Decision on Imposing a Coercive Fine on OCN U CAPITAL SRL for Non-Execution of Financial Market Commission Decisions

REPUBLIC OF MOLDOVA
NATIONAL COMMISSION FOR FINANCIAL MARKETS
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md

DECISION
January 6, 2026 No. 1/4

On the application of the coercive fine to OCN "U CAPITAL" SRL for non-execution of certain decisions of the National Commission for Financial Markets

On July 31, 2023, Decision of the National Commission for Financial Markets (CNPF) No. 41/1 was adopted regarding the compliance of OCN "U CAPITAL" SRL with the regulatory framework (Decision No. 41/1/2023).

Subsequently, during the year 2024, with respect to OCN "U CAPITAL" SRL, the CNPF adopted the following decisions, which remained unexecuted:

1) Decision No. 1/2 dated January 9, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 6825 on October 5, 2023, concerning OCN "U CAPITAL" SRL;
2) Decision No. 1/3 dated January 9, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 7383 on October 30, 2023, concerning OCN "U CAPITAL" SRL;
3) Decision No. 8/1 dated February 13, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 8459 on December 14, 2023, concerning OCN "U CAPITAL" SRL;
4) Decision No. 18/2 dated April 9, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 688 on February 1, 2024, concerning OCN "U CAPITAL" SRL;
5) Decision No. 18/3 dated April 9, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 574 on January 26, 2024, concerning OCN "U CAPITAL" SRL;
6) Decision No. 18/4 dated April 9, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 1065 on February 14, 2024, concerning OCN "U CAPITAL" SRL;
7) Decision No. 27/1 dated June 4, 2024, regarding the petition registered with the National Commission for Financial Markets under No. 2202 on March 25, 2024, concerning OCN "U CAPITAL" SRL (primarily unexecuted decisions).

Through the majority of the primarily unexecuted decisions, OCN "U CAPITAL" SRL (creditor) was prescribed, primarily, the application of Art. 15 para. (9) or, as applicable, para. (91) of Law No. 202/2013 on consumer credit contracts.

Subsequently, on October 18, 2025, the CNPF initiated, ex officio, an administrative procedure regarding the verification of the execution by OCN "U CAPITAL" SRL of the primarily unexecuted decisions, which concluded on November 25, 2025, with the adoption of Decision 54/1 regarding the repeated prescription to OCN "U CAPITAL" SRL to execute the CNPF decisions No. 41/1/2023, No. 1/2/2024, No. 1/3/2024, No. 8/1/2024, No. 18/2/2024, No. 18/3/2024, No. 18/4/2024, and No. 27/1/2024 (Decision No. 54/1/2024).

According to point 1 of Decision No. 54/1/2025, the creditor was repeatedly prescribed to execute the primarily unexecuted decisions within 30 days from the date of adoption.

Regarding this matter, having established the non-submission, within the granted term, of information regarding the measures taken by OCN "U CAPITAL" SRL, the CNPF, on November 13, 2025, initiated, ex officio, an administrative procedure aimed at verifying the execution by the creditor of Decision No. 54/1/2025 and, implicitly, the primarily unexecuted decisions.

In this regard, through letter No. 04-5/4456 dated November 13, 2025, the CNPF communicated to the creditor, at the email address u.capital.2022@gmail.com, about the initiation of the administrative procedure and requested the submission, by November 27, 2025, of information regarding the execution of point 1 of Decision No. 54/1/2025 and, implicitly, the primarily unexecuted decisions, indicating the measures taken by it.

In this context, it should be noted that, within the term established by the CNPF, the creditor did not submit the requested information.

Under the conditions of the lack of information demonstrating the contrary, the CNPF concluded on the non-execution by OCN "U CAPITAL" SRL of Decision No. 54/1/2025 and, implicitly, the primarily unexecuted decisions.

Consequently, it should be retained that Decision No. 54/1/2025 and the primarily unexecuted decisions are individual administrative acts, within the meaning of Art. 10 para. (1) of the Administrative Code, namely: "(1) An individual administrative act is any disposition, decision, or other official measure undertaken by a public authority to regulate an individual case in the field of public law, with the aim of producing immediate legal effects, through the creation, modification, or termination of public law legal relationships.", as well as unfavorable acts, under Art. 11 para. (1) lit. a) of the same law.

By their nature and legal effects, Decision No. 54/1/2025 and the primarily unexecuted decisions are mandatory and enforceable, under the conditions provided by law.

In this context, according to Art. 179 of the Administrative Code, "An obligation based on an individual administrative act or an administrative contract, aimed at handing over a good, carrying out another action, tolerating, or inaction, can be realized through the following coercive measures: realization by substitution, coercive fine, and immediate exercise of coercion (direct coercion).".

Based on the nature of the obligations prescribed to OCN "U CAPITAL" SRL by the primarily unexecuted decisions, it should be recorded that the execution of these individual administrative acts can be realized, in the order provided by Book Two, Title VII, Chapter III of the Administrative Code, only through the application of the coercive measure in the form of a coercive fine.

