NASDAQ OMX Tallinn to develop Armenian mandatory pension information system

01.06.2011 15:48
NASDAQ OMX Tallinn to develop Armenian mandatory pension information system

YEREVAN, June 1, /ARKA/. CSDX, a subsidiary of NASDAQ OMX Tallinn and the Central Depository of Armenia have signed an agreement with the government of Armenia and the Central Bank of Armenia to 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 2013, NASDAQOMX said in a press release.

The 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. -0-


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