, 2001)
(as amended on January 10, 2002, Decision no. 5)
(item 5 added by Decision no. 110 of May 16, 2002)
(as amended on September 11, 2008, Decision no. 171)
(as amended on April 12, 2012, Decision no. 91)
(as amended on May 30, 2013, Decision no. 107)
(as amended on September 11, 2008, Decision no. 171)
(letter C added by decision no. 110 of May 16, 2002)
(as amended on April 12, 2012, Decision no. 91)

D. Banks or persons convening the general meeting of shareholders shall submit to the National Bank, with a cover letter, the information on the general meeting of shareholders, which shall include at least:

1) a copy of extract of the minutes of the management body meeting that decided to convene the general meeting shareholders or other persons who convenes the general meeting authorized by the body/persons mentioned above according to legislation in force. The authorized copy of the extract will contain data prescribed in letter a) - g), paragraph (8) Article 53 of the Law no.1134-XIII as of 02.04.1997 on joint stock companies;

2) a copy of the confirmatory documents attesting the measures taken in accordance with the provisions of Article 55, paragraph (1) letter b) or paragraph (2) of Law on joint stock companies, which are authenticated by the bank administrator.

3) a copy of publication where the announcement on the general meeting of shareholders was placed, except the case referred to in paragraph (7) Article 59 of the Law on joint stock companies.

The information shall be presented: in case of annual ordinary general meeting - no later than 25 days before the general meeting of shareholders, in case of extraordinary general meeting - no later than 12 days before its holding and in case of a repeated general meeting - no later than 10 days before its holding.

In the event that the general meeting is carried out in accordance with the conditions referred to in paragraph (7) Article 59 of the Law on joint stock companies, the information shall be submitted within seven days after making the respective decision but no later than three days before its holding.

Within 20 days of the closing of general meeting shareholders, the bank shall submit to the National Bank, with a covering letter, a copy authorized by the bank of the minutes of general meeting of shareholders (excluding annexes) and the publication in which the decision of the general meeting of shareholders was published. In the event that the general meeting adopted the decision to increase the bank’s share capital by issuing additional shares, the respective decision on additional issue of securities approved by the general meeting of shareholders shall be submitted along with the minutes of the general meeting. Within 5 days following the meeting of the empowered body where the Report on the results of securities issue was approved, the bank shall submit to the National Bank the Report on the results of securities issue and the List of subscribers of securities that are placed based on the decision of the general meeting of shareholders, drawn up in accordance with the requirements provided for in normative acts of the National Commission for Financial Market.

National Bank may require submitting the partial or complete information according to annexes of the minutes of general meeting of shareholders.
(letter D as introduced on April 12, 2012, Decision no.91)
(as amended on August 11, 2016, Decision no.218)

E. The foreign bank’s branch shall inform the National Bank of Moldova about the convening of the general meeting of shareholders of the foreign bank, with issues related to the activity of the foreign bank’s branch established in the Republic of Moldova included on the agenda. A copy of the agenda shall be submitted to the NBM no later than 5 business days prior to the meeting.

30 business days after the closure of the general meeting of shareholders, the foreign bank’s branch shall submit to the National Bank of Moldova, through an accompanying letter, the excerpt from the minutes of the general meeting of shareholders.
(as supplemented by Decision no 267 of October 4, 2017)
(chapter IX abrogated by Decision no 267 of October 4, 2017)
(chapter IX inserted by Decision no. 80 of April 9, 1998)
(as amended on January 12, 2006, Decision no. 13)
(second paragraph abrogated by Decision no. 218 of August 11, 2016, in force since August 26, 2016)

 

X Final provisions

A. This regulation becomes effective on the date of its publication in the Official Monitor of the Republic of Moldova.

B. By this regulation the following are abrogated:

i. Regulation on “The mode of beginning and ending the activity of commercial banks” (minutes no. 42 of November 5, 1993);

ii. Supplements, modifications and completions to the Regulation on “The mode of beginning and ending the activity of commercial banks”:

1. Modifications of November 23, 1994, minutes no. 52

2. Modifications and completions of March 17, 1995, minutes no. 9;

3. Modifications of June 27, 1995, minutes no. 19;

4. Modifications of September 8, 1995, minutes no. 25;

5. Supplement of November 10, 1995, minutes no. 31;

6. Modifications of May 8, 1996, minutes no. 22.
(chapter IX abrogated by Decision no 267 of October 4, 2017)
(as amended on September 11, 2008, Decision no. 171)
(Annex no. 2 excluded by Decision no. 171 of September 11, 2008)
(as amended on September 11, 2008, Decision no. 171)
(as amended on April 9, 1998, Decision no. 80)
(as amended on May 16, 2002, Decision no. 110)

Annexes:       _____DOC       _____PDF