Alignment of the Legal and Regulatory Framework for Capital Markets with EU Standards

Overview
Project Summary Document

TCRS 154432

Status Approved

Location

Moldova

Business Sector

Local currency and cap. Markets

Notice Type

Public

PSD Disclosed

24 Jul 2025

Project Description

This Local Currency and Capital Markets Development Initiative (the Initiative) of the European Bank for Reconstruction and Development (the EBRD or the Bank) 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.

TCRS 154432

Status Approved

Location

Moldova

Business Sector

Local currency and cap. Markets

Notice Type

Public

PSD Disclosed

24 Jul 2025

Project Description

Rationale

In March 2022, Moldova submitted an official request to join the European Union (EU). In June 2022, the Council of the EU approved the decision to grant a candidate status to Moldova, following recommendation from the EU Commission and the support by the European Parliament.

Being a part of the EU accession negotiations, the EU’s standards and rules are split into 35 policy fields (chapters), which include Chapter 9 - Financial Services. The financial services’ chapter covers, among others, financial market infrastructure, securities markets, and investment services. Negotiations under each chapter are based on a screening report, which reflects the results of a detailed examination carried out by the European Commission and the candidate country, in order to determine how well the country is prepared to join the EU. Moreover, before negotiations can start, the candidate country must submit its negotiating position regarding each policy field (chapter). For the chapter on financial services, the EU will set closing benchmarks in its negotiating position which Moldova will need to meet before negotiations in this policy field can be closed. Throughout the negotiations, the European Commission will monitor Moldova’s progress in applying EU legislation, in particular, to assure the current EU members that Moldova as a candidate country is meeting the conditions for joining.

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 (the Project).

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

TC Services

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.

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

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Alignment of the Legal and Regulatory Framework for Capital Markets with EU Standards

Project Description

Project Description

General enquiries

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)