YEREVAN, OCTOBER 3, NOYAN TAPAN. The RA National Assembly on October 3 passed in first reading the draft of the new law on securities market and a package of bills envisaging amendments and additions to a number of laws with 86 votes in favor, 12 against and 5 abstentions. "Heritage" and ARF factions voted against the government's legislative initiative. According to the main opponents, the draft of the new law on securities market has many shortcomings: it does not ensure protection of the interests and property right of investors by administrative order and does not encourage free economic competition. NT correspondent was informed by Artsvik Minasian, member of the ARF faction, Candidate of Economics that the government has not substantiated clearly the necessity to replace the current law in use for 7 years with a new one. In his words, the current law envisages a stricter regime in terms of protecting investors. Besides, the current law does not prevent development of the securities market in any way, quite the opposite, it contributes to investors' being constantly protected. In his opinion, in case of using the norms of the draft law adopted in first reading, "only bank allocations will prevail in the financial market, and there will no longer be competition, which is unacceptable not only in a country like ours but also in developed countries."

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