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Nasdaq Omx Tallinn Will Develop The Armenian Mandatory Pension Infor

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  • Nasdaq Omx Tallinn Will Develop The Armenian Mandatory Pension Infor

    NASDAQ OMX TALLINN WILL DEVELOP THE ARMENIAN MANDATORY PENSION INFORMATION SYSTEM
    Juhan Tere

    The Baltic Course
    http://www.baltic-course.com/eng/finances/?doc=41612
    May 31 2011

    CSDX, a subsidiary of NASDAQ OMX Tallinn, together with the Central
    Depository of Armenia has signed an agreement with the government of
    the Republic of Armenia and the Central Bank of Armenia.

    In accordance with the agreement NASDAQ OMX will provide to the
    customers software and related services to perform services which
    must be accomplished by register of participants of pension funds in
    II pillar pension system for the Republic of Armenia. The development
    and advisory project will last until 2015.

    Armenian parliament adopted in the end of 2010 a package of laws to
    support introduction of II pension pillar in Armenia by 2014. The aim
    is to reform the existing PAYG system and launch funded pensions in
    the Republic of Armenia.

    "As Estonia has had II pension pillar for 10 years and the central
    registry system has worked well in Estonia then Armenian authorities
    have decided to use the experience of NASDAQ OMX Tallinn in building
    such a system," commented Andrus Alber, the Chairman of the Management
    Board of NASDAQ OMX Tallinn. The central registry of II pension pillar
    will be operated in Armenia by the Central Depository of Armenia,
    a subsidiary of NASDAQ OMX Armenia.

    "The Government of Armenia has signed Cooperation Agreement with
    NASDAQ OMX in 2007. This project is one of steps in straightening
    cooperation between Armenian Government and NASDAQ OMX. Armenian
    Government is currently creating personalized record keeping system
    in the State Revenue Committee, in consideration of the fact that
    starting from 2013 income tax and social security payments will be
    unified as well. The III Pension Pillar is already launched and the
    Government of the Republic Armenia and the Central Bank are welcoming
    well experienced foreign asset managers to bring their knowledge into
    Armenia. In that respect several tax exemptions are stipulated both
    for II and III pillar. The Government continues with the negotiations
    on operational agreement with the Central Depositary of Armenia,"
    commented the Central Bank of Armenia.

    NASDAQ OMX Tallinn is the leading Estonian securities market operator
    providing the environment and infrastructure for trading in securities,
    clearing securities transactions, listing companies, operating
    the central securities register and the funded pension register in
    Estonia. NASDAQ OMX Tallinn is part of the world's largest stock
    exchange group - NASDAQ OMX Group, Inc.

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