Legal entities that possess central depository licenses or register society authorizations will be able to get licenses and authorizations for working on the capital market without paying the related taxes as they already paid taxes for obtaining the central depository licenses or register society authorizations held at present. Thus, the central depository licenses and register society authorizations will be eliminated. This is provided in a bill that was adopted by Parliament in the final reading on April 6, IPN reports.

The informative note to the bill says the goal is to adjust the current legal acts and to create an efficient framework for regulating the activity of the Common Central Securities Depository (CCSD). Furthermore, the law contains amendments to the financial-banking regulatory framework, which are aimed at optimizing this.

The bill provides that the joint stock companies should be able to pass on information from the shareholder register from the day the CCSD is constituted. It also envisions compensatory measures for legal entities that possess central depository licenses or register society authorizations and their shareholders.

Under the draft law, the legal entities that possess central depository licenses or register society authorizations and their shareholders are allowed to have the status of founder and shareholder of the CCSD. This is an exclusive right that will enable the existing operators and their shareholders to add the previous investments to the capital of the CCSD.

There will also be introduced the notion of “financial market infrastructure” that refers to different financial instruments. The National Bank of Moldova will carry out the tasks related to the constitution, licensing, regulation and surveillance of the financial market infrastructure. Also, the central bank will present its annual report to Parliament by June 1, not within four months of the end of the financial year, as it is done at present.