📋 Tender Overview
TCRS: 154432
Status: Approved
Location: Moldova
Business Sector: Local currency and cap. Markets
Notice Type: Public
PSD Disclosed: 24 Jul 2025
Project Description
Rationale
This Local Currency and Capital Markets Development Initiative (the Initiative) of the European Bank for Reconstruction and Development (the EBRD or the Bank) aims to promote more efficient and self-sustaining financial markets through the development of local capital markets and broader use of local currency, as to contribute to economic progress and build a more stable financial environment.
In March 2022, Moldova submitted an official request to join the European Union (EU). In June 2022, the Council of the EU approved the decision to grant a candidate status to Moldova, following recommendation from the EU Commission and the support by the European Parliament.
Being a part of the EU accession negotiations, the EU’s standards and rules are split into 35 policy fields (chapters), which include Chapter 9 - Financial Services. The financial services’ chapter covers, among others, financial market infrastructure, securities markets, and investment services. Negotiations under each chapter are based on a screening report, which reflects the results of a detailed examination carried out by the European Commission and the candidate country, in order to determine how well the country is prepared to join the EU. Moreover, before negotiations can start, the candidate country must submit its negotiating position regarding each policy field (chapter). For the chapter on financial services, the EU will set closing benchmarks in its negotiating position which Moldova will need to meet before negotiations in this policy field can be closed. Throughout the negotiations, the European Commission will monitor Moldova’s progress in applying EU legislation, in particular, to assure the current EU members that Moldova as a candidate country is meeting the conditions for joining.
This project will support the National Commission for Financial Markets and other Moldovan authorities (if applicable) in their preparatory steps for the EU membership by aligning the legislation pertaining to capital markets (more specifically, including but not limited to, integrity and transparency of financial benchmarks, investment services, market transparency, trading obligations and venue access, market abuse prevention, securities prospectus requirements, short selling controls, SME market access, investor compensation, investment funds, securities financing transparency, and mandatory company financial disclosures) with the corresponding EU rules and regulations (the Project).
Accordingly, the Bank now intends to engage a consulting company, law firm or consortium of consultants (the Consultant ) to support the Bank in assisting Moldova in this exercise.
TC Services
The Consultant will carry out the following tasks: (1) analyse the existing laws and regulations applicable to capita
