OREANDA-NEWS. September 22, 2011. The National Financial Market Commission presented the bill on microfinance organizations for public deliberation. The document was elaborated in line with the Plan of Actions to implement the European Commission’s recommendations regarding establishment of the free, comprehensive and deep trade zone with the EU and with the Plan of Actions to implement the Moldovan non-bank financial sector development Strategy.

The bill is aimed at ensuring sustainable microfinancing sector development, reducing system risks and protecting service consumers’ rights. The document clearly defines a microfinancing organization, main kinds of activity and requirements to licensing and minimal authorized capital stock (120 thousand leis).

The bill stipulates that the share of micro-credits (up to 120 thousand leis) is to make up at least 50% of the total volume of loans provided by microfinancing organizations. The draft document is available on the Commission’s official website. The deadline for sending suggestions and opinions is October 7.