The seventh meeting of the Steering Committee of Twinning Project on strengthening the National Bank of Moldova's capacity in the field of banking regulation and supervision in the context of EU requirements took place on 25 April 2017. During the meeting, there has been discussed the progress made in the project and established the following:

1. The draft new law on banking activity and activity of investment firms, which transposes the provisions of the European legal framework in this field, has been subject to public consultations (banks and public authorities). Also, the draft law has passed the compatibility expertise of the Centre for Legal Approximation. At the moment, the draft law is to be submitted for approval by the Government of Republic of Moldova.
2. In order to apply this law, more than 20 draft regulations to transpose the European acquis into national regulation have been drawn up and completed. These draft regulations have been coordinated with the Twinning partners and are to be promoted with the adoption of the draft law on banking activity.
3. All impact exercises planned in accordance with the Twinning project calendar have been finalized.  From a prudential point of view, it was found that the new requirements will not have a negative impact on capital or liquidity indicators of the banking sector as a whole and for each bank. In order to comply with the new legislative framework, the banks have to determine the need of financial and human resources for the operational development.
4. For the purpose of ensuring an efficient application of the new legal provisions in short terms, the National Bank of Moldova has to communicate actively with the representatives of banking sector to strengthen the efforts in the implementation process, so that all necessary measures may be taken.

The project is carried out in accordance with the initial approved work plan, as an annex of the Twinning Contract. The drafting and development, with the European partners’ support, of new prudential regulation framework equivalent to that existing in the European Union will allow a safer development of the banking sector of the Republic of Moldova.