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.