Order No. 3/8 of 20 January 2026 regarding the preliminary request submitted by CSV MACNOTIS SRL to partially annul CNPF Order No. 54/2 dated 11.11.2025 — NCFM — MD

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL MARKET COMMISSION
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ORDER
20 January 2026 No. 3/8
Regarding the Preliminary Request submitted by CSV "MACNOTIS" SRL, concerning the partial annulment of the Order of the National Financial Market Commission No. 54/2 dated 11.11.2025 regarding the results of the surprise inspection conducted at certain currency exchange units

On 10.12.2025, the petition submitted by CSV "MACNOTIS" SRL (participant) was registered at the National Financial Market Commission (CNPF) under No. 9981, in which the participant expressed disagreement with Order No. 54/2 dated 11.11.2025 regarding the results of the surprise inspection conducted at certain currency exchange units (hereinafter referred to as the Contested Order No. 54/2/2025), specifically in the part directly concerning them.

Regarding this matter, it should be noted that the petition submitted by CSV "MACNOTIS" SRL did not meet the requirements set forth in Article 75(1)(d) of the Administrative Code, in the sense that "(1) The petition contains the following elements: [...] the subject of the petition and its justification;".

In this regard, pursuant to Article 76(2) of the Administrative Code, "(2) If the petition does not meet the requirements set forth in Article 72(3) or Article 75(1)(c)-(e), the applicant is informed of the shortcomings and is granted a reasonable term to eliminate them. If the petitioner fails to eliminate the shortcomings within the granted term, the petition shall not be examined." By CNPF letter No. 06-5/4924 dated 19.12.2025, the participant was notified of the need to eliminate the identified deficiency within 5 working days from the date of receipt, with specific indication of the request related to the administrative activity of the CNPF.

As a result, on 24.12.2025, the Preliminary Request submitted by CSV "MACNOTIS" SRL was registered at the CNPF under No. 10336, in which the participant primarily requested the annulment of Order No. 54/2/2025 "in the part where it is established that CSV "MACNOTIS" SRL used misleading commercial practices." (hereinafter referred to as the Preliminary Request).

Regarding the case, it should be noted that, in order to ensure a comprehensive, objective, and transparent investigation that offers the real possibility of analyzing the participant's claim, it is communicated to them that the examination of the factual and legal circumstances relevant to the case, in preliminary order, is carried out by distinct executors within the CNPF.

In this case, the CNPF conducted a surprise inspection (inspection), ordered by Order No. 45/1 dated 16.09.2025 regarding the conduct of inspections within certain currency exchange units (Order No. 45/1/2025), within 48 entities, including

2 within CSV "MACNOTIS" SRL. The inspection aimed to verify the compliance of currency exchange units with the provisions of Article 13 of Law No. 105/2003 on consumer protection (Law No. 105/2003) regarding the information displayed on the advertising panel and/or on the screen of the currency exchange machine.

To carry out the field inspection, members of the inspection team traveled on 23.09.2025 to the currency exchange house CSV "MACNOTIS" SRL – Branch No. 1, located at Chisinau, Constantin Negruzzi Blvd., No. 2/4.

In accordance with point 26 subpoint 1) and subpoint 4) of the Regulation on the administrative inspection procedure (CNPF Order No. 60/10/2023, hereinafter referred to as Regulation No. 60/10/2023), on the day of the inspection, the participant was notified of Order No. 45/1/2025 and information regarding their rights and obligations.

Consequently, it should be mentioned that the identified violations were recorded in the Provisional Inspection Act dated 10.10.2025 regarding the results of the inspection conducted at certain currency exchange units concerning the verification of compliance with the provisions of Article 13 of Law No. 105/2003 on consumer protection, regarding the information displayed on the advertising panel and/or on the screen of the currency exchange machine (Provisional Inspection Act), which was sent to the participant via email on the same day, with a term granted until 17.10.2025 to submit objections and comments on the Provisional Inspection Act.

