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.
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.