A1plus

| 26-05-2005 |

WE SHOULD JOIN ONE MORE INTERNATIONAL ORGANIZATION

To develop the market of securities Armenia should joint the International
Organization of Securities Commissions. In the opinion of chairman of the RA
commission on securities Eduard Muradyan in this way a legislation on the
market of securities corresponding to the international standards can be
adopted in Armenia.

The principal obstacle for the development of the market is the unstable
juridical system. `Any drastic change can cause panic and many people can
lose big sums’, Eduard Muradyan noted.

Only 220 Armenian companies are familiarized with the norms of the market of
securities and attempt to follow them in their activities.

To note, as result of numerous complaints 123 administrative proceedings
have been initiated in 2004. In 42 cases penalties totaling in 17 million
AMD were imposed.