Application of Coercive Fine to OCN FLEX FINANCIAL SRL for Non-Execution of Prescription from NCFM Decision No. 5/2

REPUBLIC OF MOLDOVA NATIONAL COMMISSION FOR THE FINANCIAL MARKET Stefan cel Mare și Sfânt Blvd, no. 77, Chișinău municipality, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md DECISION June 30, 2026 No. 32/1 Regarding the application of the coercive fine to OCN „FLEX FINANCIAL” SRL related to the execution of the prescription from point 2 sub-point 2) of the Decision of the National Commission for the Financial Market no. 5/2 dated 27.01.2025 regarding the results of the thematic control, carried out within OCN „FLEX FINANCIAL” SRL

1. On 27.01.2025, the National Commission for the Financial Market (NCFM) approved Decision no. 5/2 regarding the results of the thematic control, carried out within OCN "FLEX FINANCIAL" SRL (Decision no. 5/2/2025/Decision).
2. Decision no. 5/2/2025 stipulates, inter alia, that: „2. OCN „FLEX FINANCIAL” SRL is prescribed to:

1. apply the requirements stipulated in art. 10 para. (3) lit. i) and lit. o) of Law no. 202/2013 on consumer credit agreements;
2. return, within 180 days, all payments provided for in the credit agreement (which include interest, commissions, fees, penalties, late interest and any other type of payment), with the exception of the initial disbursed amount, according to the credit agreement, in the case of credit agreements, reflected in annex no. 3 to the Control Act. […]

6. OCN „FLEX FINANCIAL” SRL shall inform the NCFM monthly about the measures taken to execute point 2 of this Decision, with the attachment of supporting documents.”.
7. In this context, it should be noted that the deadline for executing point 2 sub-point 2) of Decision no. 5/2/2025 expired on 30.07.2025. In this case, OCN „FLEX FINANCIAL” SRL (creditor/company) did not provide information regarding the measures taken in the context of executing point 2 sub-point 2) of Decision no. 5/2/2025 for the execution of the respective obligation, according to the periodicity established in point 6 of the same administrative act.
8. On 06.02.2026, the NCFM initiated, ex officio, the administrative procedure regarding the verification of the execution of the prescriptions provided in point 2 sub-point 2) of Decision no. 5/2/2025, a fact communicated to the creditor at the email address office@flexcredit.md, by letter no. 04-5/358 dated 06.02.2026. By the same letter, the NCFM requested the creditor to submit, within 10 working days, information related to the measures taken to execute the obligations prescribed in point 2 sub-point 2) of the Decision.

2 5. Also, by NCFM President's Order no. 50 dated 06.02.2026 regarding the suspension of the administrative procedure, initiated ex officio by NCFM letter no. 04-5/358 dated 06.02.2026, in relation to OCN „FLEX FINANCIAL” SRL, the term of the administrative procedure, initiated ex officio, was suspended until 20.02.2026 inclusive. Accordingly, the respective Order was notified to the creditor by NCFM letter no. 04-5/364 dated 06.02.2026. 6. Consequently, on 20.02.2026, OCN „FLEX FINANCIAL” SRL submitted explanations (registered with the NCFM under no. 1097), in which it states that: „2 for the reasons set out in Notification No. 90/2025 dated 25.07.2025, it developed an activity plan and a plan for informing clients indicated in Annex no. 3 to the Control Act, namely: a) client information methods were determined with the development of SMS content, notifications; b) negotiations were held with service providers for sending SMS and/or notifications; c) the secondary office and the persons responsible for managing the money refund process, the processing and transfer period thereof, were determined; d) draft acts necessary for carrying out financial operations, an internal nomenclature for recording and monitoring payments were developed; e) an analysis of methods for mobilizing financial resources was carried out, including contracting external financial commitments to supplement the necessary amount to be reimbursed. The creditor has taken measures to improve the internal process regarding credit granting, including a more objective analysis of the financial repayment capacity of potential clients, the number of performing loans granted, the collection of overdue loans, etc.”. 7. From the above, it results that the measures taken by the creditor primarily concern planning and analytical actions, which do not demonstrate the execution of the obligations established in point 2 sub-point 2) of Decision no. 5/2/2025. 8. Under the conditions stated above, the non-execution by OCN „FLEX FINANCIAL” SRL of the prescriptions established in point 2 sub-point 2) of Decision no. 5/2/2025 was attested, a fact that required the NCFM to take the measures prescribed by administrative law, in order to enforce the administrative act. In this regard, it should be noted, a priori, that Decision no. 5/2/2025 represents an unfavorable individual administrative act, within the meaning of art. 10 para. (1), correlated with art. 11 para. (1) lit. a) of the Administrative Code, respectively, it produces legal effects. Consequently, under the conditions of art. 179 of the Administrative Code, the Decision is enforceable and shall be subject to execution under the provisions of Title VII of the Administrative Code. 9. Thus, based on the nature of the administrative act, under the conditions of art. 179, correlated with the provisions of art. 181 and art. 185 para. (1) of the Administrative Code, the execution of the Decision can be achieved by applying a coercive measure in the form of a coercive fine.

