Decision No. 54/7 of the National Financial Market Commission on Approving Amendments to the Central Securities Depository Rules

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
November 11, 2025 No. 54/7

On the approval of amendments and additions to the Rules of the Central Securities Depository

Following the examination of the request from the National Bank of Moldova (No. 26-01109/2029/5394 dated October 22, 2025, registered with the National Financial Market Commission (CNPF) under No. 7694 on October 22, 2025) regarding the approval of amendments and additions to the Rules of the Central Securities Depository (DCU), 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), and Article 22(3) 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 amendments and additions made to the Rules of the Central Securities Depository, previously approved by Decision of the DCU Supervisory Board No. 45 of October 9, 2025 (attached), are approved.

2. This Decision may be contested by filing a preliminary request with 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).

Dumitru BUDIANSCHI,
PRESIDENT

CENTRAL SECURITIES DEPOSITORY
RULES

Central Securities Depository
Entry into force date:
May 1, 2019
Approval Decision:
DCU Supervisory Board Decision No. 14 of April 19, 2019 Coordination with NBM:
NBM Decision No. 114 of April 18, 2019
Coordination with CNPF:
CNPF Decision No. 16/1 of April 18, 2019
© Central Securities Depository 2019

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 legal framework .....................................................................................................................................5
Art. 2. Terms and abbreviations .........................................................................................................................................................5
Art. 3. Central Securities Depository .......................................................................................................................... 8
Art. 4. DCU Rules and DCU Procedures ..........................................................................................................................10
Art. 5. Application and interpretation of these Rules and DCU Procedures ..............................................................10
Art. 6. DCU Liability .....................................................................................................................................................11
Art. 7. Applicable law and competent jurisdiction ..............................................................................................................11
Art. 8. Dispute resolution mechanisms .........................................................................................................................................11
Art. 9. Communications and interactions ......................................................................................................................................12
Art. 10. Minimum quality level and availability of services provided ................................................................13

Chapter II. Main Requirements for DCU Activity .............................................................................................13
Art. 11. DCU System and connections with other systems ....................................................................................................13
Art. 12. Connections with other central securities depositories ...................................................................................14
Art. 13. Confidentiality clauses .....................................................................................................................................15
Art. 14. Disclosure of information .......................................................................................................................................16
Art. 15. Protection of securities and monetary funds ...........................................................................................16
Art. 16. General conditions for service provision by the DCU ..................................................................... 17
Art. 17. DCU Activity Program ..............................................................................................................................17
Art. 18. Other requirements for DCU activity ...................................................................................................................18

Chapter III. DCU Participants ........................................................................................................................................18
Art. 19. Obtaining participant status .........................................................................................................................18
Art. 20. Commencing activity as a participant ................................................................................................... 20
Art. 21. Roles held in the DCU System by the participant ...............................................................................20
Art. 22. Participant obligations ......................................................................................................................................21
Art. 23. Suspension of participant status ....................................................................................................................22
Art. 24. Withdrawal of participant status .......................................................................................................................23
Art. 25. Decision on suspension/withdrawal .........................................................................................................................23
Art. 26. Consequences of suspension/withdrawal ...................................................................................................................23
Art. 27. Participant liability ................................................................................................................................. 24
Art. 28. Role of payment settlement agent ...............................................................................................................25
Art. 29. Payment settlement agent for a participant who does not hold a settlement account in SAPI .........25
Art. 30. Contractual relations with participants ...................................................................................................................26
Art. 31. Contractual relations between participant and its clients ........................................................................................27
Art. 32. Confidentiality clauses applied to the participant ......................................................................................27
Art. 33. Participant users .....................................................................................................................................28

Chapter IV. Registration of Securities and Issuer ...............................................................................29
Art. 34. General provisions on the registration of securities ...................................................................29
Art. 35. Registration of securities ........................................................................................................................29
Art. 36. Allocation of ISIN code and CFI code by the DCU .....................................................................................30
Art. 37. Specifics regarding the registration of securities issued previously ...............................................30
Art. 38. Registration of modifications regarding securities .................................................................................31
Art. 39. Registration of the issuer ...................................................................................................................................... 31
Art. 40. Issuer obligations and liability ..............................................................................................................31
Art. 41. Issuer's agent ................................................................................................................................................32
Art. 42. Issuer's payment settlement agent ................................................................................................................32
Art. 43. Contractual relations with the issuer .........................................................................................................................33

Chapter V. Custody Registration and Withdrawal of Registered Securities ..................................... 33
Art. 44. Custody registration, if centralized records are kept by a registry company ............33
Art. 45. Withdrawal from custody, if centralized records are kept by a registry company ..............34
Art. 46. Custody registration, if centralized records are kept by another central securities depository .........35

Chapter VI. Opening and Administration of Securities Accounts ........................................................36
Art. 47. General provisions on securities accounts ...........................................................................36
Art. 48. Individual accounts .................................................................................................................................................36
Art. 49. Rights and restrictions on securities ............................................................................................36
Art. 50. Segregation of participant's clients .................................................................................................................37
Art. 51. Opening and administration of accounts ..........................................................................................................38
Art. 52. Crediting and debiting the securities account ....................................................................................39
Art. 53. Account statement .........................................................................................................................................................40
Art. 54. Account operator obligations .......................................................................................................................40
Art. 55. DCU securities accounts ...............................................................................................................41

