ARMENIA’S PRESIDENT SIGNS LAWS "ON SECURITIES MARKET"

ARKA News Agency
Oct 23 2007
Armenia

YEREVAN, October 23. /ARKA/. Armenia’s President Robert Kocharyan
signed the Law "On securities markets" adopted by the Armenian
parliament on October 11, the President’s press service told ARKA.

The law is part of the reforms of the financial sector. The
document envisages changes within the regulatory field should
include organizations that have public proposals of securities, or
the securities of which are admitted to public trade, as for banks
and credit organizations they should have the right to participate
in the securities market without special license.

According to the law, the Central Depository and Stock Exchange should
be commercial organizations. The document allows attracting new owners
on the stock market and depository on commercial basis.

According to the experts, the Law "Securities market" gives a chance
to make the agreement on purchase of the Armenian Stock Exchange and
Central Depository by the Scandinavian stock market operator OMX.

The Armenian President also signed changes and amendments to the Laws
"On credit organizations," "On limited liability companies," "On banks
and banking activities," "On shareholder companies," "On bankruptcy,"
"On central bank," "On income tax," "On state due," "On licensing,"
"On accounting," "On state registration of legal entities," "On higher
educational and post-graduate professional education," "On education,"
and the Civil-Procedure Code.