Policy Brief on the implementation of the Association Agreement commitments of the Republic of Moldova in the financial and banking sector

9 November 2015

Summary (EN)

The Association Agreement between the Republic of Moldova and the European Union contains a series of provisions with respect to the financial and banking sector. From the perspective of the present analytical note this area includes the following provisions from the Association Agreement which are related to the financial and banking sector:

a)   Chapter 9 of Title IV (Financial Services) – articles 58-61 of the Association Agreement
b)   Subsection 6 of section 6 of the chapter 6 of Title V (Financial Services) – articles 241-249 of the
Association Agreement
c)    Annex no. XXVIII-A of the Association Agreement

Annex no. XXVIII-A of the Association Agreement sets a list of EU acts, which must be transposed into national legislation. These may be grouped (Directives and Regulations) by the deadline of their transposition as provided in the Annex.

Thus, there are the following Directives and Regulations, which require transposition into national legislation:

a)   At the moment of entry in force of the Association Agreement:
a.   Commission  Directive  No  2007/18/EC  of  27  March  2007  amending  Directive  No
2006/48/EC of the European Parliament and of the Council as regards the exclusion or inclusion of certain institutions from its scope of application and the treatment of exposures to multilateral development banks
b.   Directive No 2001/24/EC of the European Parliament and of the Council of 4 April 2001
on the reorganisation and winding up of credit institutions
b)   Within one year from the moment of entry in force of the Association Agreement
a.   Directive No 2005/60/EC of the European Parliament and of the Council of 26 October
2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
b.   Commission Directive  No  2006/70/EC of  1  August  2006  laying  down  implementing
measures for Directive No 2005/60/EC of the European Parliament and of the Council as regards the definition of politically exposed person and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis
c.    Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15
November 2006 on information on the payer accompanying transfers of funds

Out of 39 Directives and Regulations, as well as one recommendation, which does not have a deadline for implementation, the vast majority of the workload on transposition as mentioned by the Annex are from the moment of entry into force of the Association Agreement to 3 years from its entry into force. – 32 out of 39.

 

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