Approval of Investor Alert Regarding Suspected Violations of Capital Market Law Article 41(2)(g) on Promoting Derivative Financial Instruments in the Form of Contracts for Difference

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL MARKET COMMISSION
77 Stefan cel Mare si Sfant Blvd, Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md DECISION 13 October 2026 No. 54/2

Regarding the approval of the Investor Alert concerning suspicions of violation of the provisions of Article 41(2)(g) of Law No. 171/2012 on the capital market, regarding the promotion of derivative financial instruments in the form of Contracts for Difference

On 04.09.2026, within the framework of the National Financial Market Commission (CNPF), a petition from an individual was registered (No. 8261) with attached documents, requesting "verification of the activity carried out in the online environment by the person presenting themselves as [...], including through the 'Trading with AI' project, the Telegram account @STEFANFX1 and associated Telegram channels regarding the promotion and provision of trading signals, redirection to the PU Prime broker and statements regarding returns and lack of losses."

In this context, on 22.09.2026, and subsequently on 12.10.2026, another individual submitted petitions with attached documents to the official email address of the CNPF office@cnpf.md (registered with No. 8560 and respectively No. 9334), which consistently contain the same request.

Although, regarding the aforementioned petitions, the CNPF took procedural measures to remedy deficiencies in relation to the elements of the petition, these are considered relevant in light of their content, as they invoke the same factual circumstances.

Consequently, following the examination of the submitted petitions, including the attached documents, as well as the verification carried out in publicly accessible internet sources, it is concluded that there are suspicions of violation of the provisions of Article 41(2)(g) of Law No. 171/2012 on the capital market (Law No. 171/2012) regarding the prohibition of marketing, sale and distribution to clients who are not professional clients of derivative financial instruments, traded through an electronic trading platform, which involve, directly or indirectly, leverage effects, established depending on the underlying asset.

According to Article 41(6)(a) of Law No. 171/2012, "(6) In the event that, during the conduct of an administrative procedure, carried out ex officio or upon request, there are suspicions regarding the violation of the provisions of this article, the National Commission is entitled: a) to publish alerts on its official website, including with the explicit indication of persons who do not hold, at the national level, a permit for the provision of investment services and activities and with the explicit indication of web pages and/or social media accounts (accounts on social networks) of these persons;".

Thus, taking into account the existence of the aforementioned suspicions and the public interest pursued by the regulations in question, under the Law No. 192/1998 on the National Financial Market Commission, Article 41(2)(g), (6)(a) and (7) of Law No. 171/2012 on the capital market and point 16 of the Regulation on the organization and functioning of the National Financial Market Commission (CNPF Decision No. 57/11/2022),

The National Financial Market Commission DECIDES:

1. The Investor Alert concerning suspicions of violation of the provisions of Article 41(2)(g) of Law No. 171/2012 on the capital market, regarding the promotion of derivative financial instruments in the form of Contracts for Difference (according to the annex), is approved, for the purpose of its publication on the official website of the CNPF, in accordance with the law.

2. This Decision is not subject to any appeal.

3. This Decision is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT

Annex
to CNPF Decision
No. 54/2 of 13.10.2026

INVESTOR ALERT, concerning suspicions of violation of the provisions of Article 41(2)(g) of Law No. 171/2012 on the capital market regarding the promotion of derivative financial instruments in the form of Contracts for Difference

Subject of the Alert: Promotion of derivative financial instruments in the form of Contracts for Difference (CFDs), with precious metals (e.g., XAUUSD) as the underlying asset, with the possibility of trading them through an electronic trading platform for clients who are not professional clients.

Promotion Channels: through social networks, specifically the Instagram account "@stefandidilica" and the website https://stefanfx.com/home-SM/, as well as the Telegram channel "@STEFANFX1", which are active channels accessible to the public in the Republic of Moldova.

Trading Platform: PU Prime Ltd (Mauritius); PU Prime LLC (St. Vincent and the Grenadines).

Mechanism for redirecting potential clients: Partner link and referral code "STEFANFXAU", which are used to direct the public to open a trading account.

Warning: In the Republic of Moldova, the marketing, sale and distribution to clients who are not professional clients of derivative financial instruments, traded through an electronic trading platform, which involve, directly or indirectly, leverage effects, established depending on the underlying asset, through social media platforms (social networks) is prohibited.

Trading in derivative financial instruments, especially those involving leverage effects, presents significant risks and can lead to the loss of invested funds.

The person Stefan Didilica/"Stefan FX", as well as the entity "PU Prime", are not registered in the CNPF Registers as authorized participants and, therefore, do not have the right to carry out activities on the capital market under the conditions of Law No. 171/2012.

Establishing business relations with these entities involves financial risks, including the risk of loss of invested sums and damage to property interests.