3 10. At the same time, according to art. 181 para. (4) of the Administrative Code, „(4) The amount of the coercive fine is at least 20 and at most 10000 conventional units. One conventional unit constitutes 50 lei. When establishing the coercive fine, the economic interest of the debtor in not fulfilling the obligation concerning him shall also be taken into account.”. 11. Thus, in accordance with art. 185 of the Administrative Code, on 03.03.2026, the NCFM adopted Decision no. 11/2 regarding the summons for OCN „FLEX FINANCIAL” SRL to execute the prescription from point 2 sub-point 2) of the Decision of the National Commission for the Financial Market no. 5/2 dated 27.01.2025 regarding the results of the thematic control, carried out within OCN „FLEX FINANCIAL” SRL (Decision no. 11/2/2026), according to which the creditor was summoned to execute point 2 sub-point 2) of Decision no. 11/2/2026, within 90 days from the date of its communication. 12. In this regard, by NCFM Vice-President's Order no. 98 dated 05.03.2026 regarding the suspension of the administrative procedure, initiated ex officio by NCFM letter no. 04-5/358 dated 06.02.2026, in relation to OCN „FLEX FINANCIAL” SRL, the administrative procedure was suspended for a period of 90 days from the date of communication of Decision 11/2/2026. 13. At the same time, the creditor was warned that, in case of non-execution of the obligation provided in point 1 of Decision no. 11/2/2026, the NCFM would apply a coercive fine of 3,000 conventional units, equivalent to 150,000 MDL, which becomes due upon the expiration of the term indicated in point 1 of the aforementioned Decision. 14. In this context, regarding the case, on 29.05.2026, OCN „FLEX FINANCIAL” SRL submitted Notification (Notification no. 1), with the attached documents (registered with the NCFM under no. 4335), in which, in addition to the measures indicated in the letter dated 20.02.2026 (registered with the NCFM under no. 1097), it states that, „f) during April-May 2026, it sent written notifications to all clients indicated in Annex no. 3, indicating the dates and method of money refund, totaling 2,050; g) during the summons period prescribed by the NCFM, the Company took additional measures for information and individualized support for clients indicated in Annex no. 3, including by telephone contact by Call Center operators, as well as through secondary offices, clients being guided regarding the submission of bank details for money refund; h) clients indicated in Annex no. 3, who sent requests or questions to the Company's official email address, were contacted/guided to be provided with the necessary information regarding the refund procedure; i) compensated amounts prescribed for refund into active credit accounts, based on written requests from some clients indicated in Annex no. 3; j) recorded refusal requests from some clients indicated in Annex no. 3 to have prescribed money refunded to them. k) The Company received and processed original requests and requests sent by clients indicated in Annex no. 3, located outside the Republic of Moldova, which confirms that the mechanism for informing and refunding money was functional and accessible even for clients who are not physically in the country.”.

