Activities

Corporate Governance Reform

Of great importance to FIA members is the Moldova Corporate Governance Reform Project, launched in May 2005 and supported by the FIRST Initiative. Together with representatives from the National Securities Commission, Stock Exchange, Ministry of Economy, National Bank of Moldova, local commercial banks, as well as other authorized participants on the capital market, the FIA has identified and deliberated problems arising from the current Joint Stock Company Law and Securities Market Law, as well as provided proposals for improvement.

In parallel, the FIA has and will continue to concert efforts together with all stakeholders in the process of reforming corporate governance in Moldova, for the purpose of designing a Corporate Governance Code best-suited to the current situation in the country.

Regulatory Reform

In order for small and medium enterprises to be able to grow, a favorable legal framework is indispensable. For this reason, the FIA has highly welcomed the Government's initiative for revising all normative acts regulating enterprise activity in Moldova by means of the so-called Guillotine Law , which came into effect in February 2005 and ended in August of same year.

The Law established the principles for the revision of the existent normative framework affecting the business activity, in order to remove regulations that had not been published in Monitorul Oficial and that did not correspond to market economy principles.

Throughout the mentioned period, the FIA was represented both at the level of the State Commission, and in the National Working Group revising the respective normative acts.

According to the Ministry of Economy, the Guillotine Working Group shall continue to act on a permanent basis, so as to prevent state authorities from issuing new regulations, thereby coming back to the pre-"Guillotine" situation. Furthermore, it is also envisioned that the provisions of the "Guillotine" Law shall be extended to cover not only normative acts, but also actual laws regulating enterprise activity in the country.

The FIA highly appreciates the stated Government's initiative aimed at furthering efforts for streamlining enterprise operations and is eager to provide full support to this end.

The work done within the framework of "Guillotine" Law helped reveal and identify a number of problems faced by local entrepreneurs, and shall be included, together with relevant recommendations, in various chapters of the Moldova White Book 2005 for discussion with policymakers.