Category Archives: Business regulation

Capital Market Laws in Moldova: a Brief Review

What is the relevant legislative framework regulating the capital market?

The capital market legislative framework of Moldova is in a dynamic process of reform. The new Law on Capital Market, to enter into force in September 2013, will replace the Securities Market Law of 1998 – a law from the times of mass privatization and inspired from the legislation of other CIS countries.

The new Law seeks to follow the acquis communautaire and thereby transposes 11 EU Directives related to capital markets Continue reading Capital Market Laws in Moldova: a Brief Review

Courts shall be entitled to dismiss the decisions of NCFM

The Constitutional Court has declared unconstitutional the provisions that used to prevent the dismissal of the National Commission of Financial Market (NCFM) decisions until the final resolution of a case. With the entry into force of this Constitutional Court decision, any NCFM decision can be dismissed in administrative court at the request of a person concerned.

The National Agency for Energy Regulation (ANRE) has been the first to suffer from the Constitutional Court decision. For a while, for the purpose of avoiding the administrative dismissal of ANRE decisions, the regulatory authorities of the energy sector lobbied for amending the article in question – Article 21 (3) of the Administrative Litigation Law. Continue reading Courts shall be entitled to dismiss the decisions of NCFM