Thursday, February 18 2010 18:02
Armenian banks are banned to independently maintain share registers
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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