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Moldova’s Financial Regulators Crack Down on Foreign Bank Representation Offices

Chisinau, Moldova - The National Bank of Moldova has issued new regulations aimed at limiting the activities of foreign bank representation offices in the country.

New Regulations for Foreign Bank Representation Offices

According to a statement released by the central bank, these offices will only be allowed to engage in information, connection, or representation activities and will not be permitted to engage in any other activities. This move is part of a broader effort to strengthen financial regulation and supervision in Moldova.

Strengthening Financial Regulation and Supervision

The National Bank has been working to ensure that all banks operating in the country are in compliance with relevant laws and regulations.

New Guidelines on Bank Ownership and Capital Requirements

In related news, the central bank has also issued new guidelines on bank ownership and capital requirements. According to Article 14 of the new regulations:

• Banks must maintain a minimum regulatory capital amount set by the National Bank.
• Any person or group of persons acting in concert who wishes to acquire an equity interest in a bank must first obtain written authorization from the National Bank.

Prohibitions on Foreign Ownership and Equity Interests

Additionally, Article 15 sets out strict limits on foreign ownership of Moldovan banks. Specifically:

• Any person or group of persons acting in concert who wishes to acquire an equity interest in a bank must first obtain written authorization from the National Bank.
• Banks are prohibited from holding an equity interest in a non-financial legal entity that represents a significant interest or exceeds its net current value.

Improving Financial Stability and Transparency

These new regulations are seen as a step towards improving financial stability and transparency in Moldova. The National Bank has been working to strengthen the country’s financial system and ensure that it is better equipped to withstand economic shocks.

Conclusion

In conclusion, these new regulations demonstrate the National Bank of Moldova’s commitment to ensuring the integrity and stability of the financial system. The bank’s efforts are aimed at protecting the interests of depositors and investors while also promoting a healthy and competitive banking sector.