Conceptual Approaches Regarding the Financial Instruments on the Capital Market in Romania and the Republic of Moldova

• Author: Manea, L. - Manea, A.C.
• Position: Law Department, Transilvania University of Brasov
• Pages: 149-152

Bulletin of the Transilvania University of Braşov

Series VII: Social Sciences • Law • Vol. 6 (55) No. 1 - 2013

CONCEPTUAL APPROACHES REGARDING

THE FINANCIAL INSTRUMENTS ON THE

CAPITAL MARKET IN ROMANIA AND

THE REPUBLIC OF MOLDOVA

L. MANEA1 A.C. MANEA1

Abstract: In the capital market development, the starting point consists in

securities, concept on which the current insititution of financial instruments

developed, a basic institution of the financial markets law. From the initial

legal concept of security, the theory and practice of securities has gone

through new conceptual developments through the addition of economic and

financial content and, as a consequence, the European legislation, including

Community - Directive no.2004/39/CE - presently use the concept of

financial instruments, with incidence in the capital market domain.In the

Republic of Moldova, the capital market regulation is carried out with the

use of the Civil Code and the law, and the concept used is that of securities.

Key words: financial instruments, securities, rights of claim, capital

market, trading.

1 Law Department, Transilvania University of Braşov.

1. Introduction

From certificates (documents) that

incorporate asset values (bills and

representative certificates for goods) new

concepts in financial and accounting field

have developed, nam ely: financial

securities and financial instruments. This

development followed, as Senior lecturer

PhD Elena Dobre ascertains, the

development of financial markets on which

such securities are traded, and the need to

account as faithfully as possible the

transactions and their financial effect.

The object of legal relationships on the

capital market is represented by the

financial instruments.

The Romanian legislator opted for Law

no.297/2004 in order to define the concept

of financial instruments by exhaustively

listing all the typical documents which fall

within this concept, European-inspired

enumeration which sets the scope of the

concept without providing details of its

contents .

It should be stated that the Romanian

legislator has also taken and detailed the

definition of financial instruments in the

legislation on credit institutions as well

(Emergency Ordinance No.99/2006 on

credit institutions and capital adequacy),

although the scope is essentially the

same in the two legal documents

mentioned.

In the Moldavian legislation regarding

securities market [2], the concept of

securities was used until the enactment of

Law no.171/2012 on capital market [3],