National Commission for Financial Markets
The primary regulator of our industry. What CNPF does in the capital market, how it protects investors, and how to check whether a company has the right to provide financial services in the Republic of Moldova.
What is CNPF
The National Commission for Financial Markets (CNPF) is the autonomous public authority, accountable to Parliament, that regulates, authorizes, and supervises the non-bank financial market in the Republic of Moldova. It has organizational, functional, operational, and financial independence.
Its mission: the stability, transparency, and safety of the capital market, investment funds, and voluntary pensions, protecting the rights of financial-services consumers, and preventing market abuse. Its headquarters is in Chisinau, at 77 Stefan cel Mare si Sfant Boulevard.
Since 1 July 2023, the National Bank of Moldova supervises not just banks but also insurance and non-bank lending. CNPF kept the capital market, investment funds, voluntary pensions and, since 1 March 2024, crowdfunding service providers — plus a new mandate: protecting financial-services consumers. You'll see the dividing line in Chapter 04.
The road to CNPF
Today's authority is the result of several institutions merging over time. The main milestones:
Source: CNPF, Brief history.
What it regulates and supervises
CNPF has three functions over the entities in its mandate: it regulates them (sets the rules), authorizes them (grants licenses), and supervises them (checks compliance with the rules).
| Area | What falls here |
|---|---|
| Capital market | Investment firms, the market operators (the Moldova Stock Exchange and, since August 2026, the Moldova International Exchange), securities issuers, registry companies |
| Investment funds | Collective investment undertakings (OPC) and their management companies |
| Voluntary pensions | Voluntary pension funds (Law No. 198/2020) |
| Crowdfunding | Crowdfunding service providers (Law No. 181/2023), since 1 March 2024 |
| Consumer protection | The conduct of financial-services providers toward customers: banks, insurers, non-bank lending organizations, exchange offices, payment providers — complaints, advertising, disclosure |
| Financial education | Financial-inclusion and education policies, information campaigns |
The single Central Securities Depository is regulated and supervised by BNM (Law No. 234/2016, Art. 17).
The logic is the same: in the capital market, without a CNPF license a firm cannot provide investment services, and after authorization it stays under continuous supervision. Until 1 July 2023, CNPF also supervised insurance and non-bank lending — responsibilities since transferred to the National Bank.
The area we care about most — investing and trading — falls under the capital market. We cover it in detail in Chapter 05.
CNPF vs BNM — who does what
These are two different authorities, and many people confuse them. The simple rule: BNM licenses and supervises the financial institutions — banks, insurers, non-bank lenders — and is responsible for monetary policy and the exchange rate; CNPF supervises the capital market and how all providers treat their customers. Confusion arises with products at the boundary between them — so it's clearer case by case:
| What you have or do | Who's responsible |
|---|---|
| Bank account or deposit | BNM |
| Loan from a bank | BNM (licensing and prudential) + CNPF (complaints and customer conduct, since 1 January 2024) |
| Loan from a non-bank organization | BNM (licensing and supervision, since 2023) + CNPF (complaints and conduct) |
| Insurance policy (RCA, CASCO) | BNM (licensing and supervision, since 2023) + CNPF (complaints and conduct) |
| Account at an investment firm, stocks, bonds | CNPF |
| Government securities (eVMS) | Ministry of Finance (issuer and operator of the eVMS platform) |
| Currency exchange | BNM (licensing) + CNPF (complaints and conduct, since 1 January 2024) |
| Foreign-exchange operations with abroad (buying foreign financial instruments, an account at a bank abroad) | BNM (authorization, Law No. 62/2008) |
BNM licenses and supervises the institutions (banks, insurers, non-bank lenders). CNPF supervises the capital market and, separately, how all financial-services providers treat their customers — that's where consumer complaints go. Details on the dedicated pages: BNM, eVMS, and the exchange rate.
CNPF, the capital market, and investing in Moldova
In the capital market, CNPF authorizes investment firms (those that can buy and sell securities on clients' behalf), supervises the market operators — the Moldova Stock Exchange and, since August 2026, the Moldova International Exchange — and securities issuers.
What this means for an investor: to buy shares or bonds of Moldovan companies, you do it through an investment firm licensed by CNPF. The local market has low liquidity and few listed companies — we compare the real options on the Invest in Moldova page.
