Draft Collective Investment Law to be soon open to public debate

The National Commission for the Financial Market (CNPF) in June will propose to public debate the draft Law on Collective Investment. The bill aims to institute investment trusts that will collect available funds from the citizens for the purpose of acting as a collective investment, Info-Prim Neo learned from Elena Pui, a member of the CNFP Administration Board. According to her, these investment funds will be built on new principles, according to European standards. “Investment funds are structures which in civilized economies proved to be a good alternative to the banking system. In some countries these organizations bring greater profits to investors than savings accounts to depositors”, the CNPF official said. When asked about what the investment funds should do to regain the trust of the people and recover their affected reputation after a rush of fraudulent privatization schemes in the 90s, Elena Pui has said she sees no other solution than to propagate on a large scale the principles of activity of these new structures. “The new investment funds will not collect the so-called patrimonial bonds, but money from the population. And people usually get more cautious when they invest money. When the draft is ready we’ll have the occasion to show the distinctive features and advantages of the new investment funds”, added Elena Pui. In Moldova’s early privatization stage following the collapse of the USSR, there were created 32 investment funds, with a total number of 1.5 million shareholders. For various reasons, 26 of these are now undergoing liquidation procedures. Other six have been reorganized into joint stock companies.