The Government approved two bills included in the package of laws for harmonizing the national legislation regulating the financial-banking sector with the directives of the European Union. These are the bill on settlement in the payment system and the bill on financial guarantee contracts, IPN reports.
The bill on the definitive character of settlement in the payment system and the settlement of financial instruments institutes a common legal framework that will regulate the payment system and the settlement of financial instruments through the agency of the interbank information payment system of the National Bank of Moldova. The bill is aimed at reducing the systemic risks associated with transactions in the payment system. It will ensure the definite character of settlement, will protect the payment and transfer orders and will standardize the system of regulations applied within the settlement and payment system.
The second bill refers to the public institutions and legal entities such as banks and investment companies. It will regulate the legal regime used in the case of financial guarantee contracts, the provision and execution of financial guarantees and the right to use them. The goal of the law is to ensure the certitude and efficiency of guarantee contracts in the case of loans, to reduce the formalities when providing and accepting financial guarantees and to facilitate the execution of the guarantee when liquidation proceedings are instituted against the provider of the guarantee.
