Regulatory Alerts2026-03-25
Added · Updated
Decisions of the Board of Directors of the National Financial Market Commission – 24 March 2026
The Board of Directors of Moldova’s National Financial Market Commission (CNPF) issued decisions on 24 March 2026 to advance consumer protection and capital market development. The regulatory package forwards a draft law aligning national financial markets with EU MiFID II/MiFIR standards, introducing enhanced transparency, cross-border investment service rules, and supervision powers for crypto-assets and short selling. Concurrently, the CNPF authorized the registration of a 78 300 000 lei equity increase for Donaris Vienna Insurance Group and a 163 820 000 lei floating-rate bond issuance by Moldova-Agroindbank, while also launching a specialist training workshop on crypto-asset regulation.
During the meeting held on 24 March 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 CNPF Decision regarding the forwarding, for opinion and public consultation, to the Ministry of Finance of the Republic of Moldova of the Draft Law on financial instrument markets and investment activities. The Draft Law aims to modernize the national regulatory framework and align it with European Union standards, in the context of the Republic of Moldova's EU accession process. The Draft establishes a new legal framework consistent with European legislation (MiFID II/MiFIR), replacing existing regulations. It aims to strengthen market transparency and integrity, enhance investor protection, and develop the capital market infrastructure. Key provisions include the regulation of new types of trading venues, the introduction of extensive reporting and transparency requirements, the strengthening of the CNPF's supervisory competences, and the establishment of modern rules regarding the provision of investment services, including cross-border. Additionally, the Draft regulates areas previously uncovered, such as securities and financial transactions (SFTs), short selling, and data reporting service providers. The implementation of the new law will contribute to increasing confidence in the financial instrument market, facilitating access to financing, including for small and medium-sized enterprises, and integrating the financial market of the Republic of Moldova into the European Union internal market.
II. Authorization:
Registration in the Register of Securities Issuers of the results regarding:
the results of the additional share issuance by the Joint Stock Company "DONARIS VIENNA INSURANCE GROUP", in the amount of 78 300 000 lei, comprising 2 900 000 registered ordinary shares, funded from cash resources. The company's share capital, after the increase, will amount to 128 994 255 lei, divided into 4 777 565 registered ordinary Class I shares, with a nominal value of 27 lei per share.
the results of the first bond issuance, under Offering Program (IV), by the Commercial Bank "MOLDOVA-AGROINDBANK" JSC, in the amount of 163 820 000 lei, comprising 8 191 registered Class VI bonds, with a nominal value of 20 000 lei per bond, with a circulation term of 3 years, featuring a floating interest rate linked to the weighted average interest rate on new deposits attracted across the entire banking sector (in national currency), with a term of 6 to 12 months, published on the official website of the National Bank of Moldova (www.bnm.md) on the first day of the public offering period (19.02.2026), and which is adjusted annually on the same date (month and day) + a fixed margin of 1.0%, payable monthly.
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Training workshop for CNPF specialists on the regulation and supervision of crypto-assets