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30.09.2016

Ongoing activities in the context of European integration

The most important element of the legal framework related to the dialogue between the Republic of Moldova and the European Union (EU) is the Association Agreement (signed on 27 June 2014 in Brussels, Belgium, applied provisionally as of 1 September 2014 and in force as of 1 July 2016) replaces the Partnership and Cooperation Agreement (in force since 1998). The new agreement includes chapters on economic cooperation, trade, justice, financial cooperation, as well as other cooperation policies.

The official negotiations on the Association Agreement started on 12 January 2010 in Chișinău. Subsequently, several rounds of negotiations, organized as plenary sessions, took place both in Chisinau and Brussels. Between plenary sessions, the negotiations were held within a series of video conferences also involving representatives of the National Bank of Moldova (NBM). During April – November 2010, the NBM took part in the negotiations of the draft Chapter on Financial Services of the Association Agreement. As a result of many discussions and a constant exchange of information with the partners from the EU, it was decided on the main tasks related to the financial sector to be accomplished by the Republic of Moldova, which were accordingly envisaged in the draft Association Agreement. On 25 November 2010 the draft Chapter on Financial Services was provisionally closed. On 29 November 2013, at the Eastern Partnership summit in Vilnius (Lithuania), the Republic of Moldova and the EU have initialled the Association Agreement.

One of the main objectives of the Association Agreement is the establishment of a Deep and Comprehensive Free Trade Area (DCFTA) between the Republic of Moldova and the EU. In order to achieve this objective, the Government has approved the Action Plan of the Republic of Moldova on the implementation of the European Commission's recommendations to establish the DCFTA between the Republic of Moldova and the EU (the Decision of the Government no. 1125 of 14 December 2010). During 2012 – 2013, the NBM has participated in the negotiations with the EU on the Chapter "Trade in services, right of establishment and electronic commerce" of the agreement establishing the DCFTA. On June 25, 2013 negotiations on DCFTA were completed.

On 26 June 2014, the Republic of Moldova and the EU have adopted the Association Agenda. This document is an instrument for the implementation of the Association Agreement. The aim of the agenda is to prepare and facilitate the implementation of the Association Agreement, by creating a practical framework through which the overriding objectives of political association and economic integration can be achieved. This agenda replaces the Republic of Moldova – EU Action Plan, developed within the European Neighbourhood Policy (ENP) in 2005.

 

NBM participation in the national coordination process of European integration activities

The Governor of the NBM is a member of the Governmental Commission for European Integration of Moldova, which is responsible for coordination of the implementation of commitments deriving from the Moldova – EU documents and agreements.

In order to accomplish the commitments set out in the Association Agreement with the EU, the Government approved the National Action Plan for the Implementation of the Moldova – EU Association Agreement for 2014-2016 (NAPAA) – a comprehensive document that will contribute to political association and economic integration of the Republic of Moldova with the EU. NBM, which participated in drafting the NAPAA, is responsible for the implementation of the actions included in Titles III, IV and V of this plan and reports on the progress in this regard to the Ministry of Foreign Affairs and European Integration and to the Ministry of Economy and Infrastructure.

 

NBM participation in the institutional dialogue between the Republic of Moldova and the EU

In the context of the Association Agreement, NBM participates in three bodies responsible for monitoring the implementation of this Agreement:

  • Association Committee;
  • Association Committee in Trade Configuration;
  • Subcommittee on Economic and Other Sector Cooperation.

 

NBM progress on approximation of the national legislation to EU law

An important commitment of the Republic of Moldova undertaken under the Association Agreement is the gradual and dynamic approximation of the national legislation to EU law. In this context, concrete measures to meet this requirement have been included in NAPAA.

Annex XXVIII-A of the Association Agreement sets a list of EU acts related to financial services and the timeframe for their implementation by the relevant institutions of the country, including the NBM. According to this Annex, some of these EU acts related to the NBM area of competence were to be implemented starting with 1 September 2014 (date on which the Association Agreement applies provisionally), while for other acts were set various deadlines for transposition (1 year, 3 years, 5 years or 10 years from the date of provisional application of the Association Agreement).

EU act

National act transposing the EU act


EU acts the provisions of which are implemented at the latest on 1 September 2014 (from the provisional application of the Association Agreement)

Commission Directive 2007/18/EC of 27 March 2007 amending Directive 2006/48/EC of the European Parliament and of the Council as regards the exclusion or inclusion of certain institutions from its scope of application and the treatment of exposures to multilateral development banks

Regulation on „large” exposures, approved by the Decision of the NBM Council of Administration No. 240 of 9 December 2013, in force as of 24 January 2014.

Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions

Directive 2001/24/EC has been partially transposed into the following national acts:
- Civil Code of the Republic of Moldova No. 1107-XV of 6 June 2002
- Law on Financial Institutions No. 550-XIII of 21 July 1995.

Directive 2001/24/CCE has been only partially transposed because it establishes largely commitments that may be achieved only by an EU member state.


EU acts the provisions of which are implemented at the latest on 1 September 2015 (one year from the provisional application of the Association Agreement)

Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds

Regulation (EC) No 1781/2006 has been largely transposed in the Regulation on credit transfer, approved by the Decision of the NBM Council of Administration No. 157 of 1 August 2013

Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing

Commission Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of politically exposed person and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis

Some provisions of the Directives 2005/60/EC and 2006/70/EC have been transposed into the national normative acts of the areas of competence of NBM by amending and supplementing the following acts:

- Law on Financial Institutions No. 550-XIII of 21 July 1995;
- Regulation on bank’s activity regarding prevention and combat of money laundering and terrorist financing, approved by the Decision of the NBM Council of Administration No. 172 of 4 August 2011.


EU acts the provisions of which are to be implemented at the latest on 1 September 2017 (3 years from the provisional application of the Association Agreement) and which have already been transposed into the national legislation

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions

Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market

Directives 2009/110/EC and 2007/64/EC have been transposed into the Law on payment services and electronic money No. 114 of 18 May 2012, in force as of 14 September 2013

Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems

Law No. 183 of 22 July 2016 on settlement finality in payment and financial instruments settlement systems, in force as of 16 March 2017

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements

Law No. 184 of 22 July 2016 on financial collateral arrangements, in force as of 9 March 2017

 

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