YEREVAN, July 24. /ARKA/. The Central Bank of Armenia has designed a set of amendments to the law “On Investment Funds” and a number of related laws, the regulator said today.
It said the main purpose of the amendments is to introduce regulatory mechanisms to offset possible risks arising along with the development of this sector.
According to the regulator’s press service, the legislative amendments also introduce provisions regulating exchange traded funds, the absence of which hinders the creation and development of these funds.
The key provisions of the changes are as follows:
– Central Bank authorization will be required to manage non-public funds;
– All those provisions that will also apply to non-public funds will be specified, including the procedure for establishing the fund and registering the rules, the content of the fund’s charter , and the provisions of the fund’s bankruptcy procedures;
-The Central Bank will be authorized to set requirements for the activities of non-public funds and their managers by approving regulations. -0-