Government securities are issued by the Ministry of Finance and accessible through the eVMS platform. For the tax side of investing, see the Taxation page.
An investor from the Republic of Moldova can invest both on the local market and on international markets, subject to the conditions of foreign-exchange legislation. Locally: shares of Moldovan companies are bought only through an investment firm licensed by CNPF; government securities are bought on the Ministry of Finance's eVMS platform, with an account at a bank in Moldova and an electronic signature issued in Moldova. Internationally: access is through international brokers regulated abroad. Law No. 62/2008 on foreign-exchange regulation requires BNM authorization for some operations by residents: buying foreign financial instruments and foreign-exchange operations abroad above the equivalent of EUR 10,000, as well as opening an account at a bank abroad, with the exceptions set out in the law. What's allowed and how to check legality — on the Legal trading in Moldova page.
Source: BNM, Questions and answers on foreign-exchange regulation, edition of 02.01.2025.
How it protects investors
CNPF protects non-professional investors through several mechanisms:
Public registries
CNPF publishes the list of entities licensed and authorized in the capital market. Anyone can check whether a company has the right to provide investment services — Registers of permits.
The warning list
The "CNPF warns" section flags unauthorized companies that promote investments with promises of large, fast gains. It's the first place to check before putting money into an unfamiliar platform.
The Investor Compensation Fund
A mechanism set out by Law No. 171/2012, established and administered by CNPF. It compensates the individual clients of member investment firms if the firm cannot return their money or financial instruments: either when CNPF finds that it is unable to meet its obligations for financial reasons, or after a final court ruling opening insolvency proceedings. The cap: the lei equivalent of EUR 1,000 per client, at the BNM rate on the day of payment.
Source: CNPF, About the Investor Compensation Fund; cap in force since 16.06.2023.
Complaints, breaches, and scams — who does what
CNPF examines complaints from financial-services consumers: since 2023 for non-bank lending organizations and insurance, since 1 January 2024 also for banks, payment providers, and currency-exchange units, and for investment firms as the capital-market authority. The steps:
- Complaint to the provider. First you contact the company; it has a legally set deadline to respond.
- Complaint to CNPF. If you're not satisfied, you file a signed complaint (electronic or handwritten), at the CNPF office or by email with an electronic signature. Anonymous complaints are not examined.
- Review. The review period is generally 30 days, extendable by no more than 15 days. CNPF can establish breaches, order corrective measures, and apply sanctions.
Source: CNPF, communiqué of 17.03.2026.
CNPF supervises authorized entities. If you're the victim of fraud or an unauthorized platform, CNPF can add it to the warning list, but recovering the money and criminal prosecution are matters for the police and the prosecutor's office. CNPF is not a criminal-investigation body.
See Moldova's entire financial system
How CNPF, BNM, the stock exchange, and real investing in Moldova connect — and where financial education starts.
How to check whether an entity is authorized
Three steps, with the official sources:
| Step | Where to check |
|---|---|
| 1. Search for the entity in the CNPF registry | The list of licensed/authorized persons in the capital market (cnpf.md) |
| 2. Check the warning list | The "CNPF warns" section (cnpf.md) |
| 3. For international brokers | The registries of the broker's regulator (ESMA, FCA, CySEC, etc.) |
No investment firm licensed in the Republic of Moldova offers access to international markets; trading.md is a partner of regulated international brokers. How to choose one — in the dedicated guide.
What firms can do once authorized by CNPF
A firm cannot provide investment services in the Republic of Moldova without a CNPF license. The regulator grants several types of permits, depending on the activity:
| Type of firm | What it can do |
|---|---|
| Investment firm | Provides investment services and activities (Category A, B, or C license — the category determines which services are permitted) |
| Management company | Manages funds and collective investment undertakings (OPC) |
| Market operator | Organizes the regulated market and the multilateral trading facility — a role held by the Moldova Stock Exchange and, since August 2026, by the Moldova International Exchange (license and authorizations granted by CNPF for an unlimited term) |
| Registry company | Keeps issuers' shareholder registries |
| Investment consultant | Investment advice, once authorized |
Investment services an investment firm can provide
Receiving and transmitting orders; executing orders on clients' behalf; dealing on own account; portfolio management; investment advice; underwriting and/or placing financial instruments on a firm-commitment basis; placing financial instruments without a firm commitment; operating a multilateral trading facility.
