In addition, to increase the transparency of financial markets, regulators will be required to submit financial and non-financial information to the European Single Access Point (ESAP).
These amendments will be incorporated into the Law on Supplementary Supervision of Banks, Insurers/Reinsurers, and Investment Companies Belonging to a Financial Conglomerate. They partially transpose the provisions of the relevant Directive 2002/87/EC into Moldovan law.
According to the draft law, the National Bank of Moldova and the National Commission for the Financial Market will coordinate the supplementary supervision of financial conglomerates comprising banks, insurance companies, and other organizations.
Supervision will be extended to investment funds
It is proposed to extend such supervision to asset management companies and managers of alternative investment funds as well, and to take into account obligations regarding mutual financial support, guarantees, and other commitments when assessing group risks.
At the same time, regulators will monitor not only risks but also intragroup transactions, as well as coordinate efforts through supervisory colleges. To this end, it is proposed to utilize existing sector-specific supervisory authorities. A separate structure will be created only if one does not already exist in the banking or insurance sector.
Organizations that are part of financial groups will submit detailed information on their legal and organizational management structure, as well as information on all companies and branches, to the National Bank or the National Commission for Financial Markets every six months.
It is planned that the core provisions of the amendments will take effect six months after publication, the reporting requirements via ESAP will take effect on January 10, 2030, and the provisions concerning the European Joint Committee, supervisory colleges, and EU member states will take effect on the date of Moldova’s accession to the EU.
