On Amending And Supplementing Certain Acts

Original Language Title: cu privire la modificarea și completarea unor acte legislative

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Parliament adopts this organic law.
Art. I. - Financial Institutions Act no. 550-XIII of 21 July 1995 (republished in the Official Gazette of the Republic of Moldova, 2011, no. 78-81, art. 199), as amended, is amended and supplemented as follows:
1. Article 7 (3) c), the words "audit firm" is replaced by "audit firm".
2. Article 9 (1) after "indicated in art. 17 "the words" para. (3)".
March. In Article 10, paragraph (1) shall be completed with the letter m) as follows:
"m) were violations of the legislation on preventing and combating money laundering and terrorist financing."
4. Article 15:
point c) to read as follows:
"c) No person may receive shares of the bank as a contribution to its share capital;"
paragraph is filled with the letter d) as follows:
"d) any person, individually or in concert, can not acquire or subscribe shares of the bank issued in accordance with art. 156 par. (3). "
In paragraph (2) after the words" the date of the acquisition made in breach par. (1). "The words" shares whose exercise of the voting right is suspended shall not be taken into account when adopting decisions on matters included in the agenda of the general meeting of shareholders and must not be taken into account the outcome of the vote, respectively, will not be included in the votes represented at the meeting. "
May. Article 151 (1), after 'auditing committee "the words" the right to receive dividends. "
June. 152:
in paragraph (11), the words "art. 15 para. (1) b) and c) "is replaced by" art. 15 para. (1) b), c) and d) ";
(7) in the end the words: "National Bank may refuse to issue permission prior to the start of the evaluation, if the documents certifying unsuitability information acquirer at least one of the criteria set out in art. 153. "
July. Article 153 (3) is in the end the words "and / or contain false information."
August. Article 156:
in paragraph (1) the "where National Bank withdraws prior permission holders of significant interest in the bank's capital holding more than 50% cumulative capital of the bank" is replaced with text "if the National Bank withdraws prior permission holders of significant interest in the bank's equity holding cumulatively more than 50% of the share capital of the bank and / or if the National Bank notes the concerted action of shareholders holding a share substantially more than 50% of the bank's capital without prior written permission National Bank ";
In paragraph (3), text "Law no. 199-XIV of 18 November 1998 concerning the securities market "and" Law on the Securities Market "is replaced by" law on capital market "and the words" the stock market "is replaced by" on regulated market and / or multilateral trading system ";
In paragraph (4) the text "paragraph. (1) "is replaced by" art. 15 para. (2) and. (1) of this Article "and finally completed with the words" and other banks. "
September. Article 17:
in paragraph (3), 'and the bank regulations "are excluded;
Article is completed with paragraph (4) as follows:
"(4) Banks shall submit their statutes and regulations of the National Bank internal electronic format as specified by the National Bank. Lastly, if the changes in the bank's charter registered at the State Registration and / or bank regulations, documents described present with changes incorporated in electronic format. "
10. Article 18 (1), after the words "establish and ensure the bank's policy" the words "and ensure a proper and transparent organizational structure of the bank."
11. Article 19 is completed with paragraph (4) as follows:

