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Armenian Banks Are Banned To Independently Maintain Share Registers

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  • Armenian Banks Are Banned To Independently Maintain Share Registers

    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.
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