Tag Archives: National Commission of Financial Market

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

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