Decision No. 11/1 of 3 March 2026 on Approving the Rules of the Central Securities Depository

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
3 March 2026 No. 11/1

On the Approval of the Rules of the Central Securities Depository

Following the examination of the request from the National Bank of Moldova (No. 26-01109/356/739 dated 17.02.2026, registered with the National Financial Market Commission (CNPF) under No. 996 on 17.02.2026) regarding the approval of the Rules of the Central Securities Depository, in accordance with the provisions of Article 25(2) of Law No. 234/2016 on the Central Securities Depository,

Based on Article 1, Article 3, Article 18(3), Article 20(1) and (6), Article 22(3), and Article 25(2) of Law No. 192/1998 on the National Financial Market Commission, and 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 Rules of the Central Securities Depository, previously approved by Decision of the Supervisory Board of the Central Securities Depository No. 49 dated 09.12.2025 (attached hereto), are hereby approved.

2. This Decision may be appealed by submitting a preliminary request to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.) within 30 days from the date of notification.

3. This Decision enters into force on the date of adoption, is communicated to the recipient in accordance with the legislation, and is published on the official website of the CNPF (www.cnpf.md).

Vladimir RUSNAC,
VICE-PRESIDENT

CENTRAL SECURITIES DEPOSITORY
RULES

Rules of the Central Securities Depository

Entry into force date:

---

Preliminary approval decision:
Decision of the CS CSD No. 49 dated 9 December 2025

Final approval decision:
Decision of the NBM No. ____ dated ________________

© Central Securities Depository
This document and its content are protected by Law No. 139/2010 on Copyright and Related Rights. No part of this document nor the document as a whole may be sold, reproduced, published, distributed, or copied without the prior written consent of the Central Securities Depository.

TABLE OF CONTENTS:

Chapter I. General Provisions ...........................................................................................................................................5
Art. 1. Legal Basis and Regulatory Framework .............................................................................................................5
Art. 2. Definitions and Abbreviations ..............................................................................................................................5
Art. 3. Central Securities Depository ..............................................................................................................................8
Art. 4. CSD Rules and CSD Procedures ..........................................................................................................................9
Art. 5. Application and Interpretation of these Rules and CSD Procedures ..............................................................10
Art. 6. Liability of the CSD ..............................................................................................................................................10
Art. 7. Applicable Law and Competent Jurisdiction ......................................................................................................11
Art. 8. Dispute Resolution Mechanisms ........................................................................................................................11
Art. 9. Communications and Interactions ......................................................................................................................11
Art. 10. Minimum Quality Level and Availability of Services Provided ....................................................................12

Chapter II. Main Requirements for CSD Activity .....................................................................................................13
Art. 11. CSD System and Connections with Other Systems ........................................................................................13
Art. 12. Connections with Other Central Depositories ................................................................................................13
Art. 13. Confidentiality Clauses ......................................................................................................................................14
Art. 14. Disclosure of Information .................................................................................................................................15
Art. 15. Protection of Securities and Monetary Funds .................................................................................................16
Art. 16. General Conditions for Service Provision by the CSD ...................................................................................16
Art. 17. CSD Activity Program .......................................................................................................................................16
Art. 18. Other Requirements for CSD Activity .............................................................................................................17

Chapter III. CSD Participants ........................................................................................................................................... 17
Art. 19. Obtaining Participant Status .............................................................................................................................17
Art. 20. Commencement of Activity as a Participant ....................................................................................................19
Art. 21. Roles Held in the CSD System by the Participant ............................................................................................19
Art. 22. Participant Obligations ...................................................................................................................................... 20
Art. 23. Suspension of Participant Status ...................................................................................................................... 21
Art. 24. Withdrawal of Participant Status ...................................................................................................................... 21
Art. 25. Decision on Suspension/Withdrawal ................................................................................................................ 22
Art. 26. Consequences of Suspension/Withdrawal ....................................................................................................... 22
Art. 27. Liability of Participants ...................................................................................................................................... 23
Art. 28. Role of Payment Settlement Agent ................................................................................................................... 24
Art. 29. Payment Settlement Agent for a Participant Not Holding a Settlement Account in SAPI ......................... 24
Art. 30. Contractual Relations with Participants ........................................................................................................... 25
Art. 31. Contractual Relations between Participant and its Clients ........................................................................... 26
Art. 32. Confidentiality Clauses Applied to the Participant ......................................................................................... 26
Art. 33. Participant Users ................................................................................................................................................ 27

