Under the order of the National Commission of Financial Market (NCFM) No. 51/13-O of 17.09.20151 and Vice NCFM Order no. 67 of 09/17/2015, control was performed on enforcement in the field of complex associations of savings and loan by the SCA. "Ciuciulea" (Ciuciulea village, Glodeni, IDNO 1003602019266) activity for the period 01.09.2012-31.08.2015, which has a category B series NCFM no. 000037, issued on 12.02.2009, in which were found the following.
1
____________________________________________ Official Gazette of the Republic of Moldova, 2015, no. 262-266, art. 1744

Specialized According to reports, the SCA. "Ciuciulea" (hereinafter - Association) registered following key indicators activity characteristics of savings and loan associations, which are presented in the following table:

(Thousand)





Nr.



indicators

08/31/2014


08/31/2015


2015 than
2014 (-, +)


2015 than
2014 (%)




1.


Loans


2161.9


2729.9


568.0


126.3




2.


Provisions for loan losses


-21.6


-27.3


+ 5.7


126.4




3.


Total assets


2800.8


3281.4


480.6


117.2




4.


Savings deposits


2313.6


2547.2


233.6


110.1




5.


Net profit


78.4


192.2


113.8


Increase of 2.5 times





The data table shows an increase in all indicators are registered, especially loans by about 26.3 percent, the share of which in total assets is 83.2 percent. However, net profit increase of about 2.5 times due to revenue growth related interest loans and other operating income.

According to data from financial reports and specialized during 30.09.2012-30.11.2012, 31.01.2013-31.10.2013 and 31.03.2014-30.04.2014 were not complied with the requirements of Art. 33 para. (3) e) of Law No savings and loan associations. 139-XVI from 21.06.20072 (hereinafter - the Law no. 139-XVI of 21.06.2007) and pt. 4 of the rules of financial prudence savings and loan associations, approved by NCFM Decision no. 17/8 of 30.04.20083 (hereinafter - PRUDENTIAL NORMS) that the association holding a B license is required to hold and maintain institutional percentage of assets at any time at least 10 percent since sixth year of activity. In periods 31.12.2012-31.03.2013, 31.05.2013-31.07.2013 and 31.08.2014-31.08.2015 were violated requirements pt. 12 of the rules of financial prudence and keep the institutional reserve at least 4 percent of assets bank accounts to deposit and / or state securities. Contrary to the requirements pt. 7 of the rules of financial prudence during 30.09.2012-31.12.2014 total value of membership of the association has exceeded 20 percent of institutional reserve. In periods 30.09.2012-31.08.2013, 01.31.2014, 08.31.2014, 31.01.2015-28.02.2015 and 30.04.2015-31.05.2015 joint investment fund liquidity amounted to less than 10 percent of the total saving deposits, making it violated the requirements of art. 9 paragraph. (2) c) art. 35 of Law no. 139-XVI of 21.06.2007, pt. 8 of the Regulation on the liquidity of savings and loan associations, approved by NCFM Decision no. 13/11 of 01.04.20104 (in force until the date of 04.30.2015) and pt. 7 of the Regulation on the liquidity of savings and loan associations, approved by NCFM Decision no. 16/3 of 27.03.20155, that the association holding the license for category B is obliged to maintain investment in the Fund liquidity calculated according to the minimum size pt. 13 of the rules of financial prudence.

________________________________________ 2 Official Gazette of the Republic of Moldova, 2007, no. 112-116, art.
506 3 Official Gazette of the Republic of Moldova, 2008, no. 131-133, art. 381
4 Official Gazette of the Republic of Moldova, 2010, no. 110-113, art. 391
5 Official Gazette of the Republic of Moldova, 2015, no. 105-109, art. 699

As a reporting entity, the association has developed and approved its program on preventing and combating money laundering and terrorist financing in violation limit provided for in pt. 2 of the Decision of NCFM no. 49/14 from 21.10.2011 "On approval of the Regulation on measures to prevent and combat money laundering and terrorist financing on the financial market." 6 ________________________________________

6 Official Gazette of the Republic of Moldova, 2011, no. 206-215, art. 1820

In the period under review the association's governing bodies did not ensure full extent the procedure for conducting general meetings of members. Thus, contrary to the requirements of Art. 36 para. (2) d) and art. 38 para. (6) of Law no. 139-XVI dated 21.06.2007, in the second meeting of the members of the commission has not been chosen 03.16.2014 counting and drafted the minutes respectively.
Based on the above, pursuant to art. 1, art. 3, art. 4 art. 8 letters b) and lit. f) art. 9 paragraph. (1) j) art. 25 para. (2) of Law no. 192-XIV of 12.11.1998 "On the National Commission of Financial Market" in July, art. 9 paragraph. (2) e) art. 46 para. (1) and paragraph. (2) of Law no. 139-XVI of 21.06.2007, norms of financial prudence, ________________________________________

7 Republished in the Official Gazette of the Republic of Moldova, 2007, no. BIS 117-126


NATIONAL FINANCIAL MARKET COMMISSION DECIDES:

1. It initiates the accountability contravention of the Executive Director of SCA. "Ciuciulea" under the Contravention Code of the Republic of Moldova.
2. It SCA compliance notes. "Ciuciulea" as of 31/10/2015 requirements pt. 12 of the rules of financial prudence.
March. This decision shall enter into force from the date of publication.


COMMISSION VICE NATIONAL FINANCIAL MARKET Iurie FILIP