"(4) To confirm the National Bank of persons elected or appointed as administrator as a member of the board, the bank must submit the application to the set of documents in accordance with regulations in force, no later than 60 working days of their election or appointment and may be extended by the National Bank of the term given 30 days in case there are objective conditions that do not depend on the person elected or appointed administrator. Otherwise, composition of the board shall be deemed to be reduced by persons to whom the documents were not submitted to the National Bank within the period specified. "
12. Article 21:
single paragraph becomes paragraph (1);
Article is supplemented by paragraphs (2) and (3) as follows:
"(2) The withdrawal of the National Bank of confirmation granted bank managers lead to termination of employment between it and the bank without payment additional salary and other incentive and compensation payments.
(3) Persons who have been withdrawn confirmation National Bank or other supervisory authorities as a manager are not entitled to exercise any functions within the banking and non-banking financial sector in Moldova over 10 years confirmation of the date of withdrawal. "
13. Article 25 reads as follows:
"Article 25. prudential requirements
(1) The management of financial institutions and their operations will be conducted in strict accordance with the business administrator, with this law and the acts regulations issued by the National Bank.
(2) Financial institutions are responsible for maintaining at all times a business management framework is an essential component of corporate governance, focusing on internal structure and organization of financial institution and that includes at least the following: || | a) the organizational structure and organization of work;
B) the governing bodies of the bank, including duties and responsibilities, composition and functioning of their general framework of work;
C) the policy for appointing administrators;
D) risk management and internal compliance organization functions, internal audit and risk management;
E) internal control mechanism;
F) stress tests (risk management techniques);
G) information systems and business continuity;
H) the remuneration policy.
(3) Financial institutions shall maintain at all times sufficient resources, an adequate regulatory capital to cover the risks to which the institution is exposed and will provide asset diversification to minimize the risks. "
14. Article 28:
in paragraph (2), point i) to read as follows:
"i) the business administrator;"
at (7) in the introductory part, the words "or as beneficial owner "is excluded;
At (8) in the introductory part, the words "except banks" shall be excluded.
15. Article 29 (1) b) the words "Law on the Securities Market" is replaced by "capital market law".
16. Article 30 (1) is in the end the words "and shall publish on its web regulations that no trade secret or other secret protected by law."
17. Article 34:
in paragraph (1):
in the introductory part, the words "audit firm" is replaced by "audit firm";
Letter b) shall read as follows:
"b) issue the auditor's report";
Point d) is in the end the words "and / or affect the bank's ability to continue to operate";
Paragraph is completed with the letter e) as follows:
"e) inform the National Bank about actions and / or facts that could lead to denial of the audit firm to express an opinion or express an opinion with reserves on the financial situation. "
article is supplemented by paragraphs (3) - (7) as follows:
" (3) the National Bank may establish by laws conduct audits in the banks for the purpose of supervision.
(4) At the request of the National Bank, the audit firm is obliged to provide any details, clarifications, explanations related to the bank's activities audited.

(5) The obligations under paragraph. (1) d) and para. (4) incumbent audit firm and where it carries out specific tasks in an entity that is in a control relationship with the bank.
(6) fulfillment in good faith by the audit firm of the obligation to inform the National Bank under par. (1) d) and e), para. (4) and (5) does not constitute infringement of the obligation to respect the confidentiality of information regarding the activity of the audited entity, the audit firm which lies under the laws or contractual terms, and can not attract liability whatsoever thereof.
(7) The National Bank may withdraw permission for an audit firm if it no longer meets the conditions under which it was accepted and / or inconsistent with this article and the regulations issued in its application. "| || 18. Article 35:
in the name of the article, the words "auditor's opinion" is replaced by "the auditor's report issued by the audit firm";
In the Article the words "the external audit" is replaced by "the auditor's report issued by the audit firm."
19. In Article 374, paragraph (2) shall be supplemented by the letters h) and i) as follows:
"h) significant interest in the bank acquired or increased based on the legal act declared invalid by a court irrevocable and represents 50% much of its share capital;
I) National Bank withdraws prior permission holders of significant interest in the bank's equity holding cumulatively more than 50% of the share capital of the bank and / or the National Bank notes the concerted action of shareholders holding a significant higher 50% of the bank's capital without the prior written permission of the National Bank. "
20. Article 376 (8), the words "central securities depository" shall be substituted with the words "central repository".
21. Article 3710 (9), the words "securities market legislation" is replaced by "capital market law".
22. Article 38 (1), letter d) reads as follows:
"d) applies to perceive fine indisputable bank (financial institution) to 5% of the capital of the bank (financial institution) and / or direct and indirect holders of equity shares in the bank's capital to 100% of the size of participation share in the bank's capital calculated at nominal value and / or administrators in size from 1 to 100 average salaries of the administrator penalized for past 12 months including all benefits (supplements, bonuses and other salary function), including failure to stop the transaction decision issued by the body vested with powers to prevent and combat money laundering and terrorist financing. "
23. Article 381 (7), the words "three years" is replaced by "five years" and the words "one year" - says "no more than 2 years."
24. Article 384 (11), the words "central securities depository" shall be substituted with the words "central repository".
25. Chapter VI1 is supplemented by Article 3815 as follows:
"Article 3815. Liability for entry

insolvent bank (1) If the liquidation of the bank are persons who would be attributable to the occurrence of the insolvency of the bank at the request of the National Bank, the liquidator of the bank, any creditor or shareholder of the bank, the court may order that some or all insolvent bank debt to be incurred by the bank's administrators, as are defined in art. 3, which held the respective positions in the 3 years preceding the initiation of the liquidation of the bank, as well as any other person who has contributed to the entrance of the bank insolvent by at least one of the following facts:
a) use of property bank loans or personal interest;
B) the conduct of a commercial activity for personal condition of the bank;
C) increasing fictitious bank liabilities and / or diversion (hide) a part of the bank's assets;
D) availability of funds for the bank at inflated prices;
E) an accounting fictitious or contrary to law, and contributing to the disappearance of accounting documents, documents of incorporation and stamp;

