Read the untranslated law here: http://lex.justice.md/index.php?action=view&view=doc&lang=1&id=365154
As a result of the monitoring done by the administrators A.E.Î. "OXENTEA" (Oxentea village, Dubasari district, on WHOSE BEHALF the 1003600160304) with the requirements of the decision of the National Commission of financial market (C.N.P.F.) No. 60/10 from 12.12.2014 "With regard to the results of the monitoring of compliance with legislation in the thematic field of savings and loan associations by A.E.Î." OXENTEA "(Official Gazette of the Republic of Moldova, 2014, no. 385, 1900) (hereinafter Decision No. 60/C.N.P.F. 10 of 12.12.2014), it was found non-enforcement by the full prescribed under item 2.
Thus, the situation in the non-compliance with requirements 31.12.2015 art. 33 para. (3) (a). e) of savings and loan associations no. 139-XVI from 21.06.2007 (Official Gazette of the Republic of Moldova, 2007, nr. 112-116, article 506) (hereinafter-law No. 139-XVI from 21.06.2007) and paragraph 4 of the rules of financial prudence to savings and loan associations, approved by Decision No. C.N.P.F. 17/8 of 30.04.2008 (Official Gazette of the Republic of Moldova, 2008, no. 131-133, art. 381), under which the Association that holds category B licence is required to own and maintain institutional reserve in relation to the value of the assets at any time at least 10 percent since the sixth year of operation. At the same time, the requirements of article 2.-compliance Association 28 para. (1) and art. 29 para. (3) of law No. 139-XVI from 21.06.2007 concerning minimum total value of its assets.
Following the examination of the report presented by A.E.Î. "OXENTEA" at the time of 28.12.2015 regarding the removal of certain violations and enforcement of part of the prescribed measures, as well as continuing progress in this context being submitted and request from 18.01.2016 on the extension of the time limit for compliance with the requirements of Decision No. C.N.P.F. 60/10 from 12.12.2014, and regarding the intention of amending the licensing category, in ensuring the execution of the provisions of Decision C.N.P.F. nr. 60/10, pursuant to article 12.12.2014. 1, art. 3, art. 4, art. 8 lit. (b)). c) and subparagraph (c). f), art. 9 para. (1) (a). d). j) and lit. r), art. 25 para. (2) of law No. 192-XIV of 12.11.1998 "Concerning the National Commission for financial market" (republished in the Official Gazette of the Republic of Moldova, 2007, nr. 117-126 BIS), art. 9 para. (2) (a). e), art. 46 para. (1) paragraphs 1 and 2. (2) and paragraphs 1 and 2. (5), art. 49 para. (1) (a). a), lit. c) and subparagraph (c). e) of law No. 139-XVI from 21.06.2007, NATIONAL COMMISSION of FINANCIAL MARKET DECIDES: 1. the procedure is initiated by the Administrative Director, Executive A.E.Î. "OXENTEA" under the code of administrative offences of the Republic of Moldova for failure to complete the requirements of Decision No. 60/C.N.P.F. 10 12.12.2014.
2. Prescribe repeated A.E.Î. administrators "OXENTEA" compliance with the requirements of the Association activity legislation in force, within a period of 6 months from the date of entry into force of this series of decisions, including the repayment in full of the savings deposits accepted and related interest, as well as ensuring the extinguishment of claims concerning loan contracts concluded, including through addressing the Court for the repayment of all loans and related interest overdue more than 90 days.
3. takes note of the partial removal of the administrators A.E.Î. "OXENTEA" infringements reflected in Decision No. 60/C.N.P.F. 10 of the 12.12.2014, namely:-to establish the interest rate on loans and deposits to savings at some level what has influenced positively the financial situation of the Association;
-General and administrative expenses minimization with about 45 percent;
-addressing the Court in 2015 to recover from 24 members to outstanding loans and related interest in the amount of approximately 746.7 thousand lei;
-reimbursement of savings deposits by 12 members worth approximately 947.5 thousand lei.
4. A.E.Î. administrators repeatedly warns "OXENTEA" association with the withdrawal of the licence if the requirements of this decision by alia.
5. A.E.Î. "OXENTEA" shall submit monthly reports on measures taken to enforce paragraph 2, with the annexation of children supporting documents.
6. control of the execution of the given decision is put in charge of the Directorate-General for collective investments and microfinance.
7. this decision enters into force in accordance with article 4. 22 paragraph 1. (3) of law No. 192-XIV of 12.11.1998 "Concerning the National Commission for financial market".
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