LAW OF THE REPUBLIC OF ARMENIA

of November 12, 2016 No. ZR-196

About introduction of amendments to the Law of the Republic of Armenia "About funded pensions"

Accepted by National Assembly of the Republic of Armenia on October 27, 2016

Article 1. "About funded pensions" (further - the Law) to state part 4 of article 38 of the Law of the Republic of Armenia of December 22, 2010 to ZR-244-N in the following edition:

"4. By regulatory legal acts of the Central bank the minimum criteria concerning issuers (including banks as regards bank deposits) and (or) the securities issued by them, and also the party of derivative financial instruments and types of derivative financial instruments in which assets of the obligatory pension fund can be invested shall be established.".

Article 2. The first offer of Item 1 of part 19 of article 39 of the Law to state in the following edition:

1) in the securities issued by the managing director and depositary of this pension fund and also their affiliates, or in derivative financial instruments which party they are.".

Article 3. To state part 8 of article 68 of the Law in the following edition:

"8. The managing director of the pension fund shall perform the rights affirmed by the securities included in asset of fund, and also this by derivative financial instruments which party is the fund, proceeding only from interests of participants".

Article 4. In all other parts of the Law of the word "derivative tools" in the corresponding case forms shall be replaced with words "derivative financial instruments".

Article 5. This Law becomes effective for the tenth day after its official publication.

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