Radu Marian
The discussion about this arose at a meeting of the parliamentary commission on European integration, when the vice-chairman of the National Commission for Financial Market (NCFM), Volodymyr Rusnak, presented the results of the implementation of European legislation in the capital market.
They started early
We were talking about Regulation No. 648/2012 on derivatives and centralized counterparties. This regulation has not even been adopted by all EU states yet, while Moldova has to implement it, in accordance with Chapter 9 of the negotiations with the EU.
“On such issues and EU acts, when we try to put the horse ahead of the cart and adopt them before the EU, I think we should be very careful, note these aspects and discuss them further with our colleagues from the commission, perhaps with the government. I really don’t think we should act faster than other member states, especially since we already have a lot to do,” Radu Marian said.
Especially, he said, that within the EU, too, procedures are constantly changing: “We receive very many signals and messages, almost weekly, from the EU leadership about all kinds of debureaucratization initiatives. So that it doesn’t happen that we adopt something in 2026-2027 and then the EU announces that it will reduce some processes, mechanisms. Let’s be very careful and see if there are still institutions that report situations where we have to adopt something that even Romania has not adopted in 20 years. Please, let’s stop!”.
It didn’t really feel like it
Vladimir Rusnac, vice chairman of the National Commission for Financial Market, made it clear that the commission would be happy not to transpose this regulation into Moldova’s regulatory framework for the time being, as there are other priorities.
“We are for the transposition of EU legislation, but we started with prioritization – first to propose what is beneficial for the development of the market, and then to approach other acts of transposition step by step,” Rusnac said.
And the priority project, according to him, is the law on the implementation of MiFID rules – the EU Directive “On Markets in Financial Instruments”.
“This directive is a basic directive for which it is necessary to adopt a bill as soon as possible, given that all related sectors relate to this directive. We intend to prepare this law as soon as possible. At the same time, a new capital market law and an investment funds law will be drafted. All these laws will incorporate several EU acts”, – NCFM vice-chairman handwritten.
All relevant acts should be submitted to the government and parliament by the end of March this year.
