Decision No. 4/1 of 27 January 2026 Regarding the Preliminary Application Submitted by CASH&GO SRL Concerning the Cancellation of CNPF Decision No. 1/2 of 06.01.2026

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 27 January 2026 No. 4/1

Regarding the Preliminary Application submitted by "CASH&GO" SRL, concerning the cancellation of the Decision of the National Financial Market Commission No. 1/2 dated 06.01.2026 regarding the imposition of a coercive fine on "CASH&GO" SRL for non-execution of certain decisions of the National Financial Market Commission

On 15.01.2026, within the framework of the National Financial Market Commission (CNPF/supervisory authority), the Preliminary Application dated 14.01.2026 (the Application) was registered (No. 232), submitted by "CASH&GO" SRL (participant/entity), requesting:

"1. The total annulment of the illegal individual administrative act, namely the CNPF Decision No. 1/2 of 06 January 2026. 2. The suspension of the execution of CNPF Decision No. 1/2 of 06 January 2026.".

In this case, it should be noted that, in order to ensure a comprehensive, objective and transparent investigation, which would provide the real possibility to analyze the participant's claim, the participant is hereby informed that the examination of the factual and legal circumstances relevant to the case, in preliminary order, is carried out by distinguished executors within the CNPF.

In fact, on 06.01.2026, pursuant to Art. 181 of the Administrative Code, the CNPF adopted Decision No. 1/2 regarding the imposition of a coercive fine on "CASH&GO" SRL for non-execution of certain decisions of the National Financial Market Commission (Decision No. 1/2/2026/Contested Decision), according to which the entity was imposed a coercive fine in the amount of 1,650 conventional units, equivalent to 82,500 MDL, as a result of the finding of repeated non-execution of obligations prescribed by several CNPF decisions, which had become final and enforceable.

In this context, prior to the imposition of the coercive fine, in accordance with Art. 185 of the Administrative Code, the CNPF, by Decision No. 58/8 regarding the summons for execution by "CASH&GO" SRL of certain decisions of the National Financial Market Commission, adopted on 02.12.2025, summoned the entity to execute the established obligations, granting it a period of 10 days and warning it about the imposition of a coercive fine in case of non-execution.

Disagreeing with Decision No. 1/2/2026, the participant submitted a Preliminary Application, requesting the annulment of the contested Decision, as well as the suspension of its execution.

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As a subsidiary measure, the request for suspension of execution of Decision No. 1/2/2026 (point 2 of the Preliminary Application) was rejected by CNPF Decision No. 3/7 dated 20.01.2026 regarding the request for suspension of execution of the Decision of the National Financial Market Commission No. 1/2 dated 06.01.2026 regarding the imposition of a coercive fine on "CASH&GO" SRL for non-execution of certain decisions of the National Financial Market Commission.

By analyzing the arguments presented in the Preliminary Application, in light of the legal provisions applicable to the case, it will be assessed whether they are of a nature to overturn the findings of the supervisory authority, as follows:

1. In law, Art. 19 of the Administrative Code provides that "The Preliminary Application is the institution that offers a pre-litigation path for the resolution of administrative disputes.", and Art. 162 para. (1) and para. (3) of the same law stipulate that "(1) The preliminary procedure aims to verify the legality of individual administrative acts. [...] (3) The Preliminary Application may be directed towards: a) the total or partial annulment of an illegal or null individual administrative act; [...]".

2. Under the conditions of Art. 166 of the Administrative Code, "The Preliminary Application may be submitted only if the person claims rights violated by the issuance or rejection of the issuance of an individual administrative act.", and in accordance with Art. 167 para. (1) and para. (3) of the same law, "(1) If it considers the preliminary application to be admissible and well-founded, the issuing public authority annuls the contested individual administrative act in whole or in part or issues the requested individual administrative act. [...] (3) The issuing public authority resolves the preliminary application within 15 calendar days. The provisions of Art. 60 para.(2) – (5) apply accordingly.".

3. On the subject, it should be highlighted that the participant invokes, as a ground for total annulment of Decision No. 1/2/2026, the fact that it did not receive and never took notice of some alleged decisions, whereas the company "CASH&GO" SRL no longer engages in lending, does not represent a non-banking credit organization, a fact confirmed by the copy of the extract from the State Register of Legal Persons and the Notification of the National Bank of Moldova (BNM) dated 15.08.2024 regarding the exclusion of the company from the register of NCOs.

4. In this case, examining the circumstances of the cause, the supervisory authority finds that the entity's allegations cannot be retained as plausible, as all unexecuted decisions were communicated to it using the same means of communication, namely through the electronic mail address of "CASH&GO" SRL info@rapidfinance.md, an address which, moreover, is indicated by the participant in the Preliminary Application, subject to examination, as a valid means of communication.

5. Under these conditions, as well as taking into account the fact that the participant itself acknowledges the effective receipt of some decisions communicated in the same manner, the reason invoked in point 3 cannot be considered truthful and credible, susceptible of justifying the annulment of the Contested Decision.

