ARMENIAN BANKS ARE BANNED TO INDEPENDENTLY MAINTAIN SHARE REGISTERS

ArmInfo
18.02.2010

ArmInfo.The government of Armenia approved introduction of alterations
to the Laws of Armenia On Banks and Banking Activity and On Joint-Stock
Companies.

According to Armenian Central Bank Chairman Artur Javadyan,
introduction of alterations to the laws aims at banning independent
maintenance of share registers by joint-stock banks. "These
organizations must transfer maintenance of this register to Central
Depositary of Armenia or to any other specialized organization",
he said. According to these alterations, A. Javadyan said, the
organizations, engaged in investment activities, have no right to
maintain a share register but they have to transfer this function to
a specialized company.

To note, natural monopoly for the services of a specialized registrar
of securities, represented by Central Depositary, which is part of
Nasdaq OMX Armenia stock structure, has been developed in Armenia.