The National Financial Market Commission (NCFM) came out with this comment, saying that the application for approval for the creation of the voluntary pension fund “SAFPF Aragonn Grup” was not submitted to the National Pension Board until the end of 2025 and is currently under review.
Although the first administrator of voluntary pension funds (Societatea de Administrare a Fondurilor de Pensii Facultative “Aragonn Grup” SA) was authorized by the National Pension Board as early as mid-October 2024, the procedures for the establishment of the voluntary pension fund and related infrastructure have not yet been completed.
What is needed to launch the fund?
According to the NCFM management, last year the World Bank experts studied the possibility of including contributions to voluntary pension funds in the state social insurance system as accumulations of additional pension income. The experts’ conclusions on the possibility of voluntary pension provision have not been made public.
The full-fledged launch of the pension fund infrastructure will require the completion of licensing of management companies, the development of the NCFM regulatory framework, and the formation of a full-fledged system for investing contributions and attracting participants by employers.
To establish and operate the fund, it is also necessary to define regulations, investment policy and conditions to ensure the safety and profitability of citizens’ savings.
MISE to open in summer
As for the new capital market operator – Moldovan International Stock Exchange (MISE), officially registered in the State Register of Legal Entities on December 15, 2025, it has already completed the procedures of registering the issue of securities with NCFM.
The tentative date of the official start of the exchange’s activity is set by its management for June 30, 2026, when all organizational procedures will be completed.
