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Text of the page (random words):
ance before the start of construction works if a respective notice is not submitted then the works are considered to have started on the next day after receiving the construction permit conclusions the new law on permitting construction works should streamline the procedure for issuing documents for construction there has been introduced the notion of information urban planning certificate which can be obtained by any person to familiarize with the urban planning regime of particular real estate properties an important feature of the law is that it simplifies the procedure for coordinating necessary documentation for construction and shifts most of the respective obligation onto local public authorities in addition to that it is now clearly provided that if a respective application was submitted for obtaining a construction permit and no answer is received within the due period of time than the construction permit is deemed granted automatically thus local authorities will either have to provide within the limited time frame a motivated denial that can be subject to a judicial contest or the applicant will have the right to start the works as the permit will be deemed granted this post is part of the newsletter prepared by our law firm you can download its full text in pdf from here labels construction urban planning posted by alexei ghertescu 10 45 pm 10 comments monday october 25 2010 modifications into the labour code of the republic of moldova a number of modifications were introduced into the labour code aiming to eliminate discrimination in the workplace by various criteria besides there was extended the confidentiality period that is employees and employers obligation not to disclose the information acquired while the individual employment contract between them was effective from three months up to one year there have been increased the allowed periods of suspension of employment contracts with persons engaged in long term care for sick children and children with disabilities likewise the period of possible technical idle time during which the employment contract may be suspended has been increased up to 6 months from para 1 art 85 of the labour code which provides for the right of employees to resign on their own volition has been excluded the mention of contract concluded for an indefinite period thus the right to terminate at any time the employment contract was also given to employees with whom fixed term contracts are concluded there have been lifted the restrictions to get women with children under three years involved in overtime work work on weekends and holidays and shift work the obligation of employees who have undergone professional training or internship to work for a certain period of time for the respective undertaking has been excluded from the labour code one of the most significant modifications concerns the possibility of dismissals of pregnant women it is worth reminding that previously dismissals of pregnant women were forbidden except for the cases of liquidation of the enterprise on the one hand it gave them an additional safeguard against possible abuses by employers who were trying to get rid of them on the other hand it has often served as the ground for multiple abuses sometimes quite serious on the part of pregnant women themselves who neglected their duties and lacked discipline being under protection of the labor legislation provisions this situation was decided to be changed now pregnant women can also be dismissed on common grounds in case of infringements committed by them that relate to the discipline and observance of law in the workplace finally some significant changes have been made with respect to the time limit within which an employee can lodge a claim with the court in case of violations of his rights this term has been reduced from one year to three months now the employee in case of dismissal will not be able to wait for the whole year before applying to the court with a claim regarding reinstatement in the position this post is part of the newsletter prepared by our law firm you can download its full text in pdf from here labels labour employment law posted by alexei ghertescu 11 31 pm 41 comments access of law enforcement bodies to commercial and banking secret limited certain modifications have been introduced into a number of normative acts in particular the law on financial institutions the law on police the law on the centre for combating economic crimes and corruption the law on the prosecutor s office with respect to the access by the law enforcement bodies to commercial and banking secret the adopted amendments have limited the access to commercial and banking secret for police officers the centre for combating economic crimes and corruption and the prosecutor s office previously the access by these bodies to the information that constituted the secret of banking institutions and commercial companies was virtually unlimited and could be obtained even in the course of ordinary police inspections on matters not directly related to the subject matter of the inspection however from now on they will only be able to request and receive such information in case of criminal investigation proceedings launched and with the permission of a criminal prosecution judge there have been increased the penalties for disclosure of commercial and banking secret in particular the penalty imposed on public officials that disclose commercial banking or tax secret will now amount to 8 000 to 10 000 lei article 22 of the law on financial institutions has been adopted in the new version and now provides for a clear list of cases in which the bank must provide the information constituting banking secret as well as situations in which the provision of information by the bank does not infringe its duty to preserve banking secret this post is part of the newsletter prepared by our law firm you can download its full text in pdf from here labels banking commercial secret posted by alexei ghertescu 11 24 pm 3 comments wednesday september 22 2010 joint stock companies a basic outline recently i wrote about registering a limited liability company in moldova it was said then that llc is the most common form of companies in moldova today s post is dedicated to another form of companies that are less spread however very important joint stock companies jsc under art 2 1 of the law on joint stock companies jsc societate pe actiuni or sa is a company whose share capital is divided up into stock shares and whose obligations are secured with its property the main peculiarity of joint stock companies comparing to other types of companies limited liability companies in the first place is the right to issue securities that can be traded at stock exchange stock shares and bonds though there is a number of other differences although jscs are less spread than llcs certain types of companies can only be registered under this form like for example banks insurance companies investment funds likewise limited liability companies that have more than 50 shareholders should be reorganized into jscs within 6 months period or consolidated to reduce the number of shareholders or liquidated a jsc can be founded by one or more natural persons or legal entities constituent documents are constituent agreement in case of founding by 2 or more persons or declaration on the foundation of the company in case of one founder