Category Archives: Joint Stock Companies

Will raider attacks continue in Moldova?

After the notorious raider attacks on Moldovan banks in the summer of 2011, the government authorities decided to set up new legal mechanisms to protect investors from abusive takeovers. For this purpose, several packages of legal amendments have been approved over the past years.

Yet, new abusive takeovers have taken place following each set of amendments and the earlier initiated raider attacks have been carried out successfully. The obvious question is why Continue reading Will raider attacks continue in Moldova?

The Amnesty of Investment Funds

It has been over a year since the amendment of the Law on Investment Funds, which required investment funds operating in Moldova to reorganise or liquidate. It is early to discuss the effects of the Law; certain preliminary conclusions yet can and need to be made.

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The Concept for Mending the Stock Market, adopted by the Government at the end of 2003, initiated the actions towards the amendment of the Law on Investment Funds and some experts were taken by surprise by that Concept.

First of all, they argued the subject of the document was more related to the competence of another public authority – the National Securities Commission. Second of all, the document’s format was unusual: a concept on recuperating the securities market laid in only one page! Continue reading The Amnesty of Investment Funds

The Capital Market Belongs to the Companies and the Investors

In an interview with the local publication ECOnomist, the Turcan Cazac lawyer Alexander Savva shed light on the benefits and the key aspects of the new Law on Capital Market, passed on July 11.

As discussed in the interview, the Law significantly reduces the restrictions that currently make the local capital market unattractive to businesses and investors. For instance, the Law removes the requirements to register private security issuances, to register securities on an exchange and to register all companies as public entities, as well as to conduct transactions only via specific market operators and via secondary public offers. Continue reading The Capital Market Belongs to the Companies and the Investors