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

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.