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LAW OF THE REPUBLIC OF ARMENIA

of October 20, 2007 No. ZR-207

About modification of the Law of the Republic of Armenia "About financial accounting"

Accepted on November 11, 2007

Article 1. "About financial accounting" (on December 26, 2002, ZR-515-N) to state paragraph two of article 2 of the Law of the Republic of Armenia in the following edition:

"Features of distribution of such rights and obligations between governing bodies of banks, investment societies, the insurance companies, the operator of the controlled market, and also the Central depositary and the chief accountant or person performing similar obligations are established respectively by the Laws of the Republic of Armenia "About banks and banking activity", "About insurance and insurance activity" and "About the security market"".

Article 2. This law becomes effective four months later after day of official publication.

President of the Republic of Armenia

R. Kocharyan

(c) Soyuzpravoinform LLC

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