The main objective is to implement European standards for cooperation among financial regulators. This is necessary to ensure the transparent and secure cross-border provision of services by payment institutions.
The context of the NBM’s initiative is the harmonization of laws: The National Bank is aligning its regulations with European Union standards. Under these standards, the law will apply to the regulation of payment institutions’ branches and the cross-border provision of payment services without opening physical branches.
The principle of freedom to provide services will apply to the regulated activities of companies that provide payment services remotely in another country without opening a physical office. Clear rules are being introduced for Moldovan payment companies to open branches in EU countries and for European operators to open branches in Moldova.
Responsibilities will be divided between the regulator of the “home” country, where the company is registered, and the “host” country, where the service is provided, through the exchange of information for joint supervision by national regulators.
Appropriate regulations will be established for this information exchange, under which the NBM and the competent authorities of EU countries (such as central banks and supervisory agencies) will promptly share data with one another regarding companies’ reliability, transactions, and violations.
