EBRD APPRECIATES QUALITY OF LAW ABOUT SECURITIES MARKET OF ARMENIA

ARKA News Agency
Nov 15 2007
Armenia

YEREVAN, November 15. /ARKA/. The European Bank for Reconstruction
and Development (EBRD) appreciates the quality of the country’s law
about securities market of Armenia, says EBRD report on countries
with transitional economy.

The law about corporate management has also been appreciated in the
report. The quality of the law about bankruptcy is assessed as "medium"
and the law about transactions on security in Armenia is evaluated as
"not working".

The new law "About Securities Market" was passed on October 11. The
law was developed on the basis of the model of securities markets of
Estonia and Slovenia. Under the new law, banks and credit organizations
should have right to directly participate in securities market without
special license. Apart from that, the Central Depository and the
Stock Exchange of Armenia should be commercial organizations.

The transactions with security are regulated by the Civil Code of
Armenia and cover such securities as pledge, advance payment, forfeit,
guarantee and other means provided by under the law or agreement.

From: Emil Lazarian | Ararat NewsPress