Decision on suspending operations at accounts of JSC COLOANA AUTO 2811 held with payment service providers other than banks

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 June 9, 2026 No. 27/2 On the suspension of operations at the accounts of the Joint Stock Company "COLOANA AUTO 2811", held with payment service providers other than banks

In fact, according to Decision No. 56/1/2023 of the National Financial Market Commission (CNPF/authority) prescribing that JSC "COLOANA AUTO 2811" (hereinafter referred to as JSC "COLOANA AUTO 2811"/the Company) present the information and materials requested by the authority via letters No. 03-5/2064 dated July 18, 2023, and No. 03-5/2144 dated July 27, 2023.

Given the non-execution of Decision No. 56/1/2023 within the established deadline, the authority issued Decision No. 16/3/2024 regarding the suspension of banking operations at the current accounts of JSC "COLOANA AUTO 2811" (Decision No. 16/3/2024), according to which, on the basis of Art. 9 para. (1) lit. c) of Law No. 192/1998 on the National Financial Market Commission (in the version in force at the date of issuance of the administrative act, hereinafter – Law No. 192/1998), it ordered the suspension of banking operations at the current accounts of JSC "COLOANA AUTO 2811" "until the presentation to the National Financial Market Commission of the information/materials requested (via letters No. 03-5/2064 dated July 18, 2023, and No. 03-5/2144 dated July 27, 2023).".

Complementarily, on March 13, 2026, via letter No. 03-5/797, the CNPF notified JSC "COLOANA AUTO 2811" about the initiation, ex officio, of the administrative procedure, aimed at verifying the actions taken by the Company to execute Decision No. 56/1/2023.

Through the aforementioned letter, the CNPF requested the Company to present relevant information regarding the execution of Decision No. 56/1/2023, as well as information regarding the list of all accounts held, including accounts held with payment service providers other than banks, setting the deadline for presentation – until March 30, 2026.

At the same time, according to the Order of the Vice President of the CNPF No. 133 dated March 20, 2026, regarding the suspension of the general term of the administrative procedure initiated, ex officio, by letter of the National Financial Market Commission No. 03-5/797 dated March 13, 2026, the administrative procedure was suspended until March 30, 2026.

Correspondingly, that Order was notified to the Company via CNPF letter No. 03-5/908 dated March 23, 2026.

Furthermore, according to the Order of the President of the CNPF No. 194 dated April 17, 2026, regarding the extension of the general term of the administrative procedure initiated, ex officio, by letter of the National Financial Market Commission No. 03-5/797 dated March 13, 2026, and its suspension (Order), a deadline until April 30, 2026, was established for the Company to present a response, for the purpose of hearing, in accordance with Art. 94 para. (2) of the Administrative Code, and the general term of the administrative procedure was extended by 15 days, in accordance with Art. 60 para. (4) of the Administrative Code.

At the same time, the Order was communicated to the Company via CNPF letter No. 03-5/1413 dated April 22, 2026.

In this case, it should be noted that, to date, the Company has not presented any response to the previous requests of the CNPF, including the letter No. 03-5/1413 dated April 22, 2026, thereby hindering the exercise of supervisory powers by the authority, a fact that requires the taking of measures prescribed by administrative legislation, in order to enforce the administrative act.

In this regard, it should be recorded, a priori, that Decision No. 56/1/2023 represents an individual unfavorable administrative act, within the meaning of Art. 10 para. (1), combined with Art. 11 para. (1) lit. a) of the Administrative Code, and consequently, produces legal effects.

Consequently, under the conditions of Art. 179 of the Administrative Code, Decision No. 56/1/2023 is enforceable and must be subject to enforcement under the provisions of Title VII of the Administrative Code.

Correspondingly, given the non-execution of the CNPF prescription, to ensure the exercise by the Company of the obligations derived from the regulatory framework for the activity of joint stock companies, the imperative of taking additional measures is concluded, by applying the provisions on the suspension of operations at the Company's accounts held with payment service providers other than banks, alongside the suspension of bank accounts, disposed of by Decision No. 16/3/2024, suitable for achieving the pursued goal, necessary and reasonable, oriented towards ensuring the comprehensive examination of the circumstances of the case and the formulation of objective and motivated conclusions regarding the targeted part of the Company's activity.

