Only 6% of the shareholders of those 6 Investment Funds (FI) of Moldova submitted applications to redeem the shares, even if there is little time till the reorganization planned for July 2007. According to the vice-chairman of the National Securities Commission (CNVM), Vasile Pentelei, now five funds - „Asito-Invest-Prim”, „Real-Invest”, „Mandatar”, „Dividend”, ”Agrofond”, except DAAC Hermes – have finished the collection of applications on shareholders’ behalf. Therefore, 94% of shareholders will remain further as shareholders after reorganizing the funds. According to Pentelei, the reduced activity of the shareholders for submitting the applications on redeeming the shares can be explained by the huge number of shareholders who left abroad without delegating their consent on selling the assets and the other have died without leaving them by will. Before the reorganization, FI shall redeem the shares from the population in cash, at a share not lower than 50% of their nominal value. Thus, DAAC Hermes has redeemed the shares by 100%, and the other funds – by not less than 50%. Taking into account the fact that only 6% of the shareholders submitted applications of redeeming the shares Pentelei notes that FI will not have financial problems in this sense. In April 2005, the Parliament has changed 2 legislative acts on Investment Funds and Securities Market, by which it was decided to reorganize those 6 FI and comply the activity of those 6 Trust Companies (CF) in the light of the current legislation. Pursuant to these changes, FI shall decide on reorganizing in other types of funds or liquidate their activity as professional participant on the Securities Market or to self-liquidate. Pentelei highlights that all those 6 FI took a single decision – to liquidate their activity. Regarding the trust companies, Pentelei said that Railway CF and CF „Mobias Trast” have decided to voluntary self-liquidate, and the others – „FOND”, „Codru” and „Econ–Renastere” – decided to comply with the requirements of the legislation in force. If they do not manage, they will be forced to self liquidate, he underscored. The investment funds and fiduciary companies are participants in the capital market. In 1994, as result of the mass privatization on patrimony tickets, there were created 43 FI and 10 CF. they have got as result of the privatization share packages in over 1,800 joint-stock companies, and over 2,1 million citizens became shareholders. Pentelei mentioned along their activity, FI and CF showed total irresponsibility, getting into a deplorable situation and vanishing away the hopes of thousands of shareholders. Starting 2005, when it was taken the decision to reorganize them, 17 FI were on forced liquidation process, by CNVM commission’s decisions, and 9 – voluntary liquidation. Other 6 funds and 6 companies continued their activity.