Alignment of the Legal and Regulatory Framework for Capital Markets with EU Standards (EBRD-154432)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Moldova
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Government of Moldova
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
  • Law and Government
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 25, 2025

Disclosed by Bank Jul 24, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, this Local Currency and Capital Markets Development Initiative of the European Bank for Reconstruction and Development aims to promote more efficient and self-sustaining financial markets through the development of local capital markets and broader use of local currency, as to contribute to economic progress and build a more stable financial environment.

This project will support the National Commission for Financial Markets and other Moldovan authorities (if applicable) in their preparatory steps for the EU membership by aligning the legislation pertaining to capital markets (more specifically, including but not limited to, integrity and transparency of financial benchmarks, investment services, market transparency, trading obligations and venue access, market abuse prevention, securities prospectus requirements, short selling controls, SME market access, investor compensation, investment funds, securities financing transparency, and mandatory company financial disclosures) with the corresponding EU rules and regulations.

Accordingly, the Bank now intends to engage a consulting company, law firm or consortium of consultants to support the Bank in assisting Moldova in this exercise.

The Consultant will carry out the following tasks:

(1) analyse the existing laws and regulations applicable to capital markets in Moldova to identify the set of laws and regulations which will need to be amended or repealed to transpose relevant EU rules and regulations falling under the scope of this Project;
(2) advise on legal and regulatory formatting of the reform which would ensure that relevant EU rules and regulations are effectively incorporated into Moldovan law;
(3) based on the findings of the foregoing, propose a set of draft legislations to transpose and implement the relevant EU rules and regulations, in consultation with the Moldovan authorities which shall entail a set of amendments to the existing legislation and should also contain standalone legal provisions where applicable; and
(4) present the final draft of the legislation(s) to the EBRD and the Moldovan authorities.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Information on the investment amount not provided at the time of disclosure.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

EBRD project enquiries not related to procurement:

Phone: +44 20 7338 7168
Email: projectenquiries@ebrd.com

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works