The National Financial Market Commission finished drafting the regulations concerning the issuing, circulation and annulment of securities issued by local public authorities and sent them to the Ministry of Justice for approval, Info-Prim Neo reports, quoting Alexandra Puscas, a member of the Commission’s Administration Board. Alexandra Puscas said the regulations represent an efficient instrument for attracting investments for implementing important infrastructure related-projects such as road building, sewerage and water supply services and gasification, designed for the local public authorities. Under the regulations, municipal securities can be issued by local public authorities of the second level and of the municipality of Balti. After the decision to issue securities is taken, the public offer prospectus is registered with the National Financial Market Commission. The securities are issued afterward. The volume of the issue will be within the limits set by the law on local public finances, while the securities will have a nominal value divisible by 100. The securities will be sold at a common price announced by the issuer, which cannot be lower than their nominal value. The redemption conditions, including the interest rate, will be laid down in the prospectus. There are no restrictions as regards the purchase of municipal securities. They can be bought by resident and non-resident private individuals and legal entities. As to the advantages provided by the municipal securities, Alexandra Puscas said the local public authorities are offered a new possibility of attracting investments, besides taking out bank loans. The private individuals and legal entities can invest money in securities rather than depositing it in bank accounts. Asked why the Chisinau administration cannot issue municipal securities, Alexandra Puscas said they are considering amendments to the legislation so as to give this right to the municipality of Chisinau as well.