Additionally, on 16.10.2025, CSV "MACNOTIS" SRL, Branch No. 1, sent to the email address schimb.valutar@cnpf.md a photograph of the advertising panel as proof of remedying the deficiency detected during the inspection. Thus, pursuant to point 65 of Regulation No. 60/10/2023, the inspection team prepared the Divergence Table, finalizing on 24.10.2025 the Act regarding the results of the inspection conducted at certain currency exchange units concerning the verification of compliance with the provisions of Article 13 of Law No. 105/2003 on consumer protection, regarding the information displayed on the advertising panel and/or on the screen of the currency exchange machine (the Act regarding the results of the inspection).

Similarly, pursuant to Article 94 of the Administrative Code and point 68 of Regulation No. 60/10/2023, to ensure compliance with the right to be heard before issuing a unfavorable decision, CSV "MACNOTIS" SRL was informed via CNPF letter No. 04-5/4242 dated 24.10.2025 of the right to be heard on 30.10.2025 at 09:00, regarding the facts and circumstances established during the inspection.

Subsequently, during the hearing, the administrator of CSV "MACNOTIS" SRL upheld the arguments invoked, a fact recorded in the Hearing Record of the participant in the administrative procedure dated 30.10.2025.

Later, the Act regarding the results of the inspection was approved by Order No. 54/2/2025, establishing "the use by CSV "MACNOTIS" SRL, Branch No. 1, of misleading commercial practices, of the type of misleading omission, as provided for in Article 13(1) and (8) of Law No. 105/2003 on consumer protection, characterized by the omission of separating the integer from the decimal signs on the advertising panel, related to the exchange rate for GBP currency, which may mislead the average consumer regarding the value of the applied exchange rate and may induce them to make a transaction decision that they would not have made otherwise," and, consequently, prohibiting such incorrect commercial practices.

The Contested Order was delivered to the entity via CNPF letter No. 04-11/4482 dated 14.11.2025.

Disagreeing with the CNPF findings, the participant submitted a Preliminary Request, requesting "To partially annul the dispositive part of CNPF Decision No. 54/2 of 11 November 2025, namely points 16 and 17, which concern the interests of CSV "MACNOTIS" SRL".

In law, in accordance with Article 20 of the Administrative Code, "If an administrative activity violates a legitimate right or freedom established by law, this right may be claimed through an administrative litigation action, [...]", and pursuant to Article 17, "A damaged right is any right or freedom established by law to which harm is caused by administrative activity."

Furthermore, according to Article 19 of the Administrative Code, "The Preliminary Request is the institution that provides a pre-litigation path for resolving administrative disputes." And, in accordance with the provisions of Article 162(1) and (3) of the same law, "(1) The preliminary procedure aims to verify the legality of individual administrative acts. [...] (3) The Preliminary Request may be directed towards: a) the annulment in whole or in part of an illegal or null individual administrative act; b) the issuance of an individual administrative act."

Under the conditions of Article 166 of the Administrative Code, "The Preliminary Request may be submitted only if the person claims rights violated by the issuance or refusal to issue an individual administrative act."

By analyzing the arguments presented in the Preliminary Request, in light of the legal provisions applicable to the case, it will be assessed whether they are of a nature to overturn the authority's findings, as follows:

Contrary to the arguments invoked by CSV "MACNOTIS" SRL, it should be noted that, during the inspection, it was established that, for the buying and selling rates of foreign currencies, the separation of decimal signs from the integer was performed using a period. However, for GBP (British Pound) currency, the buying and selling rates were displayed without any separation between the integer and decimal signs, in the format "2214" for buying and "2253" for selling.

At the same time, at the counter of the respective currency exchange house, in Directive No. 287 dated 23.09.2025 regarding the establishment of exchange rates for 23.09.2025, 09:00 (Directive No. 287 dated 23.09.2025), for GBP currency, the buying rate was "22.14", and the selling rate was "22.53".

Regarding the qualification of CSV "MACNOTIS" SRL's actions as contrary to professional diligence, it should be noted that, according to Article 1 of Law No. 105/2003, professional diligence represents "the level of specialized competence and consideration that the trader can reasonably exercise towards consumers, in accordance with correct commercial practice and/or the general principle of good faith in the trader's field of activity;".

