A very favorable situation for re-launching the capital market in Moldova at a new level emerged and this market is a the chance to re-launch the economy of the Republic of Moldova, the general director of the Rating and Estimation Agency “Estimator-VM”, Natan Garstea declared. At the debates on the issue “Capital market – opportunity for Moldova’s economic re-launching”, organized on Saturday, September 21 by IDIS “Viitorul”, Garstea mentioned, among the main opportunities for re-launching capital market, the high volume of remittances coming from abroad, which are directed at present to the few accessible investment opportunities – estate market and bank deposits. Another opportunity is the fact that many enterprises are confronting with constantly increasing financial necessities, which can be satisfied only by the capital market. At the same time, the cited source says that together with the integration of Romania into the EU and due to the declared intention of Moldova to follow the same path, more and more foreign investors are interested in Moldova. It is a pity that the present situation of the capital market is not allowing turning to good account these opportunities. During the last years the volume of issued securities has substantially diminished. Although the national economy registered some increases in a series of indexes, the capital market was beating the time. The share of this sector in the national economy is decreasing. At the same time, it could be easily observed that the transactions operated on the outside stock exchange market prevails over the transactions performed at the Stock Exchange of Moldova, although several normative acts attempted to limit the outside stock exchange market. According to Garstea, after the process of investment funds’ reorganization was finished, there will remain no collective placement institutions which could function as investment collectors and distributors. Until now, no others than state funds of pensions were created in Moldova, although the majority of developed countries these institutions ensure population’s social protection. At the same time, the participation of insurance companies in the capital market is insignificant because of the lack of investment instruments, the cited source says. As a solution for re-launching capital market, Garstea mentioned the increase of transparency and information about market’s mechanisms, general revision of the legislative and normative basis of the capital market, by excluding exaggerated restrictions and settling all important aspects of the activities in the investment area, especially regarding the possibility to provide circulation of several types of securities. At the same time, the expert mentioned about the necessity of liberalizing the procedures of performing transactions on the secondary market, settling some real mechanism in order to inform the society, optimizing the fiscal regime of different financial instruments. As well, setting appropriate conditions for the creation of new categories of participants to the market is considered opportune, for example: mutual funds, pension funds, investment funds and other institutions of collective placement. Natan Garstea added that the capital market is seen too simplistic or at an inappropriate level, although it is a very important segment of every national economy. The expert hopes that the situation will change, after the Megaregulator of the non-banking capital market will appear and appointment of Igor Dodon as Minister of Economy and Commerce – who during 1997-2005 worked at the Stock Exchange of Moldova and then was the head of the Universal Commodities Exchange of Moldova – “will shift objectives in the direction of developing the capital market”.