Order on the Enforcement Notice to OCN GREEN CREDIT SRL Regarding the Decision of the National Commission for Financial Markets No. 41/3 dated 26.08.2025

REPUBLIC OF MOLDOVA
NATIONAL COMMISSION OF THE FINANCIAL MARKET
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md

ORDER
18 August 2026 No. 41/3
On the enforcement notice to OCN
"GREEN CREDIT" SRL of the Decision of the
National Commission of the Financial Market No. 41/3 dated
26.08.2025 on the results of the thematic control,
carried out within OCN "GREEN CREDIT" SRL

1. On 26.08.2025, the National Commission of the Financial Market (CNPF) approved
   Decision No. 41/3 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL (Decision No. 41/3/2025/Decision).

2. Decision No. 41/3/2025 stipulates that:
   "2. It is established that OCN "GREEN CREDIT" SRL violated the provisions of Art. 5 para. (3) lit. l) and lit. n), Art. 15 para. (7) lit. a) and Art. 20 para. (1) of Law No. 202/2013 on consumer credit contracts.

3. OCN "GREEN CREDIT" SRL is ordered, within 150 days, to refund
   all payments provided for in the credit contracts, listed in Annexes No. 5 and No. 6 of the Control Act, mentioned in point 1 (which include interest, commissions, fees, penalties, late interest and any other type of payment), with the exception of the initial disbursed amount.

4. OCN "GREEN CREDIT" SRL is ordered to comply with legal provisions,
   including by:
   4.1. providing complete pre-contractual information using the form
   "Standard Information on Consumer Credit", presented in Annex No.
   1 of Law No. 202/2013 on consumer credit contracts, respecting the established format;
   4.2. ensuring the reduction of the total cost of the credit upon early repayment
   of it, in accordance with Art. 20 of Law No. 202/2013 on consumer credit contracts.

5. OCN "GREEN CREDIT" SRL will inform CNPF monthly about the measures
   taken, in order to execute points 3 and 4 of this Decision, with attachment of confirming documents."

6. At the same time, according to CNPF Decision No. 51/6/2025 on the Preliminary
   Request, submitted by OCN "GREEN CREDIT" SRL, regarding the contestation of the Decision of the National Commission of the Financial Market No. 41/3 dated 26.08.2025 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL, modifications were made to Decision No. 41/3/2025, which concern, especially, the modification of Annex No. 6 to the Control Act, as well as the completion of it with Annex No. 6 1.

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4. In this context, it should be noted that the execution deadline in point 3 of Decision No.
   41/3/2025 expired on 26.01.2026.

5. In this case, OCN "GREEN CREDIT" SRL (creditor) did not present information
   regarding the measures taken in the context of executing points 3 and 4 of Decision No. 41/3/2025 for the execution of the respective obligations, according to the periodicity established in point 5 of the same administrative act.

6. In this instance, on 08.07.2026, the Information Note (Note No. 1) regarding conformity measures and ensuring the execution of Decision No. 41/3 was registered at CNPF (with No. 5714), by which the creditor invokes the fact that, "OCN "GREEN
   CREDIT" SRL, showing its respect for the supervisory authority, presents the report on actions taken regarding the provisions of point 3 of CNPF Decision No. 41/3 of 26.08.2025:

7. We bring to your attention that, until the recent date of 8 June 2026, OCN
   "GREEN CREDIT" SRL was in the procedure of examining the case by which the suspension of execution of point 3 of the aforementioned administrative act was requested.
   The Court of Appeal pronounced definitively on the appeal regarding suspension only in the session of 8 June 2026.

8. After the pronouncement of the Ruling of the Central Court of Appeal, from 8 June, OCN "GREEN
   CREDIT" initiated internal conformity actions. That is, after the court's decision on appeal, the Accounting of OCN "GREEN CREDIT" SRL carried out a complete internal audit of the 51 credit contracts included in Annexes No. 5 and No. 6 of the Control Act. The exact amount of payments (interest, commissions, penalties, fees) subject to recalculation was calculated. The detailed register with the amounts established per each contract is attached to the present report, demonstrating the technical execution of the first stage of the prescription.

