Local incorporation is required for financial market ifnrasatructure operators, such as stock exchanges, and for other financial services intermediaries, such as investment companies and fund management firms. An exception is granted to EU-incorporated financial services intermediaries which are allowed to operate through branches in the Republic of Moldova.
"Chapter III - INVESTMENT COMPANIES
Section 1. General provisions regarding investment services and activities
Article 33.  Types of investment services and activities
(1) Investment companies are entitled to carry out the following investment services and activities:
(a) receiving and transmitting orders regarding one or more financial instruments; (b) executing orders regarding financial instruments on behalf of clients; (c) trading on own account; (d) portfolio management; (e) investment consulting; (f) intermediation of the subscription of financial instruments and / or placement of financial instruments based on a firm commitment; (g) placement of financial instruments without firm commitment; (h) operation of an MTF.
(2) In addition to the investment services and activities listed in par. (1), investment companies may provide the following ancillary services: (a) fiduciary management of investments; (b) granting a loan or loan to a client to enable him to carry out a transaction with one or more financial instruments, in which the investment company granting the credit or loan is involved; (c) consulting to joint stock companies regarding capital structure, industrial strategy and related aspects, services related to mergers and acquisitions of companies; (d) currency exchange operations, if these operations are directly linked to the provision of investment services; (e) investments research and financial analysis or any other general recommendation regarding transactions with financial instruments; (f) services related to the intermediation of the subscription of financial instruments; (g) investment services and activities, as well as the auxiliary services mentioned in par. (1) lit. a) –f) and in par. (2) regarding derivatives, if they are related to the provision of investment services or ancillary services.
(3) Investment services and activities regarding financial instruments may be performed only by: (a) investment companies, according to the license issued by the National Commission; (b) the persons accepted, on the basis of the approval by the National Commission.
[...]
Section 2 - Requirements regarding the activity
Article 35.  Investment company license(2) In order to obtain the investment company license, the applicant submits an application to this effect to the National Commission, to which he attaches the documents confirming that the applicant cumulatively complies with the following requirements: (a) has the form of legal organization of joint stock company, legally constituted and registered in the Republic of Moldova; 
[...]
Article 36.  Accepted persons
(1) Foreign legal persons, authorized to perform investment services and activities and supervised by the competent authorities of the Member States of the European Unions are considered to be accepted persons and do not need the license of investment firm on the basis of agreements concluded between these bodies and the National commission.
(2) The accepted persons carry on activity in the territory of the Republic of Moldova through branches registered in the Republic of Moldova.
(3) Persons who hold the authorization for carrying out investment services and activities granted by competent authorities of the member states of the European Union obtain the status of accepted person after approval of the National Commission.
(4) For the obtaining of the status of accepted person applicant shall address to National Commission a request for this purpose and attach the documents confirming that the applicant holds the relevant authorizations issued by competent authorities of the member states of the European Union. 
[...]
Chapter IV - INFRASTRUCTURE OF THE CAPITAL MARKET
Section 1. Market operators
Article 60.  General provisions regarding market operators and regulated markets [...]
(5) No natural or legal person, except the market operator, is entitled to use the terms "stock market", "regulated market", "trading system" and their derivatives with reference to financial instruments in their own names, in the systems. of trading created in its brands and promotional materials.
[...]
Article 61.  Market operator license
(1) In order to obtain the market operator license, the applicant submits an application to this effect to the National Commission, which attaches documents confirming that the applicant cumulatively complies with the following requirements: (a) it has organizational form legal of a joint stock company, legally incorporated and registered in the Republic of Moldova; [...]" (LAW No. 171 of 11-07-2012 about the capital market [google translated])
LAW No. 171 of 11-07-2012 about the capital market [google translated]
[<a href="http://www.legis.md/cautare/getResults?doc_id=110281&lang=ro">Law</a>]