Order No. 3/1 on the Draft Law Concerning Distance Contracts for Consumer Financial Services

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 ORDER January 20, 2026 No. 3/1 Regarding the draft law on distance contracts for consumer financial services

In order to implement the action included in item 6 of Annex A "Normative actions for alignment with EU acquis" in Cluster 2 "Internal Market", Chapter 28 "Consumer and Health Protection" of the National Program for the Accession of the Republic of Moldova to the European Union for the years 2025 – 2029 (Government Decision No. 306/2025) and sub-action 1.1.9. of Objective IV "Ensuring access to transparent and fair financial services", provided in the Activity Plan of the National Financial Market Commission for 2026 (CNPF Decision No. 60/9/2025),

on the basis of Art. 18 para. (3), Art. 20 para. (1) and para. (6) of Law No. 192/1998 on the National Financial Market Commission, item 45 of the Government Regulation (Government Decision No. 610/2018) and item 16 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 ORDERS:

1. The draft law on distance contracts for consumer financial services is transmitted to the Ministry of Economic Development and Digitalization for promotion, in accordance with the legislation (attached).
2. This Order is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT

1

Draft
EU
PARLIAMENT OF THE REPUBLIC OF MOLDOVA
LAW on distance contracts for consumer financial services

The Parliament adopts this organic law.

This law partially transposes Directive (EU) 2023/2673 of the European Parliament and of the Council of 22 November 2023 amending Directive 2011/83/EU as regards distance contracts for financial services and repealing Directive 2002/65/EC, published in the Official Journal of the European Union L of 28 November 2023, CELEX: 32023L2673, and Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directives 1999/44/EC of the European Parliament and of the Council and repealing Council Directive 85/577/EEC and Directive 97/7/EC of the European Parliament and of the Council, published in the Official Journal of the European Union L 304/64 of 22 November 2011, CELEX: 32011L0083.

Chapter I
GENERAL PROVISIONS

Article 1. Subject and purpose of the law
(1) This law regulates the rights of consumers related to distance contracts for consumer financial services, the rights and obligations of providers, in the context of providing these services, and the supervision of the activity of providers when concluding distance contracts for consumer financial services. (2) This law aims to establish the legal framework for ensuring a high level of protection of the rights and legitimate interests of consumers of financial services and the proper functioning of the financial market.

Article 2. Scope of application of the law
(1) This law applies to any distance contract for consumer financial services concluded between a provider and a consumer. The provisions of this law regarding the obligations of the provider are also applicable to the intermediary, in the case where financial services are marketed to the consumer through an intermediary. (2) Except for Art. 16, in the case where distance contracts for consumer financial services between financial service providers and consumers include an initial distance contract, followed by successive operations or a series of separate operations, of the same nature, executed staggered in time and considered to form a whole, the provisions of this law apply only to the initial distance contract. In the case where there is no initial distance contract concluded between the parties, but between the same parties successive operations or separate operations, of the same nature, staggered in time and considered to form a whole are executed, the provisions of Art. 4, Art. 6, Art. 7 and Art. 12 apply only to the first operation. In the case where a similar operation is not realized for more than one year, the next operation put into execution will be considered as the first of a new series of operations, and the provisions of Art. 4, Art. 6, Art. 7 and Art. 12 apply accordingly. (3) In the case where any norm of this law contradicts a norm of another normative act regulating specific sectors, the provisions of the latter prevail and apply to the specific sectors in question. (4) This law does not affect the norms regarding the validity, conclusion or effects of contracts regulated by other normative acts, to the extent that these aspects are not regulated by this law. (5) This law does not prevent the provider from offering more advantageous contractual conditions for the consumer.

