GOVERNMENT APPROVES AMENDMENTS TO LAWS ON STRENGTHENING BANK CORPORATE MANAGEMENT

The Government approved a whole range of amendments to the current legislation that concern the raising of bank shareholders' transparency. It is about the changes and additions to such normative documents as laws on financial institutions, joint stock companies, capital market, banking activity and others.

According to the Government, the amendments are aimed at improving the bank corporate management, attraction of quality investors in the banking system.

"New law provisions are directed to ensuring stability of the banking sector, preserving banks' basic functions and directions, protecting the interests of depositors and other creditors", the press release says.

The draft law on introducing additions to the current legislation was developed within the program with the International Monetary Fund (IMF), was agreed with all the interested public institutions, including international experts.

Prime Minister Pavel Filip said that these amendments to the legislation are included in the list of Moldova's liabilities to the IMF. He maintains that it is necessary to bring the started transformations in the banking system to their logic end.

"This should be done to know that we will never have problems in this sector - neither with shareholders' transparency, nor with frauds", he said.

The Government also approved another legislative initiative, which concerns amendments and additions to some acts for explaining a number of provisions of the acting legislature on calculating the time frames and the price of selling systemic bank shareholders.