Source: CNPF Regulation on investment services and activities, Decision No. 49/3 of 26.08.2015, para. 46.
A firm licensed by CNPF operates within the territory of the Republic of Moldova. The current capital-market legislation follows the European model that preceded the MiFID II directive. At its 24–25 August 2026 session, Parliament adopted in second reading the Law on markets in financial instruments and investment activities, which transposes MiFID II and replaces the framework of Law No. 171/2012. The law provides for a single authorization regime in place of categories A, B, and C; the provisions on the European passport apply from the date of EU accession. The law enters into force six months after its publication in the Official Gazette.
Sources: CNPF, Capital Market No. 35, 02.09.2026; Ministry of Finance, explanatory note, 25.06.2026.
Harmonization with the European Union
CNPF is gradually aligning Moldova's framework with European rules, as part of the national EU accession program (2025–2029). Its development partners include the International Monetary Fund, the World Bank, the European Commission, and BERD.
What this means for investing
The capital market is regulated by Law No. 171/2012. The CNPF Regulation on investment services (2015) partially transposes the MiFID I directive (2004/39/EC); the law transposing MiFID II was adopted in August 2026 and enters into force 6 months after its publication in the Official Gazette (CNPF communiqué, 2 September 2026; see Chapter 09). ESMA is the European Securities and Markets Authority and coordinates the national authorities. EU brokers are authorized and supervised by the national authority of their home state.
Crypto
At the European level, the framework is Regulation (EU) 2023/1114 (MiCA). In the Republic of Moldova, since 1 July 2023, providing services related to virtual assets is prohibited on the country's territory (Law No. 308/2017, Art. 4 para. (1¹), introduced by Law No. 66/2023). At its 24–25 August 2026 session, Parliament adopted in second reading the Law on the crypto-asset market, which partially transposes MiCA.
Sources: Law No. 308/2017, legis.md; CNPF, Capital Market No. 35, 02.09.2026.
Professional certification and career
If you want to officially certify your knowledge of the field and build a career at an investment firm or an investment fund, you can obtain a qualification certificate from CNPF as a securities specialist. The certificate is required for certain roles at authorized firms.
Candidate requirements
- University and/or postgraduate studies in finance-economics and/or law
- Confirmation of no outstanding criminal record (criminal-record certificate)
The file submitted to CNPF
- Certification application and standard questionnaire
- Copy of the identity document and the education diploma
- Copy of the work-record book or other proof of experience
- Original criminal-record certificate, 2 photos 3×4
- Proof of payment of the certification fee
What the exam looks like
The exam is taken in writing, at CNPF's headquarters, as a multiple-choice test with 20 questions and a time limit of one hour. Each correct answer is worth one point, and the candidate is certified from 15 points out of 20. The certification board convenes at least once a quarter, and results are announced on the next working day. Anyone who falls short of the minimum can return at the board's next session, paying the fee again.
The certificate is issued within one month of taking the exam, with unlimited validity, and confers the qualification of securities specialist. It can, however, be suspended or withdrawn by CNPF following breaches in the capital market.
The exam topics are published by CNPF itself. The regulation, application forms, and preparation materials are on the Certification of competences and knowledge — Capital market page. You can prepare directly from the official materials.
Source: The Regulation on the certification of specialists of professional participants in the non-bank financial market, approved by CNPF Decision No. 44/5 of 18.09.2008, as subsequently amended.
CNPF certification is for professionals employed at authorized firms. If you just want to understand investing and trading for yourself, start with our financial education section.
CNPF and financial education
CNPF also plays a public-information role. On its financial education page it publishes free materials for consumers: infographics and briefing notes on the financial system, financial risks, the annual percentage rate, consumer credit, car insurance, and the road from savings to investing.
There you'll also find guides and recommendations, plus the warnings about unauthorized entities. In a separate section, CNPF explains, the authority answers questions about financial products and services in consumer-friendly language. CNPF also runs financial-education sessions for adults and young people and has launched a consumer information phone line.
If you want the basics explained by an authority, CNPF's materials are the starting point. For investing and trading explained step by step, continue with our financial education section.
Frequently asked questions
Note. This page is for informational and educational purposes and describes CNPF's role as a regulator. It does not constitute investment, legal, or tax advice. Information about CNPF is sourced from official sources (cnpf.md, legis.md) and can be verified directly at the source. Investing in financial markets involves risk, including the risk of capital loss.