2014年-世界发展银行全球_Moldova_Financial_Sector_Assessment_Program___Oversight_and_Supervision_of_Financial_Market_Infrastructures_and_Risk_Assessment_of_Central_Securities_Depositories_31页_895kb

Summary of Financial Sector Assessment Program on Oversight and Supervision of Financial Market Infrastructures and Risk Assessment in the Republic of Moldova

Core Content

The Republic of Moldova has a modern financial market infrastructure (FMI) system that includes the Automated Interbank Payment System (AIPS), the Book-Entry System (BES), and the National Securities Depository (NSD). These systems are central to the functioning of the financial markets, with AIPS being a systemically important payment system and BES and NSD functioning as securities settlement systems. The Financial Sector Assessment Program (FSAP) conducted in February 2014 assessed the oversight and supervision of FMIs and identified key risks and areas for improvement.

Main Findings

1. Overview of FMIs

• AIPS:

  • Systemically important payment system operated by the National Bank of Moldova (NBM).
  • Handles transactions in Moldovan Leu (MDL) only.
  • Comprises two components: Real-Time Gross Settlement (RTGS) for large and time-critical payments, and Designated-Time Net Settlement (DNS) for low-value payments.
  • Average daily settlement value: MDL 2.698 billion (USD 214 million), equivalent to 2.7% of GDP in 2013.
  • Has interdependence with BES and NSD, which are both CSDs and SSSs.

• BES:

  • Owned and operated by the NBM.
  • Handles government and central bank securities.
  • Completes cash settlement via Delivery Versus Payment (DVP) in the AIPS.
  • Average daily settlement value: MDL 922 million (USD 73 million), or 1.0% of GDP in 2013.
  • 80% of its settlement value is from central bank securities.

• NSD:

  • Jointly owned by MSE, registrar company, commercial banks, and broker dealers.
  • Handles corporate securities traded on the Moldova Stock Exchange (MSE).
  • Average daily settlement value: MDL 3 million (USD 0.2 million) in 2013.
  • Currently not fully consolidated with the independent registrars.
  • Expected to be used for government bonds with maturity over one year, starting in April 2014.

2. Legal and Regulatory Framework

• The NBM and NCFM share oversight and supervision responsibilities for FMIs.
• The Memorandum of Understanding (MoU) between the NBM and NCFM outlines cooperation, information sharing, and peer review of assessments.
• The NBM oversees the AIPS and BES, while the NCFM regulates the NSD.
• The CM Law and NCFM Law provide the legal basis for regulation and supervision of FMIs.
• The NBM has the authority to modify regulations, impose sanctions, and enforce corrective actions for noncompliance.
• However, regulatory powers are subject to court challenges, as seen in a 2012 constitutional court ruling that limited the NCFM's ability to act effectively.

3. Risk Management Issues

• Legal Risk:

  • The settlement of government and central bank securities is still vulnerable to legal uncertainty.
  • Legal provisions are needed to protect finality, collateral arrangements, and investors' rights.
  • The NSD already has settlement finality legislated under the CM Law.
  • The NBM and NCFM are working on draft laws to address legal risks in payment and securities settlement systems.

• Operational Risk:

  • The NSD faces financial constraints due to negative net profits.
  • Crisis management arrangements are needed for AIPS and BES to address operational disruptions.
  • A new database system is being developed to backup corporate securities data from independent registrars.

• Business Risk:

  • The NSD lacks a comprehensive risk management framework.
  • There is a need to assess FMIs against new international standards.
  • Loss-sharing arrangements could be used to address data inconsistencies during reconciliation of securities records.

• Regulatory Fragmentation:

  • There is a risk of regulatory fragmentation between the NBM and NCFM.
  • A joint committee should be established under the MoU to improve regulatory cooperation.
  • Responsibilities should be allocated based on mandates and competencies.

4. CSD and Registrar Reforms

• CSD Reforms:

  • The National Payments Council (NPC) should lead and drive the reform process.
  • A Working Group on CSD Reform is proposed, co-chaired by the NBM and NCFM.
  • Initial tasks include cost analysis, assessment of financial and risk management capabilities, and examination of alternative governance arrangements.

• Registrar Reforms:

  • The NCFM is working on amending the CM Law to transfer securities holder registers from independent registrars to the NSD.
  • Only joint stock companies with more than 100 shareholders and capital above MDL 500,000 are subject to mandatory transfer.
  • A new database system is planned to provide daily backups of securities data once the law is passed.
  • Random data verification will be used to ensure data accuracy.

5. Recommendations

Key Challenges and Next Steps

• Legal Uncertainty: Needs to be addressed through draft laws and legislative harmonization.
• Regulatory Coordination: Requires clearer responsibilities and joint oversight to avoid fragmentation.
• CSD Reforms: Should be led by the NPC and involve collaboration between the NBM and NCFM.
• Financial Sustainability: The NSD needs to improve financial health and develop a risk management framework.
• Data Consistency: Loss-sharing mechanisms could be introduced to address securities reconciliation issues.
• Staff Training: Both NBM and NCFM require training on international standards such as PFMIs to improve oversight quality.

Conclusion

The Republic of Moldova has made progress in reforming its financial market infrastructure, but legal, regulatory, and operational risks remain. A comprehensive oversight framework, clear legal provisions, and enhanced risk management are critical to ensuring the safety and efficiency of the FMI system. Continued collaboration between the NBM and NCFM, along with legislative and institutional reforms, will be essential to protect financial stability and enhance market integrity.