LAW OF THE REPUBLIC OF ARMENIA

of January 12, 2016 No. ZR-2

About modification and amendments in the Law of the Republic of Armenia "About guaranteeing compensation on bank deposits of physical persons"

Accepted by National Assembly of the Republic of Armenia on December 21, 2015

Article 1. In paragraph three of part 3 of article 2 of the Law of the Republic of Armenia "About guaranteeing compensation on bank deposits of physical persons" of November 24, 2004, ZR-142-N (further – the Law) to exclude the words "chairman of audit committee".

Article 2. To state article 6 of the Law in the following edition:

"Article 6. The organization of compensation for the guaranteed deposits

1. Central Bank notifies Fund on approach of case of compensation on the same day.

2. The Central Bank in time established by the memorandum of cooperation concluded with Fund, but not later than before the publication of the additional announcement established by this Law, provides submission to Fund of lists of deposits and investors of insolvent bank, and also detailed data on problem obligations of the investor to insolvent bank, on their size as of day of case of compensation. The fund has the right to request from additional data on deposits and investors insolvent bank. The insolvent bank shall provide to Fund the claimed additional information within three working days.

Lists of deposits and investors shall include name, surname, passport data of the investor, the sizes of the amounts of all deposits placed in insolvent bank, the added percent, the size of the guaranteed contribution which is subject to compensation as of day of case of compensation, and also other data established by regulatory legal acts of the Central bank. The insolvent bank bears responsibility for the accuracy of the data included in lists of deposits and investors.

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