9. In order to execute the Decision, OCN "GREEN CREDIT" SRL opted for
   the formula of freezing the full amount necessary on an internal bank account with a special destination, instead of the immediate physical distribution of money to consumers. This precautionary measure is based on the following arguments:
   Prevention of irreparable damage vs. the principle of proportionality: The action on the merits regarding the total annulment of Decision No. 41/3 is under examination by the court. In the event that OCN "GREEN CREDIT" SRL wins the case, restoring the previous situation will be practically impossible. [...]; Guaranteeing consumer rights: By the administrator's decision and the bank statement, OCN "GREEN CREDIT" SRL demonstrates that the monetary funds will be withdrawn from the active commercial circulation of the company within 2 months and will be "frozen" exclusively for this purpose - that is, to be transferred to consumers. Consumers are not prejudiced, as the money is reserved and secured under the strict control of accounting records."

10. Having in view what was communicated through Note No. 1, it is established that points 3 and 4 of Decision No. 41/3/2025 were not executed, as well as the violation of the notification deadline to CNPF regarding the measures taken to execute the Decision.

11. On 23.07.2026, CNPF initiated, ex officio, the administrative procedure regarding the verification of the execution of Decision No. 41/3/2025, a fact communicated to the creditor at the email address info@greencredit.md, by letter No.
    04-5/3132 dated 23.07.2026.

12. By the same letter, CNPF requested the creditor to present, within 10 working days, information regarding the measures taken to execute
    the obligations prescribed in point 3 and point 4 of the Decision.

13. Also, by the Disposition of the President of CNPF No. 519 dated
    23.07.2026 regarding the suspension of the administrative procedure, initiated ex officio,
    regarding the execution of the Decision of the National Commission of the Financial Market No. 41/3/2025 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL, the term of the administrative procedure, initiated ex officio, was suspended until 06.08.2026 inclusive.

14. Accordingly, that Disposition was notified to the creditor by
    CNPF letter No. 04-5/3152 dated 24.07.2026.

15. As a result, on 06.08.2026, OCN "GREEN CREDIT" SRL presented
    the Information Note (Note No. 2), with the documents attached to it, registered at CNPF with No. 6827, by which it argues that:
    "[...] I. Regarding the technical and operational execution of Point 4 of the Decision:

16. Compliance with Point 4.1 (Pre-contractual Form): Starting from June 2026,
    the company implemented the mandatory and exclusive use of the form "Standard Information on Consumer Credit", according to Annex No. 1 of Law No. 202/2013. The established format is automatically generated by the credit software before signing any contract.

17. Compliance with Point 4.2 (Early Repayment): The IT system for accounting
    and credit calculation was completely reconfigured. Currently, upon any early repayment (total or partial), the software automatically operates the reduction of the total cost of the credit (interest and costs related to the remaining credit period), in strict accordance with the provisions of Art. 20 of Law No. 202/2013.
    II. Regarding the adjustment of the method of execution of Point 3 (refund
    of payments):
    To eliminate any doubt regarding evasion of obligations, GREEN CREDIT has adopted a real conformity measure by making unavailable the total and definitive sum of 470,000.00 MDL, in two tranches of 230,000.00 MDL each, by 08.09.2026, on the special bank account No. MD78ML000000002258A55101 opened at BC MOLDINCOMBANK SA. [...]"

18. From the analysis of the information and documents presented by OCN "GREEN
    CREDIT" SRL, it results that the execution of the measures ordered in point 4 of Decision No. 41/3/2025 was not demonstrated, because the creditor's statements regarding conformity were not accompanied by proof/confirming documents, as well as the pre-contractual information form, the credit contract or other relevant documents, which would prove the actual fulfillment of the prescribed obligations. Regarding the prescription established in point 3 of the Decision, it also remains unexecuted, because the measures communicated by the creditor essentially concern preparatory actions for subsequent execution, without confirming the actual realization of the refund of payments to the consumers concerned. In this regard, the unavailability of a sum of monetary funds in a special bank account does not equate to the execution of the refund obligation established in point 3 of Decision No. 41/3/2025.

19. Under the conditions stated above, it is established that OCN "GREEN
    CREDIT" SRL has not executed the prescriptions established by Decision No. 41/3/2025, a fact which requires CNPF to take measures, provided by administrative legislation, in order to enforce the administrative act.

20. In this sense, it should be recorded, a priori, that Decision No. 41/3/2025 represents an
    individual unfavorable administrative act, within the meaning of Art. 10 para. (1), combined with

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Art. 11 para. (1) lit. a) of the Administrative Code, respectively, it produces legal effects.

16. Consequently, under the conditions of Art. 179 of the Administrative Code, the Decision is
    executable and should be subject to execution under the provisions of Title VII of the Administrative Code.

17. Thus, arising from the nature of the administrative act, under the conditions of Art. 179, combined with the provisions of Art. 181 and Art. 185 para. (1) of the Administrative Code, the execution of the Decision can be achieved by applying the coercive measure in the form of a coercive fine.