Chapter IV. Registration of Securities and Issuer ................................................................................................... 28
Art. 34. General Provisions on Securities Registration ............................................................................................... 28
Art. 35. Registration of Securities ................................................................................................................................. 28
Art. 36. Allocation of ISIN Code and CFI Code by the CSD ......................................................................................... 29
Art. 37. Specifics on Registration of Securities Issued Previously ............................................................................ 29
Art. 38. Registration of Modifications to Securities .................................................................................................... 29
Art. 39. Registration of the Issuer .................................................................................................................................. 30
Art. 40. Issuer Obligations and Liability ......................................................................................................................... 30
Art. 41. Issuer Agent ........................................................................................................................................................ 30
Art. 42. Issuer Payment Settlement Agent ...................................................................................................................... 31
Art. 43. Contractual Relations with the Issuer .............................................................................................................. 31

Chapter V. Custody Registration and Withdrawal of Registered Securities ......................................................... 32
Art. 44. Custody Registration if Centralized Record-Keeping is Maintained by a Registry Company ................... 32

Art. 45. Custody Withdrawal if Centralized Record-Keeping is Maintained by a Registry Company ................... 33
Art. 46. Custody Registration if Centralized Record-Keeping is Maintained by Another Central Depository ...... 34

Chapter VI. Opening and Administration of Securities Accounts ............................................................................ 34
Art. 47. General Provisions on Securities Accounts .................................................................................................... 34
Art. 48. Individual Accounts ............................................................................................................................................ 35
Art. 49. Rights and Restrictions on Securities .............................................................................................................. 35
Art. 50. Segregation of Participant Clients ................................................................................................................... 35
Art. 51. Opening and Administration of Accounts ........................................................................................................ 36
Art. 52. Crediting and Debiting the Securities Account ............................................................................................... 37
Art. 53. Account Statement .............................................................................................................................................. 38
Art. 54. Account Operator Obligations .......................................................................................................................... 38
Art. 55. CSD Securities Accounts .................................................................................................................................... 39

Chapter VII. Processing of Transfer Orders ............................................................................................................... 39
Art. 56. General Requirements for Processing Transfer Orders ................................................................................ 39
Art. 57. Time of Entry of Transfer Order (SF I) ........................................................................................................... 40
Art. 58. Time of Irrevocability of Transfer Order (SF II) ............................................................................................ 41
Art. 59. Finality of Settlements (SF III) .......................................................................................................................... 41
Art. 60. Modification and Cancellation of Transfer Order .......................................................................................... 42
Art. 61. Correction of Order or Operations by the CSD .............................................................................................. 42
Art. 62. Suspension and Refusal of Transfer Orders .................................................................................................... 42

Chapter VIII. Settlement of Operations Performed through the CSD System ...................................................................... 42
Art. 63. General Provisions on Securities Settlement .................................................................................................. 42
Art. 64. Anticipated Settlement Date .............................................................................................................................. 43
Art. 65. Settlement of Monetary Funds for Operations Performed through the CSD System ................................44
Art. 66. Time of Final Settlement of Monetary Funds ................................................................................................ 45
Art. 67. Measures to Prevent Settlement Failures ........................................................................................................ 45
Art. 68. Settlement of Transactions Concluded on a Regulated Market or MTF ......................................................... 45
Art. 69. Settlement of Transactions Concluded Outside a Regulated Market or MTF ................................................. 46
Art. 70. Measures Applied in Case of Settlement Failure .............................................................................................. 47
Art. 71. Extension of Settlement Period for Transactions Concluded on Regulated Market or MTF ......................... 47
Art. 72. Penalties Applied in Case of Settlement Failure .............................................................................................. 48

Chapter IX. Auxiliary and Complementary Services ......................................................................................................... 49
Art. 73. General Provisions on Auxiliary and Complementary Services ................................................................. 49
Art. 74. Services Related to Securities Holder Registers ............................................................................................. 49
Art. 75. Services for Preparing and Issuing Shareholder and Bondholder Lists ....................................................... 49
Art. 76. Corporate Actions Processing Services ........................................................................................................... 49
Art. 77. Collateral Management ...................................................................................................................................... 50

Chapter X. Restrictions on Securities Account .................................................................................................... 51
Art. 78. General Provisions on Restrictions on Securities Account .......................................................................... 51
Art. 79. Registration of Financial Collateral ................................................................................................................ 51
Art. 80. Restrictions Applied by CSD at the Request of Competent Authority ................................................................ 52
Art. 81. Restrictions Applied by Participant at the Request of Competent Authority ................................................. 52

