Moldovan official journal roundup for 30 March

Chisinau, 29 March /MOLDPRES/- The promulgation decree and the law on non-bank credit organizations previously rejected by President Igor Dodon will be published in the Official Journal of Moldova on 30 March.

The law re-voted by parliament, after being rejected by Dodon aims at developing the non-banking credit sector and financial leasing, including by preventing excessive risks in the system, increasing access to financial resources for private people and legal entities.

The document provides the conditions for defending the rights and legal interest of creditors, donors, clients and founders, members and shareholders of non-bank lending organizations.

The law sees the peculiarities of formation and activity of non-bank lending organizations, including the types of basic professional activities. In particular, there is the procedure for issuing preliminary approval before registering in the state register of legal entities and subsequently registering in the register of authorized non-bank lending organizations held by the National Commission for Financial Market.

Also, the requirement on minimum admissible share capital of 5 per cent was set. The document also sees obligatory audit if the balance sheet value of assets exceeds 25 million lei.

According to the amendments, the non-bank lending organizations, like other professional participants in the securities market, will pay a regulatory payment of up to 0.1 per cent of the average annual balance of non-bank loans and registered financial leasing, but not more than 200,000 lei.

At present, over 130 micro-finance organizations operate on the domestic market.

This law shall enter into force on 1 October 2018. The government and supervisory authority shall submit to the parliament within six months upon its publication in the Official Journal of Moldova proposals on bringing the legislation in force in line with this law.

(Reporter A. Zara, editor M. Jantovan)