The Withdrawal Of The License Savings And Loan Association "crawling"

Original Language Title: cu privire la retragerea licenţei Asociaţiei de Economii şi Împrumut „BUȘILA”

Read the untranslated law here: https://www.global-regulation.com/law/moldova/5966906/cu-privire-la-retragerea-licenei-asociaiei-de-economii-i-mprumut-buila.html

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Savings and Loan Association "creeping" (village crawling, Ungheni, IDNO 1003609011708), the license that was suspended by decision of the National Commission of Financial Market (NCFM) No. 41/3 of 07.17.2015 "On the results of the check for compliance in complex associations of savings and loan by the SCA. "Creeping," "1, (hereinafter - the Decision of NCFM no. 41/3 of 17.07.2015), so far not complied with the requirements set out in section. 3.

1 ______________________________________ Official Gazette of the Republic, 2015 No. 197-205, art. 1347

The association managers have not taken adequate measures to eliminate violations found in the examination results, including full reimbursement of savings deposits accepted under contracts of savings deposits and chief accountant of the association compliance requirements Regulations on requirements to administrators and savings associations loan, approved by NCFM Decision no. 63/6 of 25.12.20072. However, further infringement, contrary to the requirements pt. 5 of the Decision of NCFM no. 41/3 of 17.07.2015 were not submitted monthly reports on measures taken to eliminate detected violations. _______________________________________

2 Official Gazette of the Republic of Moldova, 2008, no. 37-39, art. 90

Also fulfi art. 31 para. (7) of Law No savings and loan associations. 139-XVI from 21.06.20073 (hereinafter - the Law no. 139-XVI of 21.06.2007), SCA administrators. "Crawling" had no report on to the violations detailed description of actions taken. ________________________________________

3 Official Gazette of the Republic of Moldova, 2007, no. 112-116, art. 506

Based on the above, in order to protect the rights and interests of association members, pursuant to art. 1, art. 3, art. 4 art. 8 letters b) letter c) and subparagraph f) art. 9 paragraph. (1) d) and lit. r), art. 21 para. (1), Art. 22 para. (3), art. 25 para. (2) of Law no. 192-XIV of 12.11.1998 "On the National Commission of Financial Market" 4 Art. 9 paragraph. (2) e) art. 31 para. (7), art. 32 para. (1) and paragraph. (5) art. 46 para. (1), para. (2) and. (5) art. 49 para. (1) e) of Law no. 139-XVI of 21.06.2007, art. 8 paragraph. (1) c) pt. 36), art. 21 para. (2) e), para. (3) and. (6) of Law no. 451-XV of 30.07.2001 "On regulating the licensing of entrepreneurial activity" 5

_________________________________________ 4 Republished in the Official Gazette of the Republic of Moldova, 2007, BIS nr.117-126
5 Republished in the Official Gazette of the Republic of Moldova, 2005, no. 26-28 art. 95


NATIONAL FINANCIAL MARKET COMMISSION DECIDES
:
1. SCA withdraw the license. "Crawling" series NCFM no. 000 410 issued on 10.07.2009 for the work of associations of savings and loan category A.
2. SCA administrators prescribing. "Crawling" taking the following measures:
- submission to the National Commission of Financial Market, within 10 days of the effective date of this decision, the license withdrawn;
- Full repayment of savings deposits within 12 months from the date of entry into force of this decision;
- Addressing the court for repayment of all loans and related interest overdue more than 90 days within six months from the effective date of this decision.
March. Control over the execution of this decision is the responsibility of the General Directorate of collective investments and microfinance.
4. This decision shall enter into force in accordance with art. 22 para. (3) of Law no. 192-XIV of 12.11.1998 "On the National Commission of Financial Market".


COMMISSION VICE NATIONAL FINANCIAL MARKET Iurie FILIP