Decision on the Confirmation of the Chairman of the Market Operator - Joint Stock Company 'Bursa de Valori a Moldovei'

REPUBLIC OF MOLDOVA
NATIONAL COMMISSION FOR THE FINANCIAL MARKET
DECISION
October 20, 2025

On the confirmation of the Chairman of the market operator - Joint Stock Company "Bursa de Valori a Moldovei" No. 50/3

On September 25, 2025, within the framework of the National Commission for the Financial Market (CNPF), the application of the Joint Stock Company "Bursa de Valori a Moldovei" (BVM), along with the accompanying documents, was registered (under No. 7053), requesting the confirmation of Ms. Nina Dosca in the position of Chairman (head) of BVM.

In law, Article 61, paragraph (3) of Law No. 1711/2012 on the capital market (Law No. 1711/2012) establishes the conditions that the head of the market operator must cumulatively meet, in order to ensure prudent and correct management, appropriate to the duties.

In principle, in accordance with point 25 of the Regulation on regulated markets and multilateral trading systems (CNPF Decision No. 4912/2015, hereinafter - Regulation), the candidate for the executive body of the market operator must have a good reputation, qualification, and professional experience appropriate for the activity of the market operator and must demonstrate behavior characteristic of a prudent expert in the field.

For the evaluation of the good reputation, qualification, and professional experience appropriate for the function to be exercised by the candidate, the role, duties of the management function of the market operator, and the necessary capacity for its exercise are taken into consideration, as well as the knowledge and competencies obtained based on studies, practice, professional training, and competencies acquired and demonstrated through professional conduct, accumulated in previous management positions held.

Regarding the subject, BVM presented the complete set of documents provided for in point 30 of the Regulation.

Complementarily, for the evaluation of the reputational criterion, the CNPF requested, by letter No. 03-713963 dated October 3, 2025, the National Anti-Corruption Center and the General Prosecutor's Office, and by letter No. 03-714066 dated October 10, 2025, the Ministry of Internal Affairs, to present, if any, any information regarding the reputation and integrity of Ms. Nina Dosca, including whether she is the subject of investigations within the framework of criminal proceedings or cases.

In this context, by the Order of the Chairman of the CNPF No. 1044 dated October 3, 2025, regarding the suspension of the administrative procedure initiated on the basis of the application of SA "Bursa de Valori a Moldovei", the term of the administrative procedure was suspended until the presentation of the information in question.

77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpm.md, e-mail: office@cnpm.md

In the case, the requested information was presented by the National Anti-Corruption Center on October 9, 2023, by the General Prosecutor's Office on October 13, 2025, and by the Ministry of Internal Affairs on October 17, 2025.

As a result of the examination of the information from the presented documents and the responses received from the aforementioned law enforcement bodies, in light of the compliance with the conditions established in Article 61, paragraph (3) of Law No. 1711/2012 and the procedure provided for in points 25 - 34 of the Regulation, it is established that Ms. Nina Dosca corresponds to the position of Chairman of BVM.

On the basis of Article 20, paragraph (1) and Article 22, paragraph (3) of Law No. 192/1998 on the National Commission for the Financial Market, Article 61, paragraph (1), letter d) of Law No. 1711/2012 on the capital market, the Regulation on regulated markets and multilateral trading systems (CNPF Decision No. 4912/2015), points 16 and 19 of the Regulation on the organization and functioning of the National Commission for the Financial Market (CNPF Decision No. 5711/2022),

The National Commission for the Financial Market DECIDES:

1. Ms. Nina Dosca is confirmed in the position of Chairman of the market operator - Joint Stock Company "Bursa de Valori a Moldovei", for a term of 3 (three) years, in accordance with the decision of the BVM Council, recorded in the Minutes No. 09125 dated September 19, 2025.

2. This Decision may be contested by filing a preliminary request addressed to the CNPF (MD-2012, Chisinau, Stefan cel Mare si Sfant Blvd., No. 77), within 30 days from the date of notification.

3. This Decision enters into force on the date of adoption and is communicated to the recipient in accordance with the legislation.

A/5/4 . ,/

Dumitru BUDIANSCHI,
CHAIRMAN