Decisions of the Board of Directors of the National Financial Market Commission – 12 May 2026

During the meeting on 12 May 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 and submission to the Ministry of Finance, for promotion, of the draft law amending Law no. 198/2020 on voluntary pension funds, drafted to harmonize the national framework with European Union legislation and strengthen the protection of participants in the voluntary pension system. The project transposes provisions from relevant European directives in the field of occupational pensions, equal treatment, and the protection of pension rights in a cross-border context. The amendments aim to modernize the regulatory framework, develop supervision mechanisms, and facilitate cross-border activities of pension funds. Among the main provisions are:

definition of new concepts specific to the voluntary pension system (personal pension fund, document containing key information for participants, potential participant, etc.);

facilitation of access to voluntary pension funds by expanding the categories of participants;

clear regulation of voluntary pension payment mechanisms;

ensuring the preservation of pension rights, as well as the payment of these rights in the event of worker mobility from one state to another;

ensuring equality and non-discrimination of participants and beneficiaries of the voluntary pension fund;

strengthening the prudential framework for administrators of voluntary pension funds;

extension of the CNPF's supervisory and sanctioning powers.

Furthermore, the project includes measures regarding transparency and digitalization of information in accordance with European standards, including future integration into European reporting and financial information exchange systems.

II. Authorization:

Approval of the prospectus for the voluntary takeover offer initiated by the offeror Valeriu Moscalu, the subject of which is the acquisition of 10,636 registered ordinary shares issued by FIRMA DE PRODUCȚIE ȘI COMERȚ „ABC” SA, at a price of 165.95 lei per share, with a duration of 15 days from the initiation date.

Authorization of the reorganization of the foreign-capital enterprise „LEMI INVEST” SA through transformation into a limited liability company.

III. Supervision:

Initiation of a thematic inspection regarding the verification of compliance by OCN „EASY CREDIT” SRL with Art. 15(7)(b) of Law no. 202/2013 on consumer credit contracts (as amended up to 25.10.2025) and Art. 15¹(1)(b) of Law no. 202/2013 on consumer credit contracts, for credit contracts concluded during the period 01.01.2024 – 11.05.2026.

Based on its legal competence to administer the Investor Compensation Fund (Art. 130 of Law no. 171/2012), the authority determined the percentage amounts of the annual contribution to the Investor Compensation Fund for 2025, to gradually consolidate the financial resources necessary for investor protection and align the national framework with European Union standards. The decision was adopted with the aim of gradually increasing investment companies' contributions to this fund, thereby ensuring gradual alignment with European norms in the context of transposing Directive 97/9/EC on investor compensation schemes, which sets a minimum compensation threshold of 20,000 EUR compared to the 1,000 EUR stipulated in Moldovan legislation, as well as extending the coverage scope of compensation not only to natural persons but also to legal entities. Furthermore, the evolution of the Compensation Fund reflects the consolidation process of the investor protection mechanism. Thus, as of 31 December 2025, the Compensation Fund comprised 12 members, including 7 commercial banks, and the eligible assets for compensation of natural person investors amounted to approximately 2.84 million lei. The Fund's accumulated resources currently allow for the compensation of approximately 98.55% of eligible investors. To ensure gradual and sustainable accumulation of the Fund's resources, the CNPF approved the application of reduced rates for certain revenue categories of investment companies, while maintaining a mandatory minimum contribution equivalent to 500 EUR for each Fund member. This measure aims to avoid increased financial pressure on market participants alongside the implementation of future European requirements and to create an efficient investor protection mechanism. The contribution is to be paid in national currency by 31 May 2026. It should be noted that, according to Law no. 171/2012 on the capital market, the Investor Compensation Fund has the exclusive purpose of compensating natural person clients of Fund members in cases where they are unable to return monetary funds and/or financial instruments of clients held in custody.

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