Bill “On Securities Market Regulation” Passed in First Reading

YEREVAN (Noyan Tapan)–On June 27–the National Assembly passed a bill "On Securities Market Regulation" in its first reading. Before this–the government had several times endeavored to have this bill considered by the National Assembly–though with little success. Each time deputies either postponed or foiled the voting on this bill–pointing at the existing shortcomings. The bill passed in the first reading–according to the conclusion of the NA Standing Commission for Financial-Crediting–Budgetary and Economic Affairs–"looks pretty developed now and seems to have no weak points open to criticism." National Assembly Deputy Speaker Tigran Torossian finds that the bill has been essentially improved since the last time it was submitted–in particular–the exclusive powers until recently enjoyed by the RA Commission on Securities have been revised. This was exactly what prevented the bill from being passed. Torossian said that the delay with the adoption of the law confirms that there are no free economic relations in Armenia today–as there is no securities market. During the discussions it was repeatedly mentioned that some concerned financial entities were interested in the failure of the law–for which purpose they had launched extensive lobbyist activities in the parliament. Seiran Aivazian said in figurative terms that "the entire National Assembly has become hostage to these forces–and it is destructive to the country." National Assembly Deputy Speaker Tigran Torossian–for his part–dared identify the forces preventing the law from being adopted as owners of the Yerevan Stock Exchange and some deputies supporting them in the parliament chamber.

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