F) ordering the bank to continue an activity that clearly lead to default;
G) ordering the termination payment of pecuniary obligations to the previous month, to pay a preferential creditor to the detriment of other creditors;
H) failure to notice the National Bank according to art. 38 para. (31);
I) loans in violation of prudential requirements set by the legislation in force, and non-compliance with national regulations;
J) preparation of financial statements and other accounting statements or reports in violation of regulatory provisions;
K) in internal auditing, in violation of duties, did not identify and did not feel the facts that led to fraud and mismanagement of the Bank;
L) any other offense committed intentionally that contributed to the entrance of the bank insolvent.
(2) Application of par. (1) does not preclude the application to the persons referred to in para. (1) of sanctions or criminal penalties for acts that constitute offenses or crimes. In this regard, the liquidator bank will submit all documents to be examined prosecution on the existence of grounds (the facts) that could engage prosecution of that person.
(3) In cases of multiple subjects, liability to persons under par. (1) is integral, provided that the occurrence of the insolvency or prior to the current period during which they exercised their mandate or have held positions that could have caused the insolvency of the bank. The persons concerned may object to joint and several liability if the collegial bodies of management within the bank, opposed the acts or facts that caused the insolvency or if lacking in the decisions that caused insolvency and made to record later decision, their opposition to these decisions.
(4) The measure provided in par. (1) shall be prescribed within 3 years from the date on which it was known or should have known the person that caused insolvency, but not earlier than two years from the date of issue of the decision to initiate the liquidation process bank.
(5) In all cases, the request under paragraph. (1), the court shall rule by a decision which can be challenged by appeal to the persons concerned in it.
(6) Upon request made under paragraph. (1) the complainant may request the court to establish precautionary measures on people's property monitored under par. (1) - (3). Request for establishment of precautionary measures may be filed after filing the request under par. (1).
(7) The amounts collected under the provisions of par. (1) will enter mass debtor of the bank and will be designed to cover its liabilities.
(8) Enforcement against the persons under par. (1) a bailiff carried out under the Code of execution. "
26. Articles 3815 Articles 3816 and 3816 are, respectively, 3817`
Art. II. - Law no. 220-XVI of 19 October 2007 on state registration of legal entities and individual entrepreneurs (Official Gazette of the Republic of Moldova, 2007, no. 184-187, art. 711), as amended, shall be supplemented with the following wording in Article 251 :
"Article 251. peculiarities removal from the state register
banks in process of forced liquidation
(1) Notwithstanding the provisions of art. 24 para. (1) (11) (3) and art. 25 para. (1), (4), (5) removal from the state register of the bank in the process of forced liquidation is carried out in the following documents:
a) request for removal, according to the model approved by the state registration authority filed the liquidator of the bank;
B) National Bank decision on approval of the report on the bank's liquidation;
C) liquidation balance sheet of the bank.
(2) If, after the cancellation of the bank from the State Register, the state registration body the upstart National Bank decision on reopening the process of forced liquidation of the bank, issued under art. 3814 par. (1) of the Financial Institutions Act No. 550-XIII of 21 July 1995, the state registration authority shall, ex officio, the decision to restore the data from the State Register according to the delisting situation. If the National Bank appoint a new liquidator in the state register data will be entered liquidator appointed.

(3) Removal from the state register of the bank on which reopened the process of forced liquidation is carried out based on the documents provided in par. (1). "
Art. III. - Article 40 of the Civil Procedure Code of the Republic of Moldova no. 225-XV of 30 May 2003 (republished in the Official Gazette of the Republic of Moldova, 2013, no. 130-134, art. 415), as amended, shall be supplemented with paragraph (7) as follows:
"(7 ) brought an application for insolvent banks recover damages against the bank manager and the person to whom is attributed to the occurrence of the insolvency or major difficulty of the bank, under art. No 3815 of the Law on Financial Institutions. 550-XIII of 21 July 1995, shall be deposited in court at the headquarters of the bank insolvent. "
Art. IV. - Banks where the period of forced liquidation process has been extended under Art. 381 par. (7) of the Financial Institutions Act No. 550-XIII of 21 July 1995 and whose process of forced liquidation has been concluded after the entry into force of this law will be eliminated until 31 December 2016. This period may be extended by the National Bank of Moldova a year according to the submission of the liquidator bank argued.
Art. V. - National Bank of Moldova, within 4 months from the date of entry into force of this law:
a) Develop and adopt necessary regulations to implement the provisions of art. I of this Act;
B) bring its normative art. I of this law.