ARMENIAN PARLIAMENT APPROVED IN THE FIRST READING THE DRAFT LAW "ON SECURITIES MARKET"

Mediamax, Armenia
Oct 3 2007

Yerevan, October 3 /Mediamax/. Armenian parliament approved in the
first reading the draft law "On Securities Market".

Mediamax reports that, speaking on October 2 during the session
of the parliament, Chairman of the Central Bank of Armenia Tigran
Sarkisian stated that the approval of the new law aims at securing
the development of the securities market in Armenia in accordance
with the European standards.

During the elaboration of the document, the Estonian and Slovenian
models of the legislation in the given sphere, which are closer to
the realities of the Armenian market, were taken into account.

The draft law is elaborated by the Central Bank of Armenia jointly
with AEPLAC. Tigran Sarkisian noted that in accordance with the
Partnership and Cooperation Agreement (PCA), signed with the EU, the
Armenian side committed itself to making its legislation in the sphere
of financial services closer to the legislation of the European Union.

"The present law "On regulation of the securities market" cannot
fully regulate the legal relations in that sphere, given the many
shortcomings and inner contradictions", Head of CB stated.

The reformation of the legislation of the Armenian securities market
also issues from the provisions of the memorandum, signed between
the Armenian government and the Swedish OMX Group.

The new draft law, in particular, makes the conditions for the entry
of investment companies to the securities market stricter. They should
beforehand undergo registration and licensing from the CB.