Approval of Investor Alert Regarding Suspicion of Violation of Capital Market Law Prohibiting Promotion of Derivative 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, through 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 was registered (with No. 8261) by an individual, with documents attached to it, requesting "verification of the activities 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 broker PU Prime 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 CNPF office@cnpf.md (registered with No. 8560 and, respectively, with 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 in light of the attached documents, as well as the verification carried out in public sources accessible on the internet, 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, determined based on the underlying asset.

According to Article 41(6)(a) of Law No. 171/2012, "(6) In the event that, within the framework 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 norms in question, on the basis of 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, through 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