AGREEMENT ON SALE OF ARMENIAN STOCK EXCHANGE AND DEPOSITORY
TO BE SIGNED IN LATE OCTOBER OR EARLY NOVEMBER
10-10-2007 21:30:00 | Armenia | Economy
YEREVAN, OCTOBER 10, NOYAN TAPAN. The amendment to the Law
on Securities Market will provide the Armenian government with
a legislative opportunity to sign an agreement on sale of the
Armenian stock exchange and depository with Swedish-Finnish
company OMX AB. The chairman of the Central Bank of Armenia
(CBA) Tigran Sargsian told this to reporters at the end of the
discussion of the bill on the amendment to the indicated law and
the legislative package related to it at the RA National
Assembly on October 10. According to him, the agreement will be
signed in late October and early November - immediately after
the law will come into force.
"Following this, the stock exchange business will be
conducted by market rules in Armenia. It means that we open the
way for foreign investors, allowing them to make investments and
develop the stock exchange and the depository in our country,"
the CBA chairman stated.
At the same time T. Sargsian pointed out that there are
many norms used in international practice which have not yet
been included in the law. In his words, the Law on Securities
Market will be improved step by step: in 2008, a new legislative
package will be submitted and an attempt will be made to use new
mechanisms and principles in parallel with developing the
market.
On the same day the National Assembly discussed in second
and third reading the indicated legislative package, whose
adoption will be voted on soon.