18. At the same time, according to Art. 181 para. (4) of the Administrative Code, "(4) The amount of the coercive fine is at least 20 and at most 10000 conventional units. One conventional unit constitutes 50 lei. In establishing the coercive fine, the economic interest of the debtor in the non-fulfillment of the obligation concerning him will also be taken into account."

19. In establishing the amount of the coercive fine, CNPF, in order to respect the principle of proportionality, takes into account the degree of execution by the creditor of the prescriptions established by the Decision, as well as the amount of the sum to be refunded.

20. At the same time, CNPF holds that the non-presentation of confirming documents, which would prove the actual execution of the prescriptions established by point 4 of Decision No. 41/3/2025, does not allow the establishment of the creditor's conformity with the obligations imposed by the administrative act. Under these conditions, establishing the coercive fine in a reduced amount could diminish its coercive character and, implicitly, the effectiveness of the measure in determining the creditor to execute the prescriptions established by the Decision accordingly.

21. Also, having in view the repeatable character of the coercive fine, provided by law, it is necessary to establish an amount capable of determining the prompt conformity of the creditor and the full execution of the administrative act. At the same time, the amount of the fine established by this Decision must be sufficient to ensure the effective and coercive character of the measure, keeping the possibility of increasing it in case the creditor persists in non-execution or does not demonstrate execution of the prescriptions established by the administrative act.

22. Thus, CNPF considers that establishing the coercive fine in the amount of
    1,000 conventional units, equivalent to 50,000 MDL, is proportional to the gravity of the conduct and to the degree of non-execution of the obligations established by Decision No. 41/3/2025 and to the economic interest of OCN "GREEN CREDIT" SRL in non-fulfillment thereof, the established amount being capable of ensuring the coercive character of the measure and determining the creditor to execute the administrative act, without having an excessive character. At the same time, we conclude that the coercive fine in the amount of 1,000 conventional units represents ~ 11 percent of the value of the unexecuted monetary obligation, without having an excessive or punitive character.

23. In application of the principle of proportionality, CNPF finds that the coercive fine
    is a suitable measure for achieving the pursued goal, namely ensuring the effective execution of the Decision. At the same time, the measure is necessary under the conditions of non-voluntary execution of the prescribed obligations and is reasonable, because the interference produced is not disproportionate in relation to the pursued goal, including that of ensuring the respect of consumer rights.

24. In this case, it should be specified that the application of the coercive fine does not exempt the creditor from the obligation to execute the prescriptions of Decision No. 41/3/2025.

25. According to Art. 185 para. (1) of the Administrative Code, in the notice regarding the application of coercive measures, the authority establishes a reasonable term for the execution of the obligation.

26. In this sense, taking into consideration the fact that the initial term, established by
    Decision No. 41/3/2025, was 150 days, CNPF considers that, at this stage, a term of 45 days is reasonable, as this ensures the promptness of execution of the administrative act in the interest of the consumer, but also takes into account the real effort, which involves execution for OCN "GREEN CREDIT" SRL.

Having in view what is recorded above, on the basis of Art. 4 para. (2 1) lit. c), Art. 8 lit. b), Art. 18 para. (3), Art. 20 para. (1), para. (6) and para. (7), Art. 22 para. (3) and Art. 25 para. (2) of Law No. 192/1998 on the National Commission of the Financial Market, Art. 179, Art. 181 para. (1) and para. (4), Art. 185 para. (1), para. (3) and para. (4) of the Administrative Code and points 16 and 19 of the Regulation on the organization and functioning of the National Commission of the Financial Markets (CNPF Decision No. 57/11/2022),

The National Commission of the Financial Market DECIDES:

1. OCN "GREEN CREDIT" SRL is notified to execute the prescriptions established in
   points 3 and 4 of the Decision of the National Commission of the Financial Market No. 41/3/2025 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL, within 45 days from the date of communication of this Decision.

2. OCN "GREEN CREDIT" SRL is warned that, in case of non-execution of
   the obligation provided in point 1, CNPF will apply the coercive fine in the amount of 1,000 conventional units, equivalent to 50,000 MDL, which becomes due upon expiration of the term indicated in point 1.

3. This Decision can be contested by submitting a preliminary request to
   CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), within 30 days from the date of communication.

4. This Decision enters into force on the date of adoption and is communicated to the recipient according to legislation.

Dumitru BUDIANSCHI,
PRESIDENT