Tag Archives: Capital Market Law

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

Moldovan New Capital Market Law entered into force

The day is finally here: 14 September 2013 − the day that Moldova’s new capital market law comes into effect. The legal act switches the gear from a law inspired from the legislation of other CIS countries to a law harmonized with the EU legislation and aligned to the international practice. Specifically, eleven relevant EU Directives are transposed − including MiFID, the Directive on Takeover Bids, the Investor Compensation Scheme Directive, the Market Abuse Directive, the Capital Adequacy Directive and the UCITS Directive − with secondary regulation to further develop the provisions of the Law.

Please see the table below for a quick comparative view of the two laws. In a nutshell, the new law significantly liberalizes the activity of the investors and of the companies. Continue reading Moldovan New Capital Market Law entered into force

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