and articles of association the first document stipulates the conditions during the establishment of a new company whereas articles of association are company s basic document providing for all major conditions of company s activity and structure the minimum share capital of a jlc should not be less than 20 000 twenty thousand moldovan lei about 1270 euro what determines the minimum volume of company s net assets one of the most important stages in creating a joint stock company is the initial stock placement the stock shares of a newly created company is divided between its founders the money paid for stock shares is introduced into the temporary bank account after the money is introduced the constituent meeting may take place in which all founders should take part during the meeting all necessary decisions on the company registration election of its managing bodies etc should be taken after the meeting the respective documents bylaws decision on the registration and so on are submitted to the state registration chamber which adopts the decision on jsc s registration the company is considered created from the moment of its registration however unlike in limited liability companies for which all major constituent proceedings are finished at the moment of its registration in case of joint stock companies some further actions are required within 15 days a package of respective documents should be submitted to the national commission on financial market for the state registration of stock shares placed when creating the company failure to perform this obligation gives rise to the right of any stockholder to lodge a claim with the court for the dissolution of the company in case no inaccuracies are revealed the state registration of stocks is carried out what includes declaring the stock subscription valid conferring a state registration number to each class of stocks placed and introducing the respective records into the state securities registry after that within 15 days from the state registration of stocks the company must ensure the formation of stockholders registry provide first records therein on stockholders their legal representatives and nominal stockholders labels company corporate law securities regulations posted by alexei ghertescu 6 22 pm 4 comments sunday july 11 2010 cash payments allowed to companies increased in the end of june a new law ammending the law on entrepreneurial activity and enterprises entered into force it modified the provision of article 10 of the aforementioned law setting the limits for cash payments as opposed to bank transfers allowed to companies before these modifications the maximum sum that a company had been allowed to pay to another company in cash was only 1 000 moldovan lei for every single transaction this provision set very significant boundaries to companies wishing to make cash payments as the violation of this rule entailed rather severe penalty of 10 per cent of the sums paid after the modifications had been adopted and came into force the limits for cash payments were set at the threshold of 100 000 lei a month so right now regardless of whether it is a single transaction or a series of operations the overall sum of money paid in cash in a month by one company to another should not exceed 100 000 lei labels payments rules of commerce posted by alexei ghertescu 1 44 am 3 comments wednesday june 23 2010 short introduction into the competition regulation in moldova it is not an overstatement to say that a complex competition regulation is usually a feature of a country with the developed market economy so it is not a surprise that the rules on competition and anti monopoly regulations in moldova are still at their initial stage of elaboration however for the last several years competition law has become more apparant and feasible for many moldovan companies and with the lapse of time more and more complicated competition rules are likely to gain ground as compared to other branches of economy regulation the first law in moldova that governed the issues of monopolistic and anti competitive behaviour was the law no 906 xii of 29 january 1992 on the limitation of monopoly behaviour and the development of competition it first introduced the definition of a dominant position in the market provided for some rules designed to prevent the abuses of dominant position etc though not formally anulled this law does not play any significant role in the market regulation any more since the law on the protection of competition no 1103 xiv of 30 june 2000 came into force in the end of 2000 basic principles of the law on the protection of competition the law on the protection of competition is a basic legal act in the republic of moldova laying down the rules of competition between market participants in the republic of moldova competition as such is defined by this law as a contest between undertakings in which their independent activities effectively limit each other s possibility to influence unilaterally the general conditions of goods turnover in the respective market unfair competition is defined as any actions performed by undertakings to gain unfair benefits what causes or can cause damages to other undertakings or harm their business reputation articles 2 and 4 of the law stipulate the principles of competition regulation in moldova they provide for the state to recognize fair competition as a key factor in developying the economy the state implements the policy designed to ensure free entrepreneurship and protection of fair competition it is forbidden to use one s rights for the purpose of limiting competition abuse dominant position and infringe legitimate consumers interests the state should contribute to developing and protecting fair competition and protect undertakings and citizens consumers from monopolistic activities and unfair competition the law stipulates certain types of anti competitive activities 1 monopolistic activity abuse of the dominant position in the market anti competitive agreements 2 unfair competition 3 public authorities activities limiting competition these types of anti competitive activities will be explained and considered in other posts however it is worth mentioning here the definition of dominant position which plays a pivotal role in competition regulations in all countries the dominant position in the market is considered by virtue of art 2 of the law as an exclusive position of an undertaking in the goods market that enables it to influence decisively solely or together with other undertakings the general conditions of goods turnover in the respective market or to hamper the access to the market for other undertakings for a company to be declared as holding the dominant position it should have a market share of not less than 35 at the same time the term goods should be interpreted broadly as the same art 2 of the law includes works and services into its definition the main public authority created to implement the state s competition policy is the agency for the protection of competition and though the law providing for the establishment of the agency was adopted in 2000 it was only in 2007 when the agency s board was approved and it started it activity the agency is entitiled to control the functioning of the markets their structural modifications and the creation of transnational corporations and financial and industrial groups it carries out supervision of certain types of mergers and acquisitions and also may under certa...