The new law will regulate, within a unified and modern framework, the activities of central securities depositories, the procedures for their authorization and supervision, as well as settlement processes for transactions involving financial instruments.
At the same time, settlement processes for transactions are regulated more clearly, including measures applied in the event of default and penalties for delays.
Another key element is the improvement of the system for facilitating cross-border links between central securities depositories, which will make it easier for investors and issuers to access foreign markets.
“The implementation of the new provisions will help strengthen the financial market infrastructure, increase transparency, and reduce risks associated with trade settlements. The new system will also strengthen investor protection and create better conditions for the development and integration of the national financial market into the European financial area,” the preamble to the document states.
The draft was developed by the National Commission for the Financial Market and the National Bank of Moldova with the support of the Ministry of Finance. Legal conditions are being established to connect Moldova’s infrastructure to foreign trading platforms, including the Bucharest Stock Exchange, which is set to officially open in September.
Control over Moldova’s Unified Central Securities Depository remains exclusively with the state. The National Bank of Moldova (NBM) serves as the primary supervisory and regulatory authority for the depository. Romanian partners act as technological and strategic investors, helping to launch European-level infrastructure in Chisinau.
