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    2nd Monday of the month: 14.00-17.00;
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    3rd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607;

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    4th Monday of the month: 14.00-17.00;
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17.01.2018

Law on the activity of banks no. 202 of 06 october 2017

 

UNOFFICIAL TRANSLATION

Note: This English language version of the Law is a working document and serves merely for information purposes. The National Bank of Moldova and its staff bear no responsibility for potential losses due to errors arising from the text translation. The only authentic text is that published in Monitorul Oficial al Republicii Moldova.

 

PARLIAMENT OF THE REPUBLIC OF MOLDOVA

LAW ON THE ACTIVITY OF BANKS

No 202 of 6 October 2017
( in force as of 01.01.2018 )

Official Monitor of the Republic of Moldova No 434-439,
Article 727 of 15 December 2017

* * *

CONTENT


Title I
GENERAL PROVISIONS

Chapter 1.
OBJECT, DEFINITIONS, SCOPE OF THE LAW AND OTHER GENERAL PROVISIONS

Article 1. Object
Article 2. Scope and other general provisions
Article 3. Definitions


Chapter 2.
POWERS OF THE COMPETENT AUTHORITY

Article 4. Banking competent authority of the Republic of Moldova
Article 5. Supervisory powers of the competent authority


Chapter 3.
INTERDICTIONS

Article 6. Interdiction to conduct activity of deposit-taking
Article 7. Name of a bank


Title II
CONDITIONS OF ACCESS TO BANKING ACTIVITY

Chapter 1
MINIMUM REQUIREMENTS FOR ACCES TO BANKING ACTIVITY

Article 8. License and the authority to issue the license
Article 9. Initial capital
Article 10. Head offices of the bank
Article 11. Management body of the bank
Article 12. Shareholders
Article 13. Business plan and the organizational structure
Article 14. Activities allowed to banks
Article 15. Restrictions for the performance of certain activities


Chapter 2
LICENSING OF BANKS

Article 16. Request for license issue
Article 17. Licensing procedure
Article 18. Pre-licensing consultation of other authorities within the licensing process
Article 19. Reasons for rejecting the request for the issue of license
Article 20. Term of license. Certified copies of the license. Fees.
Article 21. Register of Banks
Article 22. Withdrawal of license
Article 23. Publication and entry into force of the decision on license withdrawal


Chapter 3
OPERATION OF BRANCHES OF BANKS FROM OTHER STATES

Article 24. Conditions for the operation of activities of branches of banks from other states
Article 25. Name of branch
Article 26. Requirements of branch licensing
Article 27. Endowment capital of the branch
Article 28. Management body of the branch
Article 29. Assessment of the bank that requires the opening of the branch
Article 30. Withdrawal of the license of the bank
Article 31. Publishing of information by the branch


Chapter 4
REPORTING OF CHANGES IN THE STATUS OF BANKS

Article 32. Establishing branches and representative offices
Article 33. Establishing branches in a foreign state
Article 34. Merging or splitting up
Article 35. Changes in the status of banks 


Title III
PRUDENTIAL REQUIREMENTS

Chapter 1
ORGANISATION AND MANAGEMENT

Article 36. Organization of banks
Article 37. Bylaws and internal regulations
Article 38. Management framework of activity
Article 39. Remuneration policy
Article 40. Management body
Article 41. Board of the bank 
Article 42. Executive body of the bank
Article 43. Application of governance principles
Article 44. Specialized committees of the Board


Chapter 2
SHAREHOLDERS OF THE BANK

Article 45. Requirement on receiving prior approval and restrictions
Article 46. Waiver of prior approval requirement
Article 47. Procedure of receiving prior approval
Article 48. Assessment of the proposed acquirer/general acquirer
Article 49. Cooperation between competent authorities in the assessment of a proposed acquirer 
Article 50. Notification on disposal or decrease of a qualifying holding
Article 51. Subsequent information
Article 52. Non-compliance with the requirements on the status of shareholder
Article 521. Procedure of cancelation, issue, sale, redemption and conversion of held quota share by non-compliance of requirements on the status of shareholders
Article 53. Disposal of holding in a bank of a resident person from jurisdictions which do not implement international transparency standards
Article 54. List of shareholders entitled to participate in the general meeting of shareholders


Chapter 3
QUALIFYING HOLDINGS OF BANKS

Article 55. Value of a qualifying holding in a bank
Article 56. Interdiction to take control over non-financial sector entities
Article 57. Waiver
Article 58. Prior approval of the National Bank of Moldova


Chapter 4
REQUIREMENTS FOR HEDGING AND REPORTING

Article 59. Level of application of prudential requirements
Article 60. Own funds and their minimum value for hedging
Article 61. Methodologies for determining the own funds requirements
Article 62. Prior approval of own funds
Article 63. Capital buffers
Article 64. Own funds requirements for credit risk  hedging
Article 65. Standardized approach of credit risk
Article 66. Internal rating-based approach of credit risk
Article 67. Credit risk mitigation techniques
Article 68. Exposures associated with securitization positions
Article 69. Application of various approaches to credit risk measurement
Article 70. Own funds requirements for operational risk hedging
Article 71. Own funds requirements for market risk hedging
Article 72. Internal rating-based approaches and other approvals granted by the National Bank of Moldova for the market risk
Article 73. Own funds requirements for other risk hedging
Article 74. Requirements for large exposures
Article 75. Exposures to the transferred credit risk
Article 76. Requirements for liquidity
Article 77. Calculation of the leverage ratio indicator
Article 78. Internal capital adequacy assessment process to risks
Article 79. Liquidity adequacy assessment
Article 80. Transactions with persons related to banks
Article 81. Prohibition of operations with persons related to banks
Article 82. Outsourcing
Article 83. Other prudential requirements
Article 84. Reporting requirements


