The strategy for developing the nonbanking financial market for 2018-2022 and the plan of action for implementing this were passed by Parliament on July 13. The document defines action policies that contain over 60 measures that derive from the commitments assumed by Moldova through the Association Agreement with the EU, IPN reports.
The strategy centers on four directions, namely the enhancement of surveillance of the activity of entities based on prevention and risk management; designing and implementation of the comprehensive regulatory framework by transposing the Community legislation, which would enable market participants and investors to benefit from the advantages of the common European market; development of the population’s financial culture concerning the services and instruments of the nonbanking financial market and improvement of consumer confidence, and development and consolidation of the institutional and operational capacities of the National Commission for Financial Markets for ensuring performance-based governance.
According to the authors of the strategy, the planned measures will contribute to creating conditions for developing the nonbanking financial market, securing the financial resources needed by the real sector of the national economy, efficiently distributing the investment resources and to increasing investors‘ revenues.
To implement the strategy, the National Commission for Financial Markets will have to achieve a number of objectives. Among these are to strengthen the regulation and surveillance system, to adjust this to the international standards and good European practices, to ensure financial stability and sustainability by implementing additional prudential and non-prudential surveillance instruments.
The National Commission for Financial Markets will annually present information about the implementation of the strategy to Parliament.