Chapter XI. Risk Management .................................................................................................................................. 53
Art. 82. General Provisions on Risk Management ...................................................................................................... 53
Art. 83. Measures Applied to Ensure Continuity ........................................................................................................ 53
Art. 84. Ensuring Integrity of Securities Issuance ...................................................................................................... 53
Art. 85. Ensuring Integrity of Ownership Rights to Securities .................................................................................. 54
Art. 86. Participant Obligations in Risk Management ............................................................................................... 54

Chapter XII. Management of Participant Insolvency Cases ................................................................................... 55

Art. 87. General Provisions on Participant Insolvency .............................................................................................. 55
Art. 88. Measures and Procedures in Case of Insolvency ........................................................................................... 55

Chapter XIII. Payments and Fees for Services Provided by CSD ........................................................................... 55
Art. 89. General Provisions on Payments and Fees ................................................................................................... 55
Art. 90. Method of Collecting Payments and Fees ...................................................................................................... 56
Art. 91. Obligation to Pay Payments and Fees ............................................................................................................. 57
Art. 92. Method of Collecting Fees for Services Provided to Issuer ........................................................................... 57
Art. 93. Method of Collecting Fees from Other Natural and Legal Persons ............................................................... 58

Annex No. 1. Contract on Participant Status in CSD (Model) ......................................................................................... 59
Annex No. 2. Contract on Settlement of Corporate Actions in CSD System (Model) .................................................. 61

Chapter I. General Provisions

Art. 1. Legal Basis and Regulatory Framework
(1) The Rules of the Central Securities Depository (hereinafter referred to as "CSD Rules" or "these Rules") are developed and approved pursuant to Article 25 of Law No. 234/2016 on the Central Securities Depository. (2) The CSD Rules are developed in accordance with Law No. 1134/1997 on Joint Stock Companies, Law No. 171/2012 on the Capital Market, Law No. 183/2016 on the Finality of Settlement in Payment and Securities Settlement Systems, Law No. 184/2016 on Financial Guarantee Contracts, Law No. 234/2016 on the Central Securities Depository, Law No. 419/2006 on Public Sector Debt, State Guarantees and State Refinancing, normative acts of the National Bank of Moldova and the National Financial Market Commission (hereinafter referred to as "NBM" and "CNPF") and the Statute of the Central Securities Depository. (3) These Rules establish the legal regime for the activity of the Central Securities Depository (hereinafter referred to as "CSD"), including the main requirements for the conduct of activities related to the registration, centralized administration, and settlement of securities and the provision of auxiliary services by the CSD, as well as the legal relations of the CSD with CSD participants, issuers, securities holders, and other persons.

Art. 2. Definitions and Abbreviations
(1) For the purposes of these Rules, the following terms and abbreviations have the following meanings:
issuer's agent – a participant authorized by the issuer to represent the issuer in relations with the CSD, to perform on behalf of the issuer one or more of the obligations and activities established by these Rules and CSD Procedures; securities settlement agent (hereinafter referred to as "settlement agent") – a participant that provides its clients with securities accounts, through which transfer orders for securities in the CSD System are settled; payment settlement agent – a participant that provides its clients with monetary fund accounts, through which payment orders for securities settlements in the CSD System are settled; margin call – a procedure applied in the context of repurchase operations (repo/reverse repo, credits) whereby counterparties are required to provide additional assets or monetary funds in the event that the value of collateral assets, measured regularly, falls below a certain level. To reduce the frequency of margin calls, a trigger threshold is applied; CSD client – a participant, issuer, securities holder, or another person to whom the CSD provides services established by Art. 3(3) under a contract between the parties and/or normative acts; CFI code – a code that describes the characteristics of a financial instrument at the time of its issuance (Classification of Financial Instruments) and remains unchanged throughout the life cycle of that financial instrument; Users Committee – a committee created and operating in accordance with the provisions of Article 12 of Law No. 234/2016; central depository connection – an agreement between central depositories whereby one central depository becomes a participant in the financial instrument settlement system of another central depository to facilitate the transfer of financial instruments from participants of the latter central depository to participants of the first central depository, or an agreement whereby a central depository obtains indirect access to another central depository with the help of an intermediary;

standard connection – a connection between central depositories whereby one central depository becomes a participant in the financial instrument settlement system of another central depository, based on the same terms and conditions that apply to any other participant in the financial instrument settlement system managed by the latter; personalized connection – a connection between central depositories whereby a central depository that becomes a participant in the financial instrument settlement system of another central depository benefits from specific additional services compared to the services usually provided by that central depository to participants in the financial instrument settlement system; indirect connection – ac

[Note: The provided source text ends abruptly at "indirect connection – ac". The translation reflects the available text faithfully up to that point.]