New provisions to increase banks' shareholders transparency
foto: gov.md
Government has approved amendments and additions to the current legal framework to increase the transparency of the shareholders in the banking sector.
The draft law comes with amendments and additions to the laws on financial institutions, joint stock companies, capital markets, bank resolution and resolution, and banks' activity.
In particular, the procedures for the cancellation, issuance and sale of participation quotas in the event of non-compliance with the shareholding requirements in banks' capital will be explicitly outlined.
The amendments aim at better corporate governance and attracting quality investors in the banking system. These provisions aim at ensuring the stability of the banking sector, preserving the main functions and directions of the banks, protecting the interests of depositors and other creditors.
The draft law was developed under the program with the International Monetary Fund and is of major importance for the banking system in the Republic of Moldova. The document was consulted with related agencies and ministries and with international experts, including the IMF. The project's provisions will help improve business management in the banking sector by shareholders meeting the requirements of banking legislation.
"It is our assumption that we will be able to get the approved amendments to the IMF, as we have proposed. We know that we will no longer have problems in this area, nor with the transparency of the shareholders, nor with evasion or fraud, "said Premier Pavel Filip.
The Government has also endorsed a legislative initiative to amend and supplement certain legislative acts in order to clarify the provisions of the legal norm applicable to the ongoing processes at the time of adoption of the law on how to determine the term and the selling price of the bank's shares .
The draft law comes with amendments and additions to the laws on financial institutions, joint stock companies, capital markets, bank resolution and resolution, and banks' activity.
In particular, the procedures for the cancellation, issuance and sale of participation quotas in the event of non-compliance with the shareholding requirements in banks' capital will be explicitly outlined.
The amendments aim at better corporate governance and attracting quality investors in the banking system. These provisions aim at ensuring the stability of the banking sector, preserving the main functions and directions of the banks, protecting the interests of depositors and other creditors.
The draft law was developed under the program with the International Monetary Fund and is of major importance for the banking system in the Republic of Moldova. The document was consulted with related agencies and ministries and with international experts, including the IMF. The project's provisions will help improve business management in the banking sector by shareholders meeting the requirements of banking legislation.
"It is our assumption that we will be able to get the approved amendments to the IMF, as we have proposed. We know that we will no longer have problems in this area, nor with the transparency of the shareholders, nor with evasion or fraud, "said Premier Pavel Filip.
The Government has also endorsed a legislative initiative to amend and supplement certain legislative acts in order to clarify the provisions of the legal norm applicable to the ongoing processes at the time of adoption of the law on how to determine the term and the selling price of the bank's shares .