Decisions of the Board of Directors of the National Financial Market Commission – May 18 and 26, 2026

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During the meetings held on May 18 and 26, 2026, the Board of Directors of the National Financial Market Commission (CNPF) adopted a series of decisions concerning consumer protection and the capital market, inter alia:

I. Regulation:

Approval of the Regulation on complaint management and resolution, which establishes uniform rules for all financial service providers for the examination of complaints. The Regulation sets out clear rules regarding how banks, insurers, non-banking credit organizations, and other financial service providers must receive, examine, and resolve customer complaints. The Regulation provides clear response deadlines, the obligation to inform consumers about the status of complaint examination, and the possibility of submitting complaints through multiple channels, including online. Furthermore, providers will be required to keep complaint records and periodically report to the CNPF information on how they are resolved. The new provisions aim to provide consumers with more transparent procedures, in line with European best practices, strengthen their protection, and contribute to increasing trust in financial services. The draft Regulation was subject to public consultations and review by competent authorities. The Regulation on complaint management and resolution is to be implemented starting October 1, 2026.

Approval and transmission to the Ministry of Finance, for promotion, of the following draft laws:

on investment funds, prepared by the CNPF with the support of development partners, to consolidate the regulatory framework for investment funds and the companies that manage them, in the context of aligning national financial market legislation with the European Union acquis. The draft transposes the main European directives and regulations in the field of investment funds and establishes a unified legal framework regarding the establishment, authorization, operation, and supervision of investment funds and investment management companies. Furthermore, it introduces modern rules on investor protection, information transparency, risk and investor fund management, custodian activities, distribution of funds on external markets, as well as consolidated supervision and sanctioning mechanisms. The new law will contribute to the development of the investment fund market in the Republic of Moldova, increase investor protection, and prepare the national financial sector for integration into the European Union internal market.

on securitization, prepared by the CNPF, to align national legislation with European Union standards and develop modern financing mechanisms on the capital market. The draft establishes, for the first time in the Republic of Moldova, a primary legal framework dedicated to securitization – a process through which risks associated with exposures arising from loans or other financial assets can be transformed into financial instruments that attract new alternative sources of financing, thereby diversifying financing sources and increasing liquidity in the financial market. Furthermore, the draft introduces clear rules on securitization transparency, risk retention, due diligence obligations, investor protection, risk management, and the responsibilities of participants involved in securitization processes. Additionally, conditions applicable to simple, transparent, and standardized (STS) securitizations are established, along with supervision requirements exercised by competent authorities and sanctioning measures for legislative violations. The new law will contribute to modernizing and consolidating the financial market infrastructure in the Republic of Moldova, increasing investor confidence, and bringing the national regulatory framework closer to standards and practices applied in the European Union.

on reference indices used on the financial market, prepared by the CNPF with the support of development partners, to align national legislation with European Union standards and consolidate transparency and trust on the financial market. The draft establishes, for the first time in the Republic of Moldova, a legal framework dedicated to reference indices used for pricing financial instruments and contracts, as well as for measuring investment fund performance. The document introduces clear rules on the calculation and administration of these indices to prevent manipulation. Furthermore, the draft sets requirements on data transparency, conflict of interest management, continuity of index usage, and replacement in case of modification or cessation of publication, as well as supervision and sanctioning competencies for the CNPF. The new law will contribute to protecting consumers and investors, increasing the stability and credibility of the financial market in the Republic of Moldova, and bringing the national financial sector closer to practices and standards applied in the European Union.

II. Supervision:

The CNPF identified common deficiencies and deviations at most of the verified insurance companies, during a thematic control conducted on the handling and resolution of damage files related to internal compulsory motor insurance (RCA), for the period 01.01.2025 – 30.09.2025. The control covered both compliance with deadlines for examination, resolution, and payment of compensation, as well as obligations regarding communication of decisions to injured persons and damage file management. Out of the total of over 22,000 internal RCA damage files examined during the control conducted at nine insurance companies, it was established that:

• 11,975 damage files, representing 54.4% of the total, were resolved and paid within a maximum of 30 days from the date of submitting the compensation claim;

• another 4,054 damage files were resolved and paid within 30 to 45 days from the date of submitting the compensation claim, cumulatively representing 72.8% of the resolved files;

• 1,757 damage files were resolved and paid within 45 to 60 days, cumulatively representing 80.8% of the resolved files;

• another 2,341 damage files were resolved and paid within 60 to 90 days, cumulatively constituting 91.4% of the resolved files and falling within the legal deadline.

Furthermore, the checks highlighted a series of deviations regarding compliance with deadlines and procedures applicable in the management and resolution of compensation files, as follows:

• in 849 cases (3.9% of the total), violations of the deadline for damage assessment (5 working days from the date of receiving the compensation claim) were recorded;

• in 1,059 cases (4.8% of the total), violations of the deadline for issuing decisions on resolving compensation claims were recorded;

• in 3,141 cases (14.3% of the total), violations of the deadline for communicating decisions on resolving compensation claims (5 working days from the date of adopting the insurer's decision) were recorded;

• in 1,239 cases (5.6% of the total), insurers admitted violations of the legal deadline for paying insurance compensation within a maximum of 90 days from the date of submitting the compensation claim;

Furthermore, in 5,072 cases (23.0% of the total), violations of the deadline for paying compensation within 10 working days from the issuance of the decision by the insurer were recorded. In certain situations, this discrepancy was also determined by the delayed transmission by claimants of data necessary for payment processing, such as bank details. These practices are likely to affect the rights of injured persons and reduce trust in the insurer's activities, necessitating remedial measures to ensure compliance with the provisions of Law no. 106/2022. In this context, the CNPF ordered all inspected insurance companies to align their activities with the provisions of Law no. 106/2022 and formulated recommendations regarding the implementation of efficient mechanisms for monitoring legal deadlines, improving communication with injured persons, ensuring communication traceability, and continuous training of staff involved in damage settlement, etc. At the same time, the CNPF urges injured persons to complete and correctly fill out compensation forms, including fields necessary for applicant identification, description of the insured event, and payment processing. Complete and timely transmission of information facilitates damage file settlement and compensation payment within the shortest possible timeframes.

Furthermore, during the Board of Directors meeting on May 26, 2026, the CNPF's 2025 Activity Report was approved, which, according to current legislation, must be submitted to Parliament for examination and published on the authority's website by June 1 of the current year. The report is available here: https://tinyurl.com/33vdymrh

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