New rights, restrictions in activity of non-bank lending organizations

Chisinau, June 15 / MOLDPRES /- Government has supported the legislative initiative to amend the regulatory framework for non-bank lending organizations (Law No 1/2018), which aims to improve their business, the government's communication and protocol department has reported.

Thus, persons who in the past were administrators / holders of non-bank lending organizations (OCN), deregistered from the Register, will not be allowed to be administrators / holders of new OCN.

A new qualification criterion will be included for the member of the executive body or the head of the branch / secondary office, that of reputation, which refers to good faith, integrity and professionalism.

Also, the supervisory authority (CNPF) will be able to suspend for a period of up to 2 years the activity of the OCN. During the period of suspension, the OCN remains subject to the law obliged to comply with the requirements, and the supervisory authority will record the resumption of the activity after it removes the violations for which its activity has been suspended.

It was also approved to amend the article on mandatory auditing. Thus, the individual financial statements of the OCN will be able to be audited for purposes other than those established by law. It may be carried out separately or at the same time as the audit of the financial statements, by the same or another audit entity. OCN will also be required to submit to the CNPF the auditor's report on the annual financial statements.

Photo: Government