REPUBLIC OF MOLDOVA

NATIONAL COMMISSION OF THE FINANCIAL MARKET

DECISION

19 August 2025
No. 40/4

On the revocation of the Order of the National Commission of the Financial Market No. 6/4-O dated 18.02.2011 regarding the suspension of banking operations at the current accounts of the Joint Stock Company "Cicec"

On 18.07.2025, within the framework of the National Commission of the Financial Market (CNPF), the letter from BC "EXIMBANK" SA (Bank) No. 07-768 was registered (with No. 5565), through which it is communicated about the termination of business relationships with certain clients, listed in the attached list to the aforementioned letter.

At the same time, given that, with respect to certain clients, legal measures of coercion and/or assurance have been imposed, the Bank requests the CNPF to "apply the relevant provisions of the applicable legislation."

In this context, it should be noted that among the clients mentioned in the list, the Joint Stock Company "Cicec" (Society) is identified, which is the subject of CNPF Order No. 6/4-O dated 18.02.2011 regarding the suspension of banking operations at the current accounts of the Joint Stock Company "Cicec" (Order).

According to point 1 of the Order, the CNPF ordered the suspension of banking operations at the current accounts of the Society until the maintenance of the register of securities holders is ensured in accordance with the provisions of the legislation. This measure was applied following the CNPF's finding of non-execution of Decision No. 58/6 dated 30.12.2010 regarding the maintenance of the register of securities holders, according to which the Society was prescribed to take measures to ensure the maintenance of the register of securities holders, in accordance with the provisions of the legislation.

Consequently, according to the information from the specialized quarterly reports F19 "Report on registers kept by registry companies," submitted to the CNPF by the registry company "Central Depository," it is established that the Society has a contract concluded with the respective registry company.

Therefore, it is revealed that the Society has executed the obligation to ensure the maintenance of the register of securities holders, which determines the consummation of the fact that caused the application of the coercive measure in the form of suspension of banking operations at its current accounts.

In law, according to Art. 139 para. (3) of the Administrative Code, "(3) An individual administrative act remains valid as long as it is not withdrawn, revoked or annulled in another manner or has not been consumed by the expiration of time or in another manner."

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Subsequently, according to Art. 145 of the Administrative Code, "An individual administrative act legally unfavorable may be revoked in whole or in part with effect for the future even after it has become incontestable, except in the case where a new administrative act with the same content should be issued or when revocation is not admitted for other reasons."

From the considerations exposed above, on the basis of Law No. 192/1998 on the National Commission of the Financial Market, Art. 145 of the Administrative Code, point 16 and point 19 of the Regulation on the organization and functioning of the National Commission of the Financial Market (CNPF Decision No. 57/11/2022),

The National Commission of the Financial Market DECIDES:

1. CNPF Order No. 6/4-O dated 18.02.2011 regarding the suspension of banking operations at the current accounts of the Joint Stock Company "Cicec" is revoked.
2. The State Fiscal Service and commercial banks are notified regarding the termination of the legal effects of the Order mentioned in point 1.
3. Control over the execution of this Decision is assigned to the Capital Market Department.
4. This Decision may be contested by submitting a preliminary request to the CNPF (MD-2012, Chisinau, Stefan cel Mare si Sfant Blvd., No. 77), within 30 days from the date of communication.
5. This Decision enters into force on the date of adoption, is published in the Official Monitor of the Republic of Moldova and on the official website of the CNPF (www.cnppf.md).

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Dumitru BUDIANSCHI,
PRESIDENT

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Stefan cel Mare si Sfant Blvd., No. 77, Chisinau, MD 2012, tel: (373 22) 859 401, www.cnppf.md, e-mail: office@cnppf.md