Photo: Dorian Istratii, deputy of the Action and Solidarity party
The initiative stipulates that the purchase of significant stakes or shares in such companies will be possible only with the prior authorization of the NBM. If the direct or indirect owners, including ultimate beneficiaries, do not comply with this requirement, have not provided the National Bank with the necessary information, or if the NBM determines that the stakes were acquired in concerted actions without its authorization, the regulator may apply sanctions.
The NBM may order the application of the following measures: suspend the right to vote shares/shares, the right to convene and hold a general meeting, to put items on the agenda, to nominate candidates to management bodies, as well as the right to receive dividends – fully or partially; revoke the previously issued preliminary authorization; oblige the holders whose authorization has been revoked or whose rights have been suspended to sell their shares or stakes; apply other sanctions and measures in accordance with the legislation.
“This is necessary to ensure stable and reliable operation of payment companies and to prevent non-transparent ownership schemes,” the author said earlier.
In its feedback, the Ministry proposes to supplement the draft with norms in order to establish measures applicable in case of violations, namely, to introduce the obligation to alienate within six months from the date of notification of the decision of the National Bank, participation interests/shares acquired as a result of such transactions. At the same time, the Ministry of Finance recommends specifying the date of entry into force of the law.
The bill is expected to be approved by the government on Wednesday, May 20. Then the bill will have to be considered and passed in two readings in Parliament.