Chapter 5
ACCOUNTING, FINANCIAL SITUATION AND AUDIT

Article 85. Accounting in banks
Article 86. Presentation of financial situations
Article 87. Audit activity for other purposes
Article 88. Approval of audit company
Article 89. Obligations of the audit company to inform and communicate with the National Bank of Moldova
Article 90. Withdrawal of approval for the audit company


Chapter 6
REQUIREMENTS FOR PUBLISHING FOR BANKS

Article 91. Scope of publishing requirements
Article 92. Frequency of publishing
Article 93. Means of publishing
Article 94. Specific requirements for publishing


Title IV
POLICIES FOR THE PREVENTION AND COMBATING MONEY LAUNDERING AND TERRORISM FINANCING. BANKING SECRET AND CONFLICTS OF INTEREST.

Article 95. Policies for the prevention and combating money laundering and terrorism financing
Article 96. Obligation of secrecy
Article 97. Conditions of providing information which constitutes banking secret
Article 98. Declaration of material interest


Title V
PRUDENTIAL SUPERVISION AND REQUIREMENTS FOR PUBLISHING
FOR THE NATIONAL BANK OF MOLDOVA

Chapter 1
PRUDENTIAL SUPERVISION

Article 99. Prudential supervision of banks legal entities from the Republic of Moldova
Article 100. Process of verification and evaluation
Article 101. Technical criteria applied by the National Bank of Moldova in the process of verification and evaluation
Article 102. Analysis of the use of internal approaches
Article 103. Application of the process of supervision to banks with a similar risk profile
Article 104. Monitoring of internal approaches for the calculation of the value of exposures
Article 105. Monitoring of liquidity risk profiles
Article 106. Program of prudential supervision
Article 107. Collaboration for supervision
Article 108. Supervision of branches from the Republic of Moldova of banks from other countries


Chapter 2
SUPERVISION ON A CONSOLIDATED BASIS

Section 1
Principles of conducting supervision on a consolidated basis

Article 109. The competent authority in charge with the supervision of banks on a consolidated basis
Article 110. Coordination of supervision activities
Article 111. Collaboration agreements in the field of supervision on a consolidated basis
Article 112. Colleges of supervisors
Article 113. Obligations of cooperation
Article 114. Collaboration between the competent authorities from the Republic of Moldova
Article 115. Verification of information regarding the entities from other states
Article 116. Application of prudential requirements on a consolidated basis

Section 2
Financial holding companies, mixed financial holding companies
and mixed-activity holding companies

Article 117. Inclusion of holding companies in the supervision on a consolidated basis
Article 118. Supervision of mixed financial holding companies
Article 119. Qualification of directors
Article 120. Requests for information and inspections
Article 121. Intra-group transactions with mixed-activity holding company
Article 122. Measures to facilitate the supervision on a consolidated basis of holding companies
Article 123. Cooperation with the authorities of supervision of insurers and investment service providers
Article 124. Measures and sanctions applicable to holding companies
Article 125. Evaluation of equivalence of supervision on a consolidated basis from other states


Chapter 3
INFORMATION EXCHANGE WITH OTHER COMPETENT AUTHORITIES AND PROVIDING CONFIDENTIALITY
IN THE PROCESS OF EXERCISE OF SUPERVISION DUTIES

Article 126. Professional secret of the National Bank of Moldova
Article 127. Use of confidential information
Article 128. Cooperation agreements
Article 129. Exchange of information between competent authorities
Article 130. Exchange of information with other authorities
Article 131. Transmission of relevant information in respect of currency, protection of deposits, systemic risk or supervision of payments
Article 132. Transmission of information to other entities
Article 133. Disclosure of information received through verifications and inspections
Article 134. Disclosure of information regarding clearing and settlement services
Article 135. Processing of personal data


Chapter 4
REQUIREMENTS FOR PUBLISHING FOR THE NATIONAL BANK OF MOLDOVA

Article 136. General requirements for publishing
Article 137. Specific requirements for publishing


Chapter 5
SUPERVISION MEASURES, SANCTIONS
AND OTHER RESTRICTIVE MEASURES

Article 138. Supervision and sanctioning competences
Article 139. Supervision measures
Article 140. Actions subject to sanctions
Article 141. Applicable sanctions and sanctioning measures
Article 142. Application of sanctions and other sanctioning measures
Article 143. Finding of facts and issue of decisions
Article 144. Challenging the acts of the National Bank of Moldova
Article 145. Suspension of execution of the acts of the National Bank of Moldova
Article 146. Publishing of sanctions
Article 147. Reporting of breaches


Title VI
TRANSITIONAL AND FINAL PROVISIONS

Article 148. Transitional provisions
Article 149. Final provisions 

 

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