ArmInfo. The standards of the International Association of Capital Markets will be applied in Armenia. The Parliament of Armenia is discussing amendments to the Civil Code, with which it is planned to implement these standards. According to Deputy Chairman of the Central Bank of the Republic of Armenia Nerses Yeritsyan, we are talking about the application of common universal standards.
This will enable Armenian business entities not to make additional payments when concluding agreements with foreign partners. In addition, the application of standards will provide an opportunity to develop and deepen the domestic securities market.
The structured nature of repurchase transactions determines the execution of a full written agreement before the transaction. All REPO transactions must be governed by a legal agreement between two interested parties, providing: 1) a complete transfer of ownership of the securities, including any securities that are transferred as a replacement or revaluation of collateral; 2) daily revaluation of assets; 3) sufficient initial margin, maintenance of margin or revaluation; 4) events of non-performance and subsequent rights and obligations of the parties; 5) full set-off of claims between the parties in case of non-fulfillment; 6) conditions explaining the rights of the parties in relation to the replacement of collateral, accrual of coupon and interest payments, including their terms. The main legal document governing international repos is the Global Master Repurchase Agreement (GMRA).
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