Article 3. Main concepts
For the purposes of this law, the following main concepts mean:
consent – agreement offered by the consumer to the financial service provider within the conclusion of distance contracts, expressed through any means of distance communication; consumer – any person as defined in Art. 1 of Law No. 105/2003 on consumer protection; initial distance contract – a distance contract involving successive operations or a series of separate operations, of the same nature, realized over time; distance contract – any contract, concluded between a provider and a consumer, within the framework of a sales or service provision scheme organized at a distance, without the simultaneous physical presence of the provider and the consumer, using exclusively one or more means of distance communication, up to, including the moment when the contract is concluded; provider – natural or legal person, who acts, including through another person, who acts in their name or on their behalf, for purposes related to their commercial, business or professional activity, in connection with contracts falling under the scope of this law; online market provider – any provider that makes an online market available to consumers; intermediary – natural or legal person, other than the provider, who, during the exercise of their professional or commercial activity, at the stage of distance marketing of consumer financial services, carries out the following activities:
a) presents or offers to consumers the package of consumer financial services; b) provides assistance to consumers by organizing activities up to and after the conclusion of a distance contract; c) concludes distance contracts with consumers on behalf of the provider; online interface – any software, including a web page or part thereof, or an application, which is operated by or on behalf of a provider and which serves to provide consumers with access to the provider's goods or services; means of distance communication – any means that can be used for concluding a distance contract for consumer financial services; separate operations of the same nature – distinct financial service provision operations, repeated over time, having the same nature (same type of financial service), which can be considered to form a whole; successive operations – financial service provision operations, repeated over time, functionally linked to each other, which can be considered to form a whole; online market – any service that uses an online interface, managed by or on behalf of the provider, which allows consumers to conclude distance contracts for consumer financial services with other providers; responsible person – a person to whom certain rights and obligations are granted, permanently or provisionally, by law, by appointment, election or by virtue of a task, for the exercise of administrative, organizational or economic discretionary actions; consumer financial service – any banking, lending, loan granting by savings and loan associations, insurance, optional pension services, investment services and activities according to capital market legislation, payment and electronic money issuance services, crowdfunding services; durable medium – any instrument that allows the recipient to store information addressed to them personally, in an accessible manner, for future reference, for an adequate period of time, for information purposes, and which allows the unchanged reproduction of stored information.

