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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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30.05.2013

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


REGULATION
no. 23/09-01 on licensing of banks

Amended by:

DCA of the NBM, no.37”b”/09-01 of 15.11.1996, Official Monitor of the Republic of Moldova no. 77 of 28.11.1996
DCA of the NBM, no.80 of 09.04.1998, Official Monitor of the Republic of Moldova no. 49 of 28.05.1998
DCA of the NBM, no.368 of 04.12.1998, Official Monitor of the Republic of Moldova no. 7-9 of 28.01.1999
DCA of the NBM, no.32 of 15.02.1999, Official Monitor of the Republic of Moldova no. 19-21 of 25.02.1999
DCA of the NBM, no.183 of 16.07.1999, Official Monitor of the Republic of Moldova no. 83-86 of 05.08.1999
DCA of the NBM, no.254 of 30.09.1999, Official Monitor of the Republic of Moldova no. 112-114 of 14.10.1999
DCA of the NBM, no.359 of 30.11.2000, Official Monitor of the Republic of Moldova no. 152-153 of 07.12.2000
DCA of the NBM, no.247 of 27.09.2001, Official Monitor of the Republic of Moldova no. 120 of 02.10.2001
DCA of the NBM, no.5 of 10.01.2002, Official Monitor of the Republic of Moldova no. 11-12 of 17.01.2002
DCA of the NBM, no.110 of 16.05.2002, Official Monitor of the Republic of Moldova no. 66-68 of 23.05.2002
DCA of the NBM, no.276 of 13.11.2003, Official Monitor of the Republic of Moldova no. 229-233 of 21.11.2003
DCA of the NBM, no.204 of 30.06.2005, Official Monitor of the Republic of Moldova no. 98-100 of 22.07.2005
DCA of the NBM, no.13 of 12.01.2006, Official Monitor of the Republic of Moldova no. 21-24 of 03.02.2006
DCA of the NBM, no.35 of 15.02.2007, Official Monitor of the Republic of Moldova no. 25-28 of 23.02.2007
DCA of the NBM, no.171 of 11.09.2008, Official Monitor of the Republic of Moldova no. 180-181 of 3.10.2008
DCA of the NBM, no.194 of 09.10.2008, Official Monitor of the Republic of Moldova no. 204-205 of 14.11.2008
DCA of the NBM, no.57 of 26.03.2010, Official Monitor of the Republic of Moldova no. 68-69 of 07.05.2010
DCA of the NBM, no.91 of 12.04.2012, Official Monitor of the Republic of Moldova no. 99-102 of 25.05.2012
DCA of the NBM, no.107 of 30.05.2013, Official Monitor of the Republic of Moldova no. 141-144 of 05.07.2013

I. Authority and applicability

The National Bank of Moldova has the exclusive right for the issuance of bank licenses as provided in Articles 5, 11 and 44 of the Law on the National Bank of Moldova and Article 4 of the Law on Financial Institutions. No person shall engage in the financial activities listed in Article 26 of the Law on Financial Institutions without a license issued by the National Bank of Moldova.
Foreign banks wishing to establish a subsidiary on the territory of Moldova shall receive a license from the National Bank of Moldova.
Hereinafter, references to “banks” shall also include subsidiaries of foreign banks.

 

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, the 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.
(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 erroneousinformation 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:


- 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; the copy authorized by the bank of the 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.

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)

 

VII 4. 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 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 VII 4 inserted by the Decision of the NBM no. 107 of 30.05.2013, in force on 05.07. 2013]

 

VIII Register of banks

A. The National Bank shall maintain a register of licensed banks. When the National Bank issues a bank 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. The authorized copies of the following documents shall be attached to the register:
1.Minutes of the founders' meeting on the establishment of the bank.
2. The bank's registered charter and all additions and amendments made based on the written consent of the National Bank.
(as amended on October 09, 2008, Decision no. 194)
(as amended on April 12, 2012, Decision no.91)

3. The bank's by-laws and all the completions and modifications.
(as amended on April 12, 2012, decision no.91)
4. The list of officials of the bank authorized to act on behalf of the bank, together with the document specifying the limits of their authority and their notarized specimen signatures.
5. The registration decision issued by the State Registration Chamber.
(as amended on May 30, 2013, decision no. 107)
(the item 4 as amended as on September 27, 2001, Decision no. 247)
(the last item excluded as on September 27, 2001, Decision no. 247)
(as introduced on January 10, 2002, Decision no. 5)
(item 5 included as on May 16, 2002, Decision no. 110)

B. Banks which license has been revoked shall be removed from the register through the respective record.

C. In case the documents mentioned in item A have been modified, the copies of these modifications authorized by the bank shall be submitted to the National Bank within 10 days.
(the C letter as introduced on May 16, 2002, Decision no. 110)
(as amended on April 12, 2012, Decision no.91)

D. Banks shall submit to the National Bank, with a cover letter, the information on the general meeting of shareholders, which shall include at least:
a) extract of the decision of the management body that decided to convene the general meeting shareholders or other persons who convenes the general meeting according to legislation in force. 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;
b) 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 three 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, an 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.
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)

 

IX Requirements

No permission to hold significant interest in a bank shall be granted to any legal entity, which was established solely for the purpose of holding significant interest in a bank or which has not been actively engaged in economic, financial, and other activities for at least three years before filing the application for holding significant interest in a bank.
The sum of all interests held directly or not by residents of offshore countries and/or zones, and/or by groups of persons acting together, which include a person from the mentioned countries and/or zones, must not exceed the amount of significant interest.
(IX as introduced on April 9, 1998, Decision no. 80)
(as introduced on January 12, 2006, Decision no. 13)

 

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.

 

XI. Annexes to this Regulation

Annex no.1: Application information required for bank license.
(as amended on September 11, 2008, Decision no. 171)
(Annex no.2 was excluded as on September 11, 2008, Decision no. 171)

Annex no.3: Application information required for licenses for subsidiaries of foreign banks.
Annex no.4: Calculation of total regulatory capital.
Annex no.5: Requirements to Bank’s Charter.
(as introduced on April 9, 1998, Decision no. 80)
(as introduced on May 16, 2002, Decision no. 110)