The National Bank of Moldova is trying to impose its position on the capital market by becoming a regulator and, simultaneously, the owner of a part of this market’s infrastructure, experts of the Institute for European Policy and Reforms say in an analytical note. According to them, the central bank wants access to the registers of securities holders of Moldova, IPN reports.

The Institute’s economists reached such a conclusion after Parliament on February 25 adopted in the first reading a bill to amend and supplement a number of legal acts (Law on the National Bank of Moldova, Law on the National Commission for Financial Markets, Law on the Capital Market, etc.). Among others, the bill also refers to the activity of the central depository, which is a component part of the infrastructure of the capital market and which deals mainly with the clearing of financial instruments.

“By the given amendments, they actually try to end a long-lasting struggle for the right to keep the register of securities holders. Currently, this is done by register societies, which are private entities authorized and supervised by the National Commission for Financial Markets. Moldova is the only country in Europe where the registers of securities holders are not kept by common central depositories. The intention is to actually enable the National Bank of Moldova to take over the given activity by controlling the new common central depository,” said economist Eugen Giletski.

According to the Institute’s experts, the current depository must become the common central depository. The creation of a new depository, kept and supervised by the central bank, which has only indirect connection with the capital market, runs counter to the principle of separation of the responsibilities between regulatory institutions.