In the same vein, Article 10(1) of the Civil Code provides that "(1) Natural and legal persons participating in civil legal relations must exercise their rights and fulfill their obligations in good faith, in accordance with the law, the contract, public order, and good morals. Good faith is presumed until proven otherwise."

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Furthermore, according to point 8 of the Regulation on the activity of currency exchange units (Order of the Executive Committee of the National Bank of Moldova No. 335/2016, hereinafter referred to as Regulation No. 335/2016), "8. On the advertising panel, the separation of decimal signs from the integer is performed by a distinct space or by a comma or period. […]".

Therefore, in the CNPF's view, the participant did not respect the obligation of professional diligence, as on the advertising panel, the exchange rate for GBP currency was displayed without separation by period, comma, or distinct space.

Regarding the case, the lack of intent invoked by the participant, contrary to the CNPF's findings, is inadmissible, as professional diligence does not imply the participant's intent or potential damages vis-à-vis consumers, but directly, the actual result of the lack of prudence in respecting the regulatory framework governing the professional's conduct.

The established fact – displaying without separation of decimal signs from the integer for the GBP exchange rate on the advertising panel – is capable of creating confusion and affecting the behavior of the average consumer.

Moreover, CSV "MACNOTIS" SRL itself admits that the lack of a decimal separator (period or comma) represents a "mechanical error".

Regarding the case, the lack of major impact, invoked by the participant, does not exempt them from the obligation to demonstrate professional diligence by strictly respecting imperative norms, specifically point 8 of Regulation No. 335/2016, as professional diligence specifically requires anticipating any impact on the consumer, regardless of its magnitude.

In the same vein, allegations regarding the reason why the decimal separator related to the GBP exchange rate is missing should not be retained, as these do not constitute exceptions to the obligation to respect professional diligence.

Regarding CSV "MACNOTIS" SRL's actions that distort or are likely to distort the economic behavior of the consumer, it was established that the average consumer, in a situation of making a transaction decision, in the absence of clear delimitation, may incorrectly understand that, for GBP currency, the exchange rate would be 2214 MDL for 1 GBP for buying and 2253 GBP for 1 GBP for selling, but not 22.14 MDL and, respectively, 22.53 MDL for 1 GBP, as established by Directive No. 287 dated 23.09.2025.

This confusion is reinforced by the fact that, for all other foreign currencies on the advertising panel, exchange rates are displayed with separation by a period between the integer and decimals, with the exception only of GBP currency. Such inconsistency in display may be perceived by the average consumer as a common practice, creating an appearance of normality and thus inducing them to incorrectly assess the real value of the rate. Under these circumstances, there is a risk that they may make a transaction decision based on a misinterpretation, being determined by an ambiguous display method.

Therefore, it is established that the cumulative conditions provided for in Article 13(2)(a) and (b) of Law No. 105/2003 are met, inasmuch as CSV "MACNOTIS" SRL, Branch No. 1, did not respect the obligation of professional diligence through the improper presentation of information regarding the exchange rate for GBP currency, and the display method was of a nature to mislead the average consumer and essentially influence their economic decision.

Regarding the criterion mentioned, it should be noted that the norm at Article 13(2)(b) of Law No. 105/2003 does not imply the existence of complaints or claims from consumers, as invoked by the participant, but only the capacity of the respective action to be likely to distort consumer behavior.

Furthermore, in support of their position, CSV "MACNOTIS" SRL invokes both the correct information on the electronic panel displayed on the street, as well as Directive No. 287 dated 23.09.2025, and the "Daily Report Z", arguing that all indicate the correct exchange rate. Conversely, the content of the aforementioned documents exceeds the subject of the surprise inspection.

