1. Unified Central Securities Depository
Ministry of Finance of the Republic of Moldova
STATE TREASURY
Unified Central Securities Depository
Vienna, November 2018

2. Financial market reform in the Republic of Moldova
Establishment of a Unified Central Depository
under the program implemented jointly with the IMF with support from the United States Agency for International Development (USAID)

3. Unified Central Securities Depositary
The Unified Central Securities Depositary (UCSD) started its operations on July 31, 2018 pursuant to the Law on the Unified Central Securities Depositary
National Bank
Ministry of Finance
Stock Exchange
Unified Central Securities Depositary

4. - National Bank of Moldova - Ministry of Finance - 11 licensed banks
Unified Central Securities Depositary
UCSD participants:
- National Bank of Moldova - Ministry of Finance licensed banks

5. Unified Central Securities Depositary
The Central Depositary is entitled to operate with the following categories of securities:
Government securities
Debt obligations issued by the National Bank of Moldova
c) Other securities specified in Article 4 of Capital Market Law # 171 dated July 11, 2012

6. Unified Central Securities Depositary
Before establishment
Government securities were purchased/sold on a net basis through the National Bank of Мoldova
After establishment
Separate bank account with the National Bank for government securities transactions
Government securities are sold/purchased on a gross basis
(there are plans to move to net basis)
Cash is reserved in the bank account
All operations are initiated by the Depositary and are performed by direct debit

7. Unified Central Securities Depositary
At the initial stage the Unified Central Depositary operates with securities issued by the Ministry of Finance and with National Bank financial instruments.
Starting from December 31, 2018, the Unified Central Depositary will service corporate securities and investment societies.