Thus, arising from the nature of the administrative act, under the conditions of Art. 179, combined with the provisions of Art. 184 and Art. 185 para. (1) of the Administrative Code, it was concluded that the execution of Decision No. 56/1/2023 can be achieved by applying the coercive measure in the form of direct constraint.

In law, Art. 185 para. (1) and para. (3) of the Administrative Code stipulates that, "(1) Before coercive measures are applied against the debtor, he is warned about the possibility of using coercive measures. A reasonable deadline for execution is set in the warning. Establishing a deadline is not necessary if an action or inaction tolerance is to be imposed. (3) The coercive measure intended to be applied is indicated in the warning. […]".

In this sense, the authority issued Decision No. 24/3 dated May 18, 2026, On the warning of execution by JSC "COLOANA AUTO 2811" of CNPF Decision No. 56/1/2023 prescribing JSC "COLOANA AUTO 2811" (Decision No. 24/3/2026), through which it warned the Company to execute point 1 of Decision No. 56/1/2023 by June 8, 2026.

That Decision was notified to the company via letter No. 03-5/1952 dated May 19, 2026.

Complementarily, through the Order of the President No. 280 dated May 18, 2026, regarding the suspension of the administrative procedure initiated, ex officio, by letter of the National Financial Market Commission No. 03-5/797 dated March 13, 2026, the administrative procedure was suspended until June 8, 2026, inclusive.

That Order was notified to the Company via CNPF letter No. 03-5/1952 dated May 19, 2026.

In this case, it should be noted that the Company, to date, has not presented any information regarding the execution of Decision No. 24/3/2026.

Consequently, given the factual circumstances exposed above, the CNPF finds that the warning provided for in point 1 of Decision No. 24/3/2026 was not executed within the established deadline.

At the same time, the Company was alerted that, in case of non-execution of the obligation provided for in point 1 of Decision No. 24/3/2026, the measure of direct constraint in the form of suspension of operations at the Company's accounts held with payment service providers other than banks will be applied.

Thus, it is reiterated that the coercive measure in question is suitable for achieving the goal and is necessary in relation to it, since the execution of an obligation established by law is pursued, and that respective method of execution of individual administrative acts has a legal source.

Moreover, it should be mentioned that, on the basis of Art. 4 para. (1) and Art. 9 para. (1) lit. c) of Law No. 192/1998 (in the version in force on March 25, 2024), restrictions on activity were applied to the Company, by Decision No. 16/3/2024, in the form of suspension of operations at current accounts held in banks.

In this case, by relating the cited legal provisions to the situation in the case, the direct constraint must be applied according to the provisions of Art. 9 lit. c) of Law No. 192/1998, according to which, "(1) The National Commission has the following rights: c) to apply, in the manner provided by legislation, restrictions on the activity of securities issuers and professional participants, as well as on the activity of those who previously held the status of professional participant and have not completed the fulfillment of obligations deriving from that activity, including to suspend operations at their accounts;".

At the same time, given that, by Decision No. 16/3/2024, restrictions were applied to the activity of JSC "COLOANA AUTO 2811" in the form of suspension of banking operations, the direct constraint aims at applying restrictions in the form of suspension of operations at the Company's accounts held with payment service providers other than banks.

From the considerations stated above, on the basis of Art. 8 lit. b), Art. 9 para. (1) lit. c), 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 Financial Market Commission, Art. 179, Art. 184 and Art. 186 para. (1) of the Administrative Code, point 16 and point 19 of 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 coercive measure in the form of suspension of operations at the accounts of the Joint Stock Company "COLOANA AUTO 2811", held with payment providers other than banks, with the exception of payments to the state budget, is applied, until the presentation to the National Financial Market Commission of the information/materials requested via letters No. 03-5/2064 dated July 18, 2023, and No. 03-5/2144 dated July 27, 2023.

2. The State Fiscal Service and payment providers other than banks are notified regarding the restrictions applied to the Joint Stock Company "COLOANA AUTO 2811".

3. Control over the execution of this Decision is placed under the responsibility of the Capital Market Department.

4. This Decision may be contested by filing 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 communicated to the recipient according to legislation, and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT