LAW OF THE REPUBLIC OF ARMENIA

of June 18, 2011 No. ZR-207

About modification and amendments in the Law of the Republic of Armenia "About auditor activities"

Accepted by National Assembly of the Republic of Armenia on May 26, 2011

Article 1. In article 4 of the Law of the Republic of Armenia "About auditor activities" of December 26, 2002 ZR-512-N:

The concept "person performing audit" to state 1) in the following edition:

"person performing audit – auditing organization;";

2) to exclude the words "the individual auditor-the individual entrepreneur rendering auditor services;".

Article 2. Add the law with Article 4.1 of the following content:

"Article 4.1. Affiliates

1. In understanding of this Law legal entities are considered affiliated if:

a) one of them by the right of vote disposes 20 and more percent of shares (share, shares, further - the share), granting voting power, another, either owing to the participation or according to the agreement signed between these persons has opportunity to predetermine solutions of another;

b) the participants (shareholders) disposing of more than 20 percent of shares of one of them granting voting power, or having opportunity to predetermine its decisions the different way which is not prohibited by the law or members of their families have the right to dispose directly or indirectly (including based on purchase and sale agreements, trust management, joint activities, the order or other transactions) more than 20 percent of shares of other person granting voting power or have opportunity to predetermine solutions of the last the different way which is not prohibited by the law;

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