6. Regarding the participant's statement that all credit contracts, regarding which the CNPF issued unexecuted decisions, were subject to court control by filing lawsuits against debtors, where the courts expressed themselves on the amounts that debtors are to return, such that the prescription of certain actions by the CNPF, which contradict some final decisions of the courts,

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are a priori illegal, it should be noted that the decision on a debt collection action does not equate, by itself, with an express finding of conformity of the total cost of credit or the total value payable by the consumer with the legal limits established by Art. 15 para. (7) of Law No. 202/2013 on consumer credit contracts (Law No. 202/2013), and does not justify the removal of the regime provided by the legislator as a sanction for non-compliance.

In the same vein, it is highlighted that the participant did not present evidence in support of its allegation. Accordingly, in the absence of proof to this effect, the entity's statements are purely declaratory and cannot be retained.

7. Secondly, it is highlighted that the participant's perception of the manner in which the legality of an unfavorable administrative act is controlled is erroneous. Moreover, by filing a potential lawsuit by "CASH&GO" SRL, which aims at debt collection from the debtor, the court is not vested with the verification of the legality of an individual administrative act, pertinent to the civil case examined.

8. Furthermore, it is reasonably presumed that, in the hypothesis that the entity had filed such a civil action for debt collection based on a credit contract already examined by the CNPF and regarding which an administrative act favorable to the debtor and unfavorable to the entity had been adopted, such administrative act would not have been presented to the court by the entity.

9. In the same vein, the CNPF finds that the unexecuted decisions were not contested by "CASH&GO" SRL in the administrative dispute procedure, which denotes the entity's recognition of the legality of the individual administrative acts adopted and their enforceability. Subsidiarily, by non-contestation, those decisions remained final and acquired the authority of res judicata.

10. Regarding the principle of non bis in idem, invoked by the participant, it should be specified that the coercive fine, applied by Decision No. 1/2/2026, has an exclusively coercive character, being an enforcement measure of administrative acts, and does not constitute a contraventional sanction. Thus, this principle has no applicability to the case.

11. In the same vein, it should be recorded that the imposition of a coercive fine represents an interference provided by law, which pursues a legitimate aim – ensuring the execution of administrative acts.

12. Regarding the non-compliance with provisions concerning competence (point 2 of the Preliminary Application), it should be highlighted that, pursuant to Art. 26 para. (1) of Law No. 202/2013, "(1) The supervisory authority regarding the respect of legislation in the field of consumer credit contracts is the National Financial Market Commission".

Accordingly, pursuant to the cited norm, the CNPF is authorized to verify the respect of legal requirements within a credit contract, concluded with a consumer, regardless of the current legal status of the creditor.

13. On the subject, it should be specified that Law No. 202/2013 operates with the term "creditor", establishing reference norms at the moment of concluding the contract and in the process of its execution, without the modification of the professional's status over time being relevant.

14. Consistently, it should be noted that, at the date of conclusion of the contracts covered by the CNPF decisions, "CASH&GO" SRL was engaged in lending activities, and its deletion from the Register of Authorized Non-Banking Credit Organizations does not represent the liquidation of the legal person, nor does it absolve it of liability for non-compliance with Law No. 202/2013 at the time of concluding the contracts.

15. Accordingly, the participant's allegations regarding the alleged lack of competence of the CNPF cannot be retained to demonstrate the illegality of Decision No. 1/2/2026.

Thus, in the situation where the participant failed to justify the merit of the request for annulment of Decision No. 1/2/2026, the Preliminary Application should be rejected, as no violations of substantive or procedural norms have been identified.

Regarding the preliminary procedure, it should be noted that, by CNPF letter No. 06-6/178 dated 21.01.2026, the participant was informed of the right to be heard, pursuant to Art. 94 of the Administrative Code, being granted a period, until 26.01.2026, for sending, to the electronic mail address office@cnpf.md, a statement containing arguments additional to those related in the Preliminary Application, in case they can be formulated, which, so far, has not been submitted.

From the considerations exposed above, pursuant to Art. 18 para. (3), Art. 20 para. (1), para. (6) and para. (7) and Art. 22 para. (3) of Law No. 192/1998 regarding the National Financial Market Commission, Art. 17, Art. 19, Art. 162 para. (1) and para. (3) lit. a), Art. 165 para. (1), Art. 166, Art. 167 para. (3), Art. 169 para. (2) and para. (3) of the Administrative Code and the Regulation regarding the organization and functioning of the National Financial Market Commission (CNPF Decision No. 57/11/2022),

The National Financial Market Commission DECIDES:

1. The Preliminary Application, submitted by "CASH&GO" SRL, regarding the annulment of the Decision of the National Financial Market Commission No. 1/2 dated 06.01.2026 regarding the imposition of a coercive fine on "CASH&GO" SRL for non-execution of certain decisions of the National Financial Market Commission (registered at CNPF with No. 232 on 15.01.2026) is rejected.

2. This Decision may be contested with an administrative dispute action, submitted to the Chisinau Court, Rascani seat (MD-2068, Chisinau, Kiev 3 St.), within 30 days from the date of its communication.

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

Dumitru BUDIANSCHI, PRESIDENT