For its part, Art. 185 para. (1) and para. (3) of the Administrative Code provides that, before coercive measures are applied, a summons is issued regarding the possibility of using coercive measures, with a reasonable term for execution established in the summons.

Additionally, in the case of a summons with a fine, the amount of the fine is indicated.

According to Art. 181 para. (4) of the Administrative Code, "(4) The amount of the coercive fine is at least 20 and at most 10,000 conventional units. One conventional unit constitutes 50 lei. In setting the coercive fine, the economic interest of the debtor in non-fulfillment of the obligation concerning them will also be taken into account.".

Thus, in accordance with Art. 185 of the Administrative Code, on December 2, 2025, the CNPF adopted Decision No. 58/7 regarding the summons for execution by OCN "U CAPITAL" SRL of certain decisions of the National Commission for Financial Markets (Decision No. 58/7/2025), according to which the creditor was summoned to execute the obligations provided in the decisions mentioned in point 1 of the aforementioned Decision, within 10 working days from the date of its communication.

In this regard, through the Order of the President of the CNPF No. 1204 dated December 4, 2025, regarding the suspension of the administrative procedure initiated, ex officio, on November 13, 2025, with respect to OCN "U CAPITAL" SRL, the administrative procedure was suspended until December 18, 2025, inclusive.

Also, through the Order of the Vice President of the CNPF No. 1243 dated December 23, 2025, regarding the extension of the administrative procedure initiated, ex officio, on November 13, 2025, with respect to OCN "U CAPITAL" SRL, the term of the administrative procedure was extended by 15 days.

Subsequently, in accordance with Art. 94 of the Administrative Code, through CNPF letter No. 04-5/4926 dated December 19, 2025 (sent to the email address u.capital.2022@gmail.com), OCN "U CAPITAL" SRL was notified of the right to be heard on December 24, 2025, at 09:30, in connection with the facts and circumstances relevant to the act to be issued, with the request to confirm participation or refusal to participate in the hearing procedure by December 23, 2025, at 16:00, to the email addresses office@cnpf.md and liubovi.vacariuc@cnpf.md.

Regarding this matter, it should be noted that OCN "U CAPITAL" SRL did not confirm participation in the hearing within the established term and, consequently, the creditor's representative did not appear on the date and time indicated in the citation.

Consequently, given the factual circumstances exposed above, the CNPF finds that the prescription provided in point 1 of Decision No. 58/7/2025 was not executed within the established term.

At the same time, the creditor was warned that, in case of non-execution of the obligation provided in point 1 of Decision No. 58/7/2025, the CNPF will apply a coercive fine in the amount of 1,200 conventional units, equivalent to 60,000 MDL, due upon expiration of the term indicated in point 1 of the aforementioned Decision.

In this context, Decision No. 58/7/2025 contains the necessary reasoning for establishing the amount of the fine to be applied in case of non-execution.

Thus, it is repeatedly assessed that the coercive measure in question is one suitable for achieving the goal and is necessary in relation to it, as it aims to execute an obligation established by law, and the respective method of execution of individual administrative acts has a legal source.

With reference to the reasonable character, in accordance with Art. 29 para. (3) of the Administrative Code, which provides that "(3) The measure undertaken by public authorities is reasonable if the interference produced by it is not disproportionate in relation to the goal pursued.", it should be specified that the coercive fine in the amount of 1,200 conventional units, equivalent to 60,000 MDL, aims to emphasize the enforceable character of the individual administrative act, satisfying this criterion, being proportional to the violated rights of the consumer of credit services.

Having in view what is recorded above, on the basis of Art. 4 para. (21), Art. 8 lit. b), Art. 9 para. (1) lit. d), Art. 18 para. (3), Art. 20 para. (1), para. (6) and para. (7) and Art. 22 para. (3) of Law No. 192/1998 on the National Commission for Financial Markets, Art. 181 and Art. 186 para. (1) of the Administrative Code, and points 16 and 19 of the Regulation on the organization and functioning of the National Commission for Financial Markets (Decision No. 57/11/2022),

The National Commission for Financial Markets DECIDES:

1. A coercive fine in the amount of 1,200 conventional units, equivalent to 60,000 MDL, is imposed on OCN "U CAPITAL" SRL.
2. The coercive fine in the amount of 60,000 MDL is to be transferred by OCN "U CAPITAL" SRL to the IBAN account MD52TRGAAA14336101000000, Ministry of Finance – State Treasury, fiscal code 1006601000037, within 7 days from the communication of this Decision.
3. Regarding the measures taken to execute this Decision, OCN "U CAPITAL" SRL will inform the CNPF within 30 days from the date of communication of this decision.
4. Control over the execution of this Decision is assigned to the Credits/Deposits Directorate within the Department for Supervision of Consumer Protection and the Legal Department.
5. This Decision may be contested by filing a preliminary request addressed to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), within 30 days from the date of communication.
6. 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