LAW OF THE REPUBLIC OF ARMENIA

of November 13, 2017 No. ZR-188

About modification and amendments in the Law of the Republic of Armenia "About banks and banking activity"

Accepted by National Assembly of the Republic of Armenia on October 25, 2017

Article 1. "About banks and banking activity" (further - the Law) to state part 4 of article 8 of the Law of the Republic of Armenia of June 30, 1996 to ZR-68 in the following edition:

"4. In sense of this Law and other laws regulating banking activity and also the legislation regulating activities of financial groups as members of one family are considered the spouse, and also the following persons living jointly or conducting one same economy: parents, the grandmother, the grandfather, the grandson who reached 18-year age, the child who reached 18-year age and his spouse, the sister, the brother who reached 18-year age, both their spouses and their children who reached 18-year age, the spouse's parents, the spouse's child who reached 18-year age.

Persons are considered conducting the same economy if deterioration in financial position of one of them brings or can lead to deterioration in financial position of another, either the income or other financial resources of one of them are used or can be used for the purpose of financing of joint expenses or expenses of another.

Central Bank can establish criteria of maintaining the same economy.".

Article 2. To state part 3 of article 21 of the Law in the following edition:

"3. Irrespective of form of business, banks shall have the governing bodies provided by part of 1 this Article, the chief accountant, the division of internal audit, person responsible for implementation of risk management function, and person responsible for implementation of function of ensuring compliance.".

Article 3. To state the second paragraph of part 3 of article 21.2 of the Law in the following edition:

"Year, month, day of creation of the participant list of bank, having the right to participate in general meeting, shall meet the following two requirements at the same time:

a) it shall not precede day of decision making about convocation of general meeting;

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