Taking into account that licensing investment companies took place during the year 2015, and that the stock exchange of Moldova has obtained license operator and market authorization of a regulated market by the decision of the National Commission of Financial Market nr. 23/3 of 08.05.2015 (Official Gazette of the Republic of Moldova, 2015, nr. 115-123, art. 758), and the authorization of multilateral trading system through the Decision of the National Commission of Financial Market nr. 64/9 11.12.2015 (Official Gazette of the Republic of Moldova, 2015, nr. 347-360, art. 2646), which resulted in limiting the period of work and income, respectively, by the accumulation of investment companies, as well as the fact of payment at the time of the initial contribution of portfolio licensing in the investor compensation fund, it being the year of discharge a financial burden, in accordance with article 1 para. (1), article 3, article 8, subparagraph (a). b) and subparagraph (c). t), art. 22 para. (1) and paragraph 1. (2), 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), article 1, paragraph 1. (2) to (4), article 5, article 6. 132 paragraph 2. (1) (a). of law) from 171 of 11.07.2012 "capital market" (Official Gazette of the Republic of Moldova, 2012, no. 193-197, 665), the NATIONAL COMMISSION of FINANCIAL MARKET DECIDES:

1. By way of derogation from the provisions of point 11-13 of regulation concerning investor compensation fund, approved by the decision of the National Commission of Financial Market nr. 32/2 from 16.06.2014 (Official Gazette of the Republic of Moldova, 2014, nr. 209-216, art. 992), the annual contribution for the year 2015 management constitutes the value zero.
2. this decision shall enter into force on 25 January 2016.

VICE-CHAIRMAN of the NATIONAL COMMISSION of FINANCIAL MARKET Karen Fahie