Chapter II
INFORMATION FOR CONSUMERS
RELATED TO DISTANCE CONTRACTS FOR
CONSUMER FINANCIAL SERVICES

Article 4. Information requirements for distance contracts for consumer financial services
(1) Before a distance contract or any similar offer produces legal effects on the consumer, the provider provides the consumer, in a legible and easily understandable manner, information regarding:
1) the provider, namely:
a) the name/designation of the provider, as applicable, of the intermediary, scope of activity, seat and/or domicile and any other relevant addresses of the provider, in the case where the provider is a natural person, methods of contacting them (phone number, email address or any other means of communication), in the case where the provider is registered in a publicity register, the name of the register in which they are registered, state identification number (IDNO) for legal persons/state identification number (IDNP) for natural persons; b) the name, seat of the authority issuing the permit, methods of contacting the authority issuing the permit, including the official website and email address thereof, in the case where the provider's activity is subject to a legal framework of regulation by authorization of their activity; c) relevant contact data that allow the consumer to address any complaints to the provider and, as applicable, to the intermediary;
2) the financial service, namely:
a) a description of the main characteristics of the financial service; b) the total cost that the consumer has to pay for acquiring the financial service, including all taxes, commissions, related expenses and fees paid directly by the consumer or paid through the provider, and, in the case where an exact total cost of the respective financial service cannot be indicated, the provider informs the consumer about the method of calculating the cost, which allows the consumer to verify it; c) as applicable, notification indicating that the financial service is related to instruments involving special risks, associated with their specific features or operations that must be performed or whose cost depends on fluctuations in financial markets, which are not under the control of the provider, and that no estimate of future evolution can be presented, based on previous statistical performance; d) the existence or possibility of existence of additional taxes and costs, which are not paid through the provider or which are not imposed by it; e) any time limits or date until which the provided information is valid; f) payment methods and execution of the financial service; g) any additional cost for the consumer resulting from the consumer's use of means of distance communication, if such additional costs are charged by the financial service provider, provided at a distance; h) as applicable, information regarding the consequences of late payment or non-payment; i) as applicable, information regarding the fact that the price has been personalized based on an automated decision-making process; j) in the case where environmental or social factors are integrated into the investment strategy of the financial service, information regarding any environmental or social objectives targeted by the financial service;
3) the distance contract, namely:
a) the existence or absence of the right of withdrawal, provided for in Art. 8, and, in the case where this right exists, specification of the term and conditions for exercising it, including specification of information regarding the amounts that the consumer must pay, according to Art. 11 para. (1), as well as the consequences arising from non-exercise of the right of withdrawal; b) the minimum duration for which the distance contract is concluded, in the case of marketing financial services of a permanent or periodic nature; c) information regarding any right of the parties to terminate the distance contract before term or unilaterally; d) any penalties imposed by the contract, in case of non-performance of obligations or unilateral termination after the expiration of the withdrawal period; e) methods for exercising the right of withdrawal of the distance contract before term, indicating the postal address, phone number and email address or other relevant means of communication for transmitting the withdrawal declaration, and in the case of distance contracts for consumer financial services, concluded through an online interface, information regarding the existence and location of the withdrawal function, mentioned in Art. 9; f) the contractual clause specifying the law regulating the consumer financial service, applicable to the distance contract and the competent court for resolving any disputes between the parties; g) the linguistic regime, providing in which language the contractual terms and conditions, the pre-contractual information provided for by this article, are formulated, as well as the linguistic regime in which the provider decides to communicate, during the performance of the distance contract, with the consent of the consumer; h) as applicable, the possibility of applying extrajudicial procedures, before referring to the court, by the consumer who has the status of a contractual party, and also what are the methods by which the consumer can resort to these procedures; i) the existence of guarantee funds or other compensation mechanisms, other than those provided by law. (2) The information provided in para. (1) item 1) letter a) and letter c) shall be communicated to the consumer in a manner that allows them to quickly contact the provider and communicate with them effectively and which guarantees the consumer's possibility to keep all written correspondence with the provider on a durable medium. (3) The information provided in para. (1) must be provided by the provider in Romanian or, in the case where this has been expressly agreed with the consumer, in another language. (4) In the case where financial services, which are the subject of this law, are subject to the provisions of another normative act regulating specific financial services and which contains norms regarding the information to be provided to the consumer prior to the conclusion of the distance contract, the provisions provided in that normative act apply
exclusively, if the law does not provide otherwise. (5) In the situation where the applicable normative act does not contain norms regarding information on the right of withdrawal, the provider informs the consumer in accordance with the provisions of para. (1) item 3) letter a) of this article. (6) Except for the information provided in para. (1) item 1) letter a), item 2) letter a), letter b) and d), item 3) letter a), the provider may organize the information in levels, in the case where they are provided through means of distance communication. (7) When information is organized in levels, the possibility is ensured that the information mentioned in para. (1) can be viewed, saved and printed as a single document. (8) In the case provided for in para. (6), the provider presents the consumer with the pre-contractual information, mentioned in para. (1), before the conclusion of the distance contract. (9) In the case where the information mentioned in para. (1) is provided less than one day before the distance contract produces legal effects on the consumer, the provider sends the consumer a warning regarding the possibility of withdrawing from the distance contract and the withdrawal procedure to be followed, in accordance with Art. 8. The respective warning is transmitted to the consumer, on a durable medium, within 7 days from the conclusion of the distance contract. (10) The information mentioned in para. (1) is transmitted to the consumer on a durable medium. At request, the information mentioned in para. (1) is made available to consumers with disabilities, including those with visual impairments, in an adequate and accessible format.

