The Parliament adopts this organic law.
Art. I.-the financial institutions Law nr. 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 modified and completed as follows: 1. In article 10, paragraph 4, after the words "the grounds for the withdrawal of the licence" shall be inserted the words "the date and exact time of null".
2. In article 11, paragraph 2, the word "adoption" shall be replaced with the words "and the exact time of the adoption of the decision, made in it".
3. article 385: under paragraph (1), subparagraph (h)) to be completed in the final text ", except in the case where the receipt of payments took place in a system of payments covered by law No. 183 of 22 July 2016 with regard to finality in payment systems and settlement of financial instruments and the provisions of article 362 are applicable. 6 paragraph 1. (3) of the said law ";
under paragraph (2), subparagraph (f)) is completed with the text: "this provision shall not apply to payments or transfers made under the systems covered by the law. 183 of 22 July 2016 with regard to finality in payment systems and settlement of financial instruments. "in paragraph (3) shall read as follows:" (3) the withdrawal of the license of the Bank does not affect the execution of orders for payment/transfer of securities undertaken by the Bank and entered into payment systems/settlement systems for securities till date and exact time of the withdrawal null license. "
Art. II.-in article 61, paragraph 2, letter c) of law No. 449-XV of July 30, 2001 in respect of the pledge (republished in the Official Gazette of the Republic of Moldova, 2014, 345-351, 655), after the words "non-equity securities" insert the words ", if art. 8 of law No. 184 of 22 July 2016 with respect to contracts of a financial collateral arrangement provides otherwise ".
Art. III.-the civil code of the Republic of Moldova nr. 1107-XV of 6 June 2002 (Official Gazette of the Republic of Moldova, 2002, no. 82-86, 661), with subsequent amendments, shall be completed as follows: 1. Article 572, (3) to be completed in the final text ", if the 8 of law No. 184 of 22 July 2016 with respect to contracts of a financial collateral arrangement provides otherwise ".
2. In article 665, paragraph (1) shall be supplemented by the wording "Finally, if art. 8 of law No. 184 of 22 July 2016 with respect to contracts of a financial collateral arrangement provides otherwise ".
3. Article: 1606 under paragraph (2), after the words "transferable securities" shall be inserted the words "materialized" shaped;
Article shall be supplemented by paragraphs (3) and (4) with the following contents: "(3) securities in the form of an entry in the account are governed by the law of the country in which the register or account which operated securities entries.
(4) financial guarantees established in the form of financial instruments in the form of an entry in the account are governed by the law of the country in which the register or account which operated securities entries regarding: (a) the legal nature and effects) assets of financial collateral provided under the form of financial instruments in the form of entry;
b) conditions to be fulfilled for the conclusion of a valid contract, gaurantee bagful of financial instruments as objects in the form of entry and for the provision of such financial instruments under such an arrangement, the formalities needed to ensure enforceability against third parties of such an arrangement and the provision of such guarantees;
c) where a property right or other right of a person in respect of financial collateral constituted in the form of financial instruments in the form of entry is subordinate to the priority times or another contestant and law if the acquisition was made in good faith;
(d) the required formalities for execution) financial collateral provided under the form of financial instruments in the form of entry, due to the occurrence of an enforcement of the guarantee. "
Art. IV.-in article 6 of law No. 62-XVI of March 21, 2008 Forex settlement (Official Gazette of the Republic of Moldova, 2008, no. 127-130, art. 496), with subsequent amendments, paragraph 8 shall be completed with the text: "notification and authorisation Regime does not apply to foreign currency operations related guarantees. 4, item 12) of law No. 184 of 22 July 2016 with respect to financial collateral arrangements and which are covered by it. "
Art. V. Insolvency-Law nr. 149 of 29 June 2012 (Official Gazette of the Republic of Moldova, 2012, no. 193-197, art. 663), as amended, is modified and completed as follows: 1. In article 34, paragraph 4, letter (d)), after the word "time" shall be inserted the words "exact".
2. In article 35: (2) shall read as follows: "(2) an insolvency Court dispatched immediately after the adoption of the decision on such appeal, proceeding of the debtor's insolvency, State registration body which maintains state register of legal entities and State Register of individual entrepreneurs, the territorial State Tax Inspectorate, the banks in which the debtor has the accounts and, where appropriate, registers the pledge , the territorial cadastral Office, the National Commission for financial market, State registers of the Ministry of transport, branch, other institutions and the relevant authorities in each particular case, and displays of such appeal decision of insolvency proceedings in its enclosure. "in paragraph 3, the words" from the date of receipt of the copy of the decision on such appeal on the insolvency process, the institutions and bodies referred to in paragraph 1. (2) the records shall contain the appropriate heading of the debtor or the debtor's assets and stops any record related to the legal status of the debtor or his property. "shall be replaced with the text:" institutions and bodies referred to in paragraph 1. (2) the appropriate records shall contain the following under the heading of the debtor or the debtor's assets, with indication of the date of insolvency proceedings started, and as soon as they were informed of the conditions in paragraph 1. (2) on the filing of insolvency proceedings suspended any other registration related to the legal status of the debtor or his property. "
3. In article 38 (1), after the word "notify" insert the word "immediately".
4. Article 74 is hereby supplemented with paragraph 21 with the following contents: "(21) specific characteristics of the processing of payment orders and/or transfer orders initiated by the debtor in insolvency proceedings started day are covered by art. 6 of law No. 183 of 22 July 2016 with regard to finality in payment systems and settlement of financial instruments. "
5. Article 82 is completed with paragraph 6 with the following contents: "(6) Initiation of insolvency proceedings against a party to a financial collateral arrangement or other enforcement of financial collateral shall not affect the application of this clause by the netting. Clause of netting shall take effect in accordance with the provisions of art. 14 of law No. 184 of 22 July 2016 regarding financial collateral agreements. "
6. In article 250 paragraph 1 letter b), after the word "data" insert the words "," exact time.
Art. Vi.-Law nr. 171 of 11 July 2012 concerning the capital market (Official Gazette of the Republic of Moldova, 2012, no. 193-197, 665), as amended, is modified and completed as follows: 1. Article 12 shall be added to paragraph 11 with the following contents: "(11) the particulars of the use of financial guarantees in the form of securities pursuant to financial collateral arrangements without transfer of ownership in accordance with the law. 184 of 22 July 2016 with respect to financial guarantee contracts are covered by art. 11 and 12 of the Act referred to in this paragraph. "in paragraph 3, after the words" the contract of pledge "shall be inserted the words" financial collateral arrangement ".
2. Article 80 shall be repealed.
Art. VII.-this law will enter into force on the expiry of 6 months from the date of publication, with the exception of the provisions of article 7. Vi. 2, which will enter into force on the date of commencement of the work of the central Depository only, whose activity is regulated by the law on the central depository.