OREANDA-NEWS. September 02, 2011. The legislative amendments extending the National Bank’s authorities and toughening control over the country’s bank sector have come into force in Moldova. The amendments concerning execution of court’s decrees and carrying out of transactions on Moldova’s securities market passed by the government became effective after being published in the Monitorul Oficial in late August.

The Cabinet passed these amendments on August 25 having committed to the Parliament, under the 106th article of the Constitution, stipulating that if the Parliament doesn’t oppose and doesn’t express its vote of no confidence to the government within three days, the respective law is considered adopted. Prime Minister Vladimir Filat said the document’s goal is to improve the legislative frameworks, regulating juridical relations, connected with carrying out of transactions on the securities market, and to solve problems appeared in the process of application of the new norms concerning the execution system.

The Law on financial institutions clearly stipulated that shares can be transferred from the bank’s authorized capital stock on the basis of a court’s decree only from the written preliminary consent of the National Bank, if such court decision is final. Inobservance of these requirements makes these transactions invalid. The Law on securities market clearly stipulated that the right of ownership for securities is transferred only if court’s decrees are final.

The amendments also oblige law-enforcement officers to provide the parties with 15 days for voluntary execution of the executive document and in this case, only the payment for institution and archiving of the executive case is collected. Another part of the amendments concerns alteration of the Civil Procedural code and stipulates annulment of the article that provided a too big field to court instances for making a decision about the immediate execution of a court decree.