Article 5. Additional information requirements, specific for contracts concluded on online markets
(1) Before a distance contract or any similar offer from an online market produces legal effects on the consumer, the online market provider provides the consumer, in a clear, easily understandable manner and appropriate to the means of distance communication, without prejudice to the provisions of Art. 13, 16, 32 and Art. 33 of Law No. 105/2003 on consumer protection, the following information:
a) general information, made available in a specific section of the online interface, which is directly and easily accessible from the page where offers are presented, regarding the main parameters for establishing the hierarchy of offers presented to the consumer, as a result of the search performed, as provided for in the concept of hierarchy of products presented to the consumer from Art. 1 of Law No. 105/2003 on consumer protection and the relative importance of these parameters, in relation to other parameters; b) whether the third party providing the services is or is not a provider, based on the declaration of that third party to the online market provider; c) if the third party providing the services is not a provider, the fact that the rights of consumers arising from legislation on consumer protection do not apply to the contract concluded at a distance; d) if applicable, the manner in which obligations related to the contract are shared by the third party providing the services and the online market provider, without this information affecting the liability of the online market provider or the third-party provider regarding the contract under other normative acts.

Article 6. Information requirements in the case of communications via voice telephony
(1) In the case where the provider calls the consumer by telephone, with the aim of concluding a distance contract, at the beginning of the conversation with the consumer, they reveal their identity and specify the commercial purpose of the call.
(2) The provider informs the consumer regarding the recording of the call or the possibility that it may be recorded.
(3) By derogation from the provisions of Art. 4 para. (1), in the case where the means of distance communication is the telephone or any other means involving direct speech, and with the explicit consent of the consumer, before the distance contract produces legal effects on the consumer, the information provided in Art. 4 para. (1) item 1) letter a), item 2) letter a), letter b) and letter d) and item 3) letter a) is provided to them. (4) In the case provided for in para. (3), the provider informs the consumer regarding the nature and availability of the other information, mentioned in Art. 4 para. (1). (5) The provider provides the other information, provided for in Art. 4 para. (1), on a durable medium, immediately after the conclusion of the distance contract. (6) In the case where a distance contract is to be concluded through the telephone, the provider must transmit, on a durable medium, the offer to the consumer, whose commitment begins only after they have signed the offer or after they have sent their consent in textual form.

Article 7. Burden of proof regarding information requirements
The burden of proof regarding the fulfillment of information requirements, established in this chapter, lies with the financial service provider, as applicable, or the intermediary.

Chapter III
CONSUMER RIGHTS
IN DISTANCE CONTRACTS FOR
CONSUMER FINANCIAL SERVICES

Article 8. Right of withdrawal
(1) The consumer has a period of 14 days for withdrawing from the distance contract, without penalties and without invoking reasons. In the case of distance contracts, which have as object individual life insurance contracts, as well as contracts regarding operations concerning optional pensions, the term in which the consumer can exercise their right of withdrawal is 30 days. (2) The withdrawal period, mentioned in para. (1), begins to run from:
a) the date of conclusion of the distance contract; b) the date on which the consumer is informed of the terms, contractual conditions and information in accordance with Art. 4, if this date is subsequent to the date referred to in letter a) of this paragraph.
(3) The right of withdrawal does not apply:
1) contracts regarding consumer financial services, provided at a distance, the costs of which depend on fluctuations in the financial market outside the control of providers, which may occur during the withdrawal period, such as services related to:
a) currency operations; b) money market instruments; c) negotiable securities; d) participation titles in collective investment undertakings; e) financial futures contracts, including similar contracts, with final settlement in cash; f) forward contracts regarding interest rates; g) swap contracts regarding interest rates, exchange rates and shares (equity swaps); h) options to purchase or sell the financial instruments mentioned in this letter, including similar instruments, with final settlement in cash. This category includes, in particular, options on exchange rates and interest rates;
2) travel and baggage insurance policies or other insurance policies with a duration of at most 30 days;
3) contracts executed in full by both parties at the express request of the consumer, expressed before they exercise their right of withdrawal.
(4) It is considered that the consumer has exercised their right of withdrawal during the withdrawal period, mentioned in para. (1), if they have transmitted their decision regarding the exercise of the right of withdrawal to the provider before the expiration of that period.
(5) In the case where a distance contract for a certain financial service is attached to another contract regarding services provided by a provider or by a third party based on a contract between the third party and the provider, the attached distance contract is withdrawn, without payment of penalties or additional costs, when c