Regarding the qualification of CSV "MACNOTIS" SRL's actions as misleading omission, it should be noted that, in accordance with Article 13(5) and (8) of Law No. 105/2003, "(5) Misleading commercial practices may be misleading actions or misleading omissions. (8) A commercial practice is considered to be a misleading omission if, in the context of the factual situation and taking into account all characteristics and circumstances, as well as the spatial and temporal limits imposed by the communication means used to transmit information, this practice omits essential information necessary for the average consumer, taking into account the context, to make an informed transaction decision and, therefore, determines or is likely to determine the average consumer to make a transaction decision that they would not have made otherwise."

In this case, CSV "MACNOTIS" SRL, Branch No. 1, omitted to separate the integer from the decimal signs on the advertising panel, related to the exchange rate for GBP currency, a fact that constitutes a lack of essential information for the consumer.

The absence of such delimitation, which contradicts applicable legal regulations and the display practice used for other foreign currencies, places the consumer in a situation of uncertainty and interpretability regarding the real value of the applied rate.

Under these conditions, the average consumer is exposed to the risk of making an erroneous transaction decision, based on a false perception of the rate, a perception created exclusively by the display method practiced by the currency exchange house.

Therefore, the established actions are qualified as misleading commercial practices, of the type of misleading omission, likely to mislead the average consumer and essentially distort their economic behavior.

In this context, it should be explained that the lack of a separator between decimal signs and the integer on the advertising panel constitutes a violation of point 8 of Regulation No. 335/2016.

Regarding the case, the finding of misleading omission does not concern the exchange rate value per se, but only the manner of its presentation on the advertising panel. Thus, the dissonance between the display practice used for other foreign currencies, using a comma, and the display method of GBP currency, with the absence of such delimitation, not only contradicts the cited provision but also places the consumer in a situation of uncertainty and interpretability regarding the real value of the applied rate, which may determine the average consumer to make a transaction decision that they would not have made otherwise.

Regarding the preliminary procedure, it should be noted that, by the Order of the CNPF President No. 3 dated 05.01.2026 regarding the suspension of the term of the preliminary procedure, initiated by the Preliminary Request submitted by CSV "MACNOTIS" SRL, concerning the partial annulment of the Order of the National Financial Market Commission No.

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54/2 dated 11.11.2025 regarding the results of the surprise inspection conducted at certain currency exchange units, the general term of the preliminary procedure was suspended until 19.01.2026 (inclusive), given the participant's right to be heard. This Order was notified to the participant via CNPF letter No. 06-5/17 dated 05.01.2026, sent to the email address macnotis@mail.ru.

Additionally, via the same letter, in accordance with the provisions of Article 94 of the Administrative Code, CSV "MACNOTIS" SRL was informed about the exercise of the right to be heard, regarding the facts and circumstances relevant to the act to be adopted. Accordingly, the participant was informed that the hearing would be conducted in writing, being granted the right to submit their opinion to the CNPF until 19.01.2026 inclusive.

In this context, it should be noted that CSV "MACNOTIS" SRL did not submit certain opinions to the CNPF in support of the Preliminary Request.

From the considerations recorded above, pursuant to Article 18(3), Article 20(1), (6) and (7), Article 22(3) and Article 25(1) of Law No. 192/1998 on the National Financial Market Commission, Law No. 105/2003 on consumer protection, Article 17, Article 19, Article 162(1) and (3)(a), Article 164(1) and (2)(b), Article 166, Article 167(1) and (3) and Article 169 of the Administrative Code, point 16 and point 19 of the Regulation on the organization and functioning of the National Financial Market Commission (CNPF Order No. 57/11/2022),

The National Financial Market Commission ORDERS:

The Preliminary Request submitted by CSV "MACNOTIS" SRL regarding the partial annulment of the Order of the National Financial Market Commission No. 54/2/2025 regarding the results of the surprise inspection conducted at certain currency exchange units (registered at the CNPF under No. 10336 on 24.12.2025) is rejected.
This Order may be contested through an administrative litigation action, submitted to the Chisinau Court, Râșcani seat (MD-2068, Chisinau, Kiev St. 3), within 30 days from the date of its notification.
This Order enters into force on the date of adoption and is communicated to the recipient in accordance with the legislation.

Dumitru BUDIANSCHI,
PRESIDENT