Armenian parliament revises laws to encourage arrival of institutional investors

22.12.2015 12:31
Armenian parliament revises laws to encourage arrival of institutional investors

YEREVAN, December 22. /ARKA/. At an extraordinary meeting on Monday the Armenian parliament passed in the second and final reading an array of amendments to the laws "On the Securities Market" and "On Joint Stock Companies".

According to deputy chairman of the Central Bank Nerses Yeritsyan, the changes set a clear status of securities holder, their rights and level of their responsibility for their obligations. He said the changes also regulate relationship between issuers and other players at the stock exchange.

"In fact, we introduce a new institution to secure the arrival of institutional investors to the Armenian market", said Yeritsyan.

In late quarter 3 of 2015 there were 8 companies and 21 banks providing investment services. There were also 16 securities issuing entities. The total amount of transactions at NASDAQ OMX Armenia stock exchange in third quarter of 2015 amounted to about 4.2 billion drams, a decrease of 24% compared to the same period in 2014.

According to the National Statistical Service, in the reporting period the amount of transactions with government bonds declined by 39% to about 1.9 billion drams, while the amount of transactions with corporate bonds soared by 56% to about 2.3 billion drams and transactions with shares stood at 400 thousand drams only, down from 477.8 million in quarter 3 of 2014. Incidentally, no repo transactions were effected at the stock exchange during the reporting period of time. ($ 1 - 479.85 drams). -0-

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