Our Partners are often invited to speak at professional business forums and to publish their views with specialized journals or newspapers. Recent articles and presentations are posted herein.

If you are interested in getting further information, please contact us.

RECENT PUBLICATIONS

[May 2011]

The prestigious Moldovan economic newspaper ECONOMIST in partnership with Gladei & Partners has launched a series of publications under the 'Business Counsel' heading, where our lawyers offer advices on the most actual topics selected by the readers. Here are all the articles where you can find useful practical advice for your business in Moldova.

[January 2011]
Moldova: Securities and Banking Overview / Complinet Country Guide.
By: Roger Gladei and Aelita Orhei

Moldovan financial services and securities legislation has undergone significant modernisation in recent years. Such modernisation was focused on: (i) fuelling the capital market by streamlining the securities issuance and secondary market transfer rules; (ii) unifying the supervision of all non-banking financial institutions under the roof of a single supervisor; and (iii) harmonisation of national laws on credit institutions, capital market, insurance and microfinance organisations with European Union legislation. This new wave of legislative reform ultimately aims to create an investor-friendly legal environment which is seen as a precondition for sustainable growth of market-based Moldovan economy.

PDF (English)

[October 2010]
Enforcement of Security / International Conference 'Current issues in Moldovan financial-banking industry'
By: Roger Gladei

Quick, cheap and simple enforcement of security is crucial in the secured lending. New Law on Mortgage and the revised Enforcement Code leaped into re-balancing the interests of creditor and debtor and improving the enforcement proceeding.

PDF (Romanian)

[May 2010]
Moldova: Insurance Overview / Complinet Country Guide.
By: Roger Gladei and Aelita Orhei

The adoption of the Law on Insurance No. 407-XVI dated December 21, 2006, and subsequent regulations issued by the public regulator, marked a turning point in insurance business regulation in Moldova. Insurance regulatory and supervisory power is vested in the financial market "mega-regulator", the National Commission for Financial Market.

PDF (English)

[January 2010]
Moldova: Securities and Banking Overview / Complinet Country Guide.
By: Roger Gladei and Aelita Orhei

Moldovan financial services and securities legislation has undergone significant modernization in recent years. Such modernization was focused on: (i) fuelling the securities market, by streamlining the securities issuance and secondary market transfer rules, (ii) unifying the supervision of all non-banking financial institutions under the roof of newly-created public watchdog; and (iii) harmonizing insurance, collective investment undertakings, microfinance organizations and other nonbanking financial institutions-related legislation with EU legislation. It is too early to assess the practical outcome of this regulatory effort, although one notable effect has been that the new rules are more investor-friendly and create good preconditions for the evolution of the financial market.

PDF (English)

[October 2009]
Acquisition in the banking, insurance and leasing industries / IFLR1000 2010.
By: Roger Gladei

Ranked fifth among 184 countries surveyed under the Banker's 2009 World Financial Health Index, Moldova might well claim that its financial sector is healthy and thus interesting for potential investors. High investment returns combined with stable legal and regulatory environment bring Moldova onto the expansion maps of important EU and other foreign investors.

PDF (English)

[March 2009]
Moldova: Anti-Money Laundering Overview / Complinet Country Guide.
By: Roger Gladei and Aelita Orhei

The new Law on Prevention and Combating of Money Laundering and Terrorism Financing dated July 26, 2007 sets forth the framework for anti-money laundering and terrorist financing measures. In comparison to the first anti-money laundering law, which was enacted in 2001, the new law is in accord with the relevant international standards. The 2007 AML Law extended the range of reporting entities. The guidelines for suspicious activities and transactions, which the Centre for Combating Economic Crimes and Corruption passed, are aimed to help the reporting entities in transaction assessment.

PDF (English)

[June 2008]
Mortgage and Immovable Loans: the Modern Trends / Workshop for the banking and non-banking financial institutions' specialists.
By: Roger Gladei

Mortgage lending legislation in Moldova has been developed on a piecemeal basis and is still very patchy. The presentation focuses on the practical issues related to mortgage creation and enforcement, as well as on the main provisions on the draft Law on Mortgage and how it deals with the current issues.

PDF (Romanian)

[June 2008]
Mortgage and Immovable Loans: the Modern Trends / Workshop for the banking and non-banking financial institutions' specialists.
By: Roger Gladei

Mortgage lending legislation in Moldova has been developed on a piecemeal basis and is still very patchy. The presentation focuses on the practical issues related to mortgage creation and enforcement, as well as on the main provisions on the draft Law on Mortgage and how it deals with the current issues.

PDF (Romanian)

[April 2008]
The Policy Brief on Corporate Governance of Banks in Eurasia: a Member View / EBRD-hosted Conference on Corporate Governance of Banks in Eurasia
By: Roger Gladei

Under the aegis of OECD and EBRD, an international Task Force consisting of representatives from ten Eurasian countries (including Moldova) has developed a Policy Brief on Corporate Governance of Banks in Eurasia. The purpose of the Policy Brief is to serve as a source of reference together with the OECD Principles of Corporate Governance and the Basel Committee on Banking Supervision Guidance Enhancing Corporate Governance for Banking Organisations. The Policy Brief makes a series of recommendations which could be helpful for both the lawmakers, regulators and industry professional associations in their effort to improve the corporate governance framework.

All Conference presentations are posted here

PDF (English)
PDF (Russian)

[March 2008]
Corporate Bonds as Company Financing Source / Article published in 'Ýêîíîìè÷åñêîå îáîçðåíèå ËÎÃÎÑ-ÏÐÅÑÑ' (Economic Review LOGOS-PRESS) Newspaper
By: Roger Gladei

Recent amendments to the securities legislation opened for the best Moldovan corporations the opportunity of getting access to an alternative source of debt financing -corporate bonds. The article delineates the conditions for corporate bond issuance on both domestic and foreign markets and identifies Moldovan companies which stand better chances for successful bond IPOs: industry leaders, exporters and real estate developers.

PDF (Russian)

[December 2007]
Legal Framework of Bond Issuance / USAID-sponsored Conference 'Building a Bond Market in Moldova: Essential Steps for Development'
By: Roger Gladei

Sporadic issuances of corporate bonds denote that either Moldovan companies lack the understanding of the associated benefits or that legal framework remains defective, or both. Addressed to a wide business attendance, the presentation points at the practical problems related to a bond issuance and suggests certain solutions thereto.

All Conference presentations are posted here

PDF (English)
PDF (Romanian)

[June 2007]
No Foreign Investor will Step into the Market without Knowing the Rules of the Game / Interview published in 'Capital Market' Newspaper
By: Roger Gladei

The new-fledged Corporate Governance Code is based on the well-known 'comply or explain' principle and makes the first step toward self-regulation, built around the soft law concept. Although the Code is not binding, adherence thereto will help the Moldovan companies to prevent corporate problems and gain in momentum for future growth.

PDF (Romanian)
PDF (Russian)

[April 2007]
Corporate Governance Enhancing - the Current Agenda / Article published in 'Capital Market' Newspaper
By: Roger Gladei

A recent Ernst & Young research has shown that within the following three years Moldova is going to become an important SEE investment destination. While assessing the business risks, the investor is paying an increased attention on corporate affairs of the investee, including the sound management, clear lines of responsibilities and prevention of conflict of interests. As far as banks are concerned, two additional issues needs consideration, namely the 'technological lack of transparency' of banking operations and the relation between regulation and 'moral hazard'.

PDF (Romanian)
PDF (Russian)