4 15. In this regard, based on the measures indicated above, OCN „FLEX FINANCIAL” SRL communicated that „a) it sent by mail to clients indicated in Annex no. 3 notifications with acknowledgment of receipt totaling 2,050, of which: 1,088 were received, 962 were not received, proof is attached; b) it transferred and refunded money to clients indicated in Annex no. 3 in the amount of 1,253,385.80 lei, of which the Company compensated amounts prescribed for refund into active credit accounts for clients in the amount of 638,906.65 lei, proof is attached; c) money was refunded to 503 clients indicated in Annex no. 3, proof is attached; d) 78 client requests indicated in Annex no. 3 are in the transfer process, the amount to be refunded being 262,524.71 lei; e) 5 clients refused in writing the refund of money prescribed for refund to clients indicated in Annex no. 3 (totaling 9,029.84 lei); f) the total number of clients who returned with requests to the Company and whose requests were fully satisfied is 590 clients from Annex no. 3, the total amount to be refunded being 1,524,940.35 lei; g) on 25.05.2026 and 29.05.2026, the Company sent SMS messages to clients indicated in Annex no. 3, from whom no response was received to the notifications with acknowledgment of receipt sent by mail by the Creditor, regarding the extension of the deadline for submitting bank details for the transfer, totaling 1,758 SMS messages (25.05.2026 – 879 SMS, 29.05.2026 – 879 SMS); h) in Annex no. 3, 4 cases/clients were identified for whom the amounts to be refunded by the NCFM were not indicated according to the established total cost (non-bank credit agreement number: [...], [...], [...], [...], the prescribed value being ”0”); i) The Company is willing to continue to receive requests from clients indicated in Annex no. 3 and to refund financial means to those who will subsequently return to the Creditor according to the prescription indicated in point 2 sub-point 2) of Decision no. 5/2 dated 27.01.2025 by undertaking measures to inform them.”. 16. With reference to the administrative procedure, by NCFM President's Order no. 375 dated 16.06.2026 regarding the extension of the administrative procedure, initiated ex officio by NCFM letter no. 04-5/358 dated 06.02.2026, in relation to OCN „FLEX CREDIT” SRL, the term of the administrative procedure was extended by 15 days, to expire on 04.07.2026. 17. Also, in accordance with art. 94 of the Administrative Code, by NCFM letter no. 04-5/2392 dated 15.06.2026 (sent to the email addresses office@flexcredit.md), OCN „FLEX FINANCIAL” SRL was notified of the right to be heard on 19.06.2026, at 10:00, in connection with the facts and circumstances relevant to the act to be issued, with a request to confirm participation or refusal to participate in the hearing procedure by 18.06.2026, at 16:00, at the email addresses office@cnpf.md and liubovi.vacariuc@cnpf.md. 18. On the subject, it should be noted that, through the communication dated 18.06.2026, OCN „FLEX FINANCIAL” SRL confirmed participation in the established hearing, subsequently informing that Ms. [...], Mr. [...] and Mr. [...], representatives based on power of attorney, would participate in the hearing procedure on behalf of the company. 19. In this regard, on 19.06.2026, at 10:00, at the NCFM premises, a hearing of the representatives of OCN „FLEX FINANCIAL” SRL took place, who reiterated the position previously expressed through Notification no. 1 and communicated that they would send an updated notification to the NCFM regarding the status of the execution of the ordered measures, on 19.06.2026, facts recorded in the Minutes of the hearing of the participant in the administrative procedure. 20. Therefore, on the same date, the creditor sent the notification with updated data (Notification no. 2), which states that, „ [...] Thus, we mention that currently 645 consumers have already interacted with O.C.N. „FLEX FINANCIAL” S.R.L. and have benefited from the execution of the ordered measures, with refunds and compensations totaling 1,617,174.41 lei having been made. [...]”. 21. From the analysis of the information presented by OCN „FLEX FINANCIAL” SRL, it results that the measures ordered by Decision no. 5/2/2025