The new draft law is aimed at modernizing the financial market infrastructure, improving settlement security and bringing legislation in line with EU requirements. The document clearly allocates powers between the NBM and NCFM for the supervision of financial instruments, including digital assets.
It also establishes a modern and unified regulatory framework for authorization and supervision of central securities depositories, introduces clear rules for settlement discipline (including penalties for non-compliance and a mandatory redemption mechanism), regulates the reporting of internal settlements and strengthens the monitoring and risk management system.
At the same time, the regulation creates conditions for cross-border provision of services by CSDs authorized in EU member states, as well as establishes mechanisms for cooperation between competent authorities and facilitates links between post-trade infrastructures, contributing to the integration of the national financial market into the European market.
Market integration and new opportunities
The amendments contribute to creating conditions for connecting the Moldovan financial market to international platforms, such as the Bucharest Stock Exchange. In addition, the document creates conditions for the potential emergence of new depositories or the expansion of the services of the Single Central Depository (SCD).
The law aims to shorten transaction settlement cycles. This means that an investor will be able to get money faster after selling shares or the shares themselves after buying them. Access to new markets will be facilitated. Conditions are being created for “docking” the Moldovan infrastructure with international platforms. This will simplify the purchase of foreign securities and attract external investors, which will increase the liquidity of local shares.
New mechanisms of settlement discipline (including penalties for disrupted transactions) make the market more predictable and protected from manipulation, increasing investor protection.
For JSCs, this will mean simplified corporate actions, including holding general meetings, payment of dividends and identification of share owners.
The issuer’s compliance with European accounting standards is an important signal for foreign funds. It opens the way to listing on international stock exchanges (e.g. Bucharest) and attracting cheaper capital. Moreover, the law introduces clearer rules for disclosure of information on ultimate beneficiaries, which helps companies fight hostile takeovers.
JSCs may need to update internal regulations and contracts with registrars, while investors should expect new digital services to manage their portfolios.
What tools will become more accessible?
Foreign securities: thanks to “docking” with international depositories (e.g. Euroclear or Clearstream), Moldovan investors will be able to buy shares of global giants (Apple, Microsoft) directly through local brokers.
Derivative financial instruments (derivatives): there will be conditions for launching futures and options, which allow insuring risks or earning on price changes without buying the asset itself.
New types of corporate bonds: Simplified accounting will allow companies to issue more short-term commercial paper and convertible bonds (which can be exchanged for shares).
Exchange-traded funds (ETFs): Creating a transparent accounting system will create the basis for the emergence of local investment funds that trade on an exchange, allowing investors to buy the “whole market in one transaction.”
Government securities (GS) for the public: Although they exist now, the law will simplify the mechanism of their circulation in the secondary market, making them as liquid as a bank deposit.
Technological innovations
Digital financial assets: The new standard creates a legal framework for recording assets using modern technologies (e.g. DLT/blockchain elements in the future).
Automated payments: Investors will be able to receive dividends and coupon income instantly into their accounts through a centralized settlement system.