Chapter VII. Processing of Transfer Orders ...........................................................................................................41
Art. 56. General requirements for processing transfer orders ........................................................................41
Art. 57. Time of entry of transfer order (SF I) .......................................................................................42
Art. 58. Time of irrevocability of transfer order (SF II) ................................................................................42
Art. 59. Finality of settlements (SF III) ...................................................................................................... 43
Art. 60. Modification and cancellation of transfer order ................................................................................................43
Art. 61. Correction of order or operations by the DCU ..................................................................................44
Art. 62. Suspension and refusal of transfer orders ..................................................................................................44

Chapter VIII. Settlement of Operations Performed through the DCU System ..................................................................44
Art. 63. General provisions on securities settlement .......................................................................44
Art. 64. Anticipated settlement date ....................................................................................................................45
Art. 65. Settlement of monetary funds for operations performed through the DCU System ............................46
Art. 66. Time of final settlement of monetary funds .................................................................................47
Art. 67. Measures to prevent settlement failures ....................................................................................................47
Art. 68. Settlement of transactions concluded on a regulated market or MTF .....................................................48
Art. 69. Settlement of transactions concluded outside the regulated market or MTF .............................................48
Art. 70. Measures applied in case of settlement failure .....................................................................................................49
Art. 71. Extension of the settlement period for transactions concluded on the regulated market or MTF ...........50
Art. 72. Penalties applied in case of settlement failure ...............................................................................................50

Chapter IX. Auxiliary and Complementary Services ......................................................................................................51
Art. 73. General provisions on auxiliary and complementary services ..........................................................51
Art. 74. Services related to securities holder registers ................................................................... 51
Art. 75. Services for preparing and issuing lists of shareholders and bondholders ........................52
Art. 76. Corporate actions processing services .........................................................................................52
Art. 77. Collateral management ...........................................................................................................................................53

Chapter X. Restrictions on Securities Accounts ................................................................................................53
Art. 78. General provisions on restrictions on securities accounts ......................................................53
Art. 79. Registration of financial guarantees ...................................................................................................................54
Art. 80. Restrictions applied by the DCU at the request of the competent authority .....................................................................54
Art. 81. Restrictions applied by the participant at the request of the competent authority ........................................................55

Chapter XI. Risk Management ..............................................................................................................................55
Art. 82. General provisions on risk management ........................................................................................55
Art. 83. Measures applied to ensure continuity ..........................................................................................56
Art. 84. Ensuring the integrity of the securities issue ...................................................................................56
Art. 85. Ensuring the integrity of ownership rights to securities ........................................57
Art. 86. Participant obligations in the field of risk management .......................................................................57

Chapter XII. Management of Participant Insolvency Cases ...............................................................57
Art. 87. General provisions on participant insolvency .......................................................................57
Art. 88. Measures and procedures in case of insolvency ...................................................................................................58

Chapter XIII. Payments and Fees for Services Provided by the DCU ......................................................................58
Art. 89. General provisions on payments and fees .......................................................................................58
Art. 90. Method of collecting payments and fees ..............................................................................................59
Art. 91. Obligation to pay payments and fees .................................................................................................... 59
Art. 92. Method of collecting fees for services provided to the issuer ..................................... 60
Art. 93. Method of collecting fees from other natural and legal persons .............................................61

Annex No. 1. Contract on participant status in the DCU (model) .....................................................................62
Annex No. 2. Contract on settlement of corporate operations in the DCU System (model) .........................64

Chapter I. General Provisions

Art. 1. Legal basis and legal framework
(1) The Rules of the Central Securities Depository (hereinafter referred to as "DCU Rules" or "these Rules") are elaborated and approved pursuant to Article 25 of Law No. 234/2016 on the Central Securities Depository. (2) The DCU Rules are elaborated 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 systems and financial instrument 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 "DCU"), including the main requirements for carrying out activities related to the registration, centralized administration, and settlement of securities and the provision of auxiliary services by the DCU, as well as regarding the legal relations of the DCU with DCU participants, issuers, securities holders, and other persons.

Art. 2. Terms 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 DCU, to perform on behalf of the issuer one or more of the obligations and activities established by these Rules and DCU Procedures; securities settlement agent (hereinafter referred to as "settlement agent") – a participant that makes securities accounts available to its clients, through which transfer orders for securities in the DCU System are settled; payment settlement agent (hereinafter referred to as "payment agent") – a participant that makes monetary fund accounts available to its clients, through which payment orders for securities settlements in the DCU System are settled; margin call – a procedure applied in the context of repurchase operations (repo/reverse repo, credits) whereby counterparties are requested 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; DCU client – a participant, issuer, securities holder, or another person to whom the DCU provides services established by Article 3(3) under the 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 which 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 securities depository connection – an agreement between central securities depositories whereby one central securities depository becomes a participant in the financial instrument settlement system of another central securities depository to facilitate the transfer of financial instruments from participants of the latter central securities depository to participants of the first central securities depository, or an agreement whereby a central securities depository obtains indirect access to another central securities depository with the help of an intermediary;

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

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