C. Strengthening and increasing transparency of the financial banking sector 1. To harmonise the legislation on financial and banking, capital market and insurance with the EU acquis and best practices; to work out new laws or / and improve the present ones regarding the National Bank of Moldova, financial institutions and the National Commission of Financial Market in order to strengthen the independence and accountability of those authorities. 2. The National Committee for Financial Stability to the Prime Minister will carry out regular assessments of financial market stability (banking and nonbanking). 3. To increase the transparency of property rights in financial banking and non-banking institutions and unveil the owners of financial institutions, final beneficial owners of these institutions and their on-going monitoring in order to minimize credit risks, hostile corporative takeover and financial fraud. 4. To set up a single central State Depositary of Securities and launch a single state register of securities holders, administered by the single central state depository, and increase the transparency of shareholders until final beneficiaries. 5. To identify current beneficiaries of companies registered in jurisdictions, which are not implementing international standards of transparency, including in the offshore areas, and ensure the enforcement of international standards of transparency by drafting amendments to the legislation in force. 6. To apply fit and proper test (minimum standards of integrity and transparency) for shareholders in the financial system of the Republic of Moldova, regardless the participation quota in the capital of financial institutions. 7. To tighten requirements and penalties relating to the governance of financial institutions, compliance with prudential norms and banking risk management, including sanctions for mismanagement. 8. To amend the Law on Financial Institutions and the Law on joint stock companies in order to list the specific obligations of owners, board members and executive bodies, to introduce other corporate governance measures and limitate courts inappropriate interventions in the operation of corporate bodies. 9. To elaborate a special law for preventing and managing financial crises. 10. To adopt and implement a time-bound decision for the three banks (BEM, Unibank, Social Bank) in accordance with best international practices. To ensure transparency of actions undertaken. 11. To develop a national legislation for the integration of leasing companies in the national financial sector. 12. To gradually increase the deposit guarantee fund. 18