1. FISCAL & BANKING REFORMS IN MOLDOVA
Parliamentary Assembly
Poland – Republic of Moldova
Warsaw, Poland – March 27, 2012
Ana GUTU,
Member of Moldavian Parliament, Liberal Party

2. BANKING SECTOR. LEGISLATION
The National Bank prepared a bill amending the National Bank Act, in order to adjust its legal framework of activity to Treaty on European Union, Treaty on European Union (Protocol No. 4 - European System of Central Banks and European Central Bank) and other Community rules.
On March 6, 2012 the Moldovan Parliament approved on second reading (final) the draft Law amending and supplementing certain legislative acts, which requires amending the National Bank of Moldova Act.
Regulation revision and continuous improvement are taking place in accordance with the Basel Committee on Banking Supervision Acts and EU Directives.
Financial Institutions Act development
Ana GUTU - Deputy, Liberal Party
16-Feb-19

3. Financial cooperation
BANKING SECTOR.
EUROINTEGRATION - ASSOCIATION AGREEMENT
Financial services
Financial cooperation
Consumer protection
Economic dialogue
Ana GUTU - Deputy, Liberal Party
16-Feb-19

4. EUROINTEGRATION - Deep and Comprehensive Free Trade Area (DCFTA)
BANKING SECTOR.
EUROINTEGRATION - Deep and Comprehensive Free Trade Area (DCFTA)
Transition to International Financial Reporting Standards (IFRS) – performed from January 2012
Beginning of the transition to financial reporting (FINREP) for surveillance reasons
Initiating the amendment of the legislation and normative acts of the NBM in the context of implementation of Basel II norms
Ana GUTU - Deputy, Liberal Party
16-Feb-19

5. 2 1 3 BANKING SECTOR. ENSURING FINANCIAL STABILITY
Creation of the National Committee for Financial Stability on June 2nd – 2012, which included decision-making representatives of public authorities involved in crisis management. 2
Memorandum of Agreement signed on 16th December 2010, in Bruxelles, between the Republic of Moldova and the European Union regarding the micro-finance facility of 90 mil. EURO 3
OFF-site and ON-site surveillance
Ana GUTU - Deputy, Liberal Party
16-Feb-19

6. THE REFORM OF THE TAX SERVICE.
TAX SERVICE REFORM STRATEGY
Legislative, organizational and institutional reform
Modernization of Taxpayers Compliance Approach
Efficient use of information technology in tax administration
Improvement of human resources management
Ana GUTU - Deputy, Liberal Party
16-Feb-19

7. Legislative, organizational and institutional reform
THE REFORM OF THE TAX SERVICE.
Legislative, organizational
and institutional reform
The Tax Code, as a basis for the National Tax Service activity, was exposed to the most significant changes.
Thus, by an act of Parliament, a chapter was introduced in the Tax Code regarding the methods and indirect sources of estimation of the taxable income of individuals.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

8. Modernization of taxpayers
THE REFORM OF THE TAX SERVICE.
Modernization of taxpayers
compliance approach
For the first time, in 2011, the Taxpayers’ Compliance Program was developed on the Risk Management Model’s basis.
Compared to 2010, in 2011 there was a significant growth of 24%, on payments made by the taxpayers that participated in this program.
In the framework of the RM Government’s European Integration policy, the National Tax Service established the Taxpayers' Compliance Program for 2012 in accordance with European Commission's “Compliance Risk’s Management Guide” and International Monetary Fund’s proposals.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

9. Efficient use of information technology
THE REFORM OF THE TAX SERVICE.
Efficient use of information technology
in tax administration
During 2011 an increasing number of taxpayers calculated and reported their tax liabilities online, trough the "e-Declaration" and "fast Declaration“ forms.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

10. THE REFORM OF THE TAX SERVICE.
Improvement of human resources management
The National Tax Service Training Center was created to avoid occasional education and to increase the number and quality of regular trainings.
It is very important to mention that all achievements would not have been possible without the assistance and cooperation with such international organizations as the World Bank, IMF, UNDP, SIDA, USAID / BIZTAR etc.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

11. NON-BANKING FINANCIAL MARKET
The Parliament of Republic of Moldova approved Act (Law) N.35 from for endorsing “The non-banking financial market development strategy during ” and “The actions plan for the enactment of the Non-banking financial market development strategy during ”, measures which confirm regulation and supervision responsibilities of the National Securities Commission in the field of insurance, securities and pension funds markets, credit bureaus, micro financing and leasing sector.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

12. PRIORITIES NON-BANKING FINANCIAL MARKET
Development and endorsement of the National Securities Commission bill following principles of international specialized organizations that include regulators in the field of securities, insurance and private pension funds.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

13. The primary objective of the National Securities Commission (CNPF)
NON-BANKING FINANCIAL MARKET
The primary objective of the
National Securities Commission (CNPF)
Implementation of the Risk-based surveillance
Promoting transparency
Providing preventive warning signals
Encouraging non-banking financial professionals to asses their own positions at regular intervals
Ana GUTU - Deputy, Liberal Party
16-Feb-19

14. NON-BANKING FINANCIAL MARKET
LEGISLATIVE BASIS
Law "On the capital market"
Law on non-banking financial organizations
Bills voted in first reading
Law on Leasing
Bills proposed to the government
Law on private pension funds
Insurance law
Bills being developed
Ana GUTU - Deputy, Liberal Party
16-Feb-19

15. CONCLUSIONS
The financial and banking sector reforms in Republic of Moldova were launched by the Alliance for European integration.
Financial and banking institutions participate actively in the negotiations for the Association Agreement with the EU.
The financial and banking markets are in need of a stimulus for attracting foreign investments and further support for small and middle sized enterprises by low interest crediting.
The financial and banking institutions are ready to integrate Poland’s positive experience in order to facilitate the surpassing of the global financial crisis.
Ana GUTU - Deputy, Liberal Party
16-Feb-19

16. THANK YOU FOR YOUR ATTENTION!
Ana GUTU
Member of the Parliament of Republic of Moldova
Ana GUTU - Deputy, Liberal Party
16-Feb-19