SITTING OF CIS STOCK MARKET STATE BODIES’ COUNCIL IS DUE IN TSAKHKADZOR
ArmInfo
2009-11-10 14:40:00
ArmInfo. The 10th sitting of the CIS Stock Market State Bodies’
Council started in Tsakhkadzor today.
As Armenian Central Bank’s press service told ArmInfo, Head of
Armenia’s CB, Chairman of the 10th sitting Artur Javadyan welcomed
participants in the sitting and said that this sitting is anniversary.
He emphasized that the Council aims at development of contacts among
the heads of state bodies and the specialists working in the sphere
of regulation of the CIS stock market, creation of conditions for free
experience and progressive ideas exchange in this sphere, elaboration
of proposals on improvement of the policy in the area of control of
participants in the stock market, assurance of observance of similar
principles during regulation, including formation of a standard-
legal base.
Along with it, the chief banker of Armenia briefly characterized
the current situation in the stock market of Armenia. According to
him, Armenia is implementing a pension reform, and it is scheduled
to transfer to the two-stage pension system started 2011. "In this
context, I would like to say that we treat its social role quite
seriously and do not overlook its great assisting role in the stock
market development". A. Javadyan emphasized that the Law of Armenia "On
Investment Funds" and the Law "On Accumulative Pensions", within the
frames of which the activity of the investment and pension funds will
be regulated, are at the development stage". "After a corresponding
legislative field is formed in Armenia, investment funds will appear
in Armenia’s financial market. We also hope that the sphere of life
insurance will also develop", Javadyan emphasized. So, he said,
after implementation of the reform, the financial market of Armenia
will turn out to be more attractive for its new participants.
In this context, a new opportunity is opened for the Republic to
enter the new world-scale financial markets, Javadyan said.
The CB Head said that in cooperation with NASDAQ OMX Armenia interim
tax privileges have been announced for IPO and listing of securities
for the issuers who are listed at the stock exchange. For emitters of
public shares profit tax is halved. These companies are exempted also
from VAT when receiving consulting, marketing and juridical services
to prepare for listing at the stock exchange. In future, he said,
state property will be privatized in Armenia via NASDAQ OMX Armenia.
He said that relevant measures are being taken. Thus, five state
companies will be reorganized into private companies within the
coming months.
A. Javadyan summed up all the aforementioned and highlighted that the
reforms in the capital market launched in 2007 will be continued next
year. Reforms suggest training of the market participants (emitters,
investors and professional participants), formation of institutional
investors (investment and pension funds), and development of
effective systems of information disclosure. A. Javadyan said mutually
advantageous decisions will be made also during the next meetings of
the Council to promote development of securities market in the CIS.
"We will achieve this goal by combined efforts," he said.
From: Emil Lazarian | Ararat NewsPress
