Weekly Client Alert # 32

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BILLS IN PARLIAMENT

 

RA Law on Funds With Inviolable Capital

The Parliament has adopted a new bill on Endowment Funds. The draft law establishes the specifics of the legal status of those, as well as regulates relations related to the formation, replenishment, management and use of income from the management of the endowment capital.

The bill has been adopted by Parliament of the Republic of Armenia in the first reading.

Find more here

 

Additions to the RA Law on Energy

A bill is being circulated in the Parliament, according to which the beneficial owners, founders (participants), executive body of legal entities or natural person, having the license energy are obliged to submit a declaration to the Commission for the Prevention of Corruption.

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Grave Insult as a Criminal Offense

Henceforth, inflicting a serious insult to a person - insult to his/her dignity (cursing) in another extremely obscene way will be considered a criminal offense. For such an act, a fine is provided in the amount of from one hundred to five hundred times the minimum wage.

The same act or distribution of materials with a serious insult against a person is punishable by a fine in the amount of five hundred times to a thousand times the minimum wage.

The bill shall enter into force on the tenth day after its official publication.

The bill has been adopted by the National Assembly of the Republic of Armenia in the second reading.

Find more here

 

New Regulations for Advertisement of Online Casinos and Totalizators

Hereinafter advertisement of online gambling and totalizators shall be permitted to be inserted only on official websites of organizers thereof, on or inside online gambling or totalizator buildings, facilities and halls, at the border entrance points of the Republic of Armenia and in hotels complying with at least 4-star qualification conditions and criteria.

The Draft Law of the Republic of Armenia on Making Amendments and Additions to the Law on Advertising was approved by the Government on 29 July 2021 and submitted to the National Assembly on 30 July, 2021.

Find more here and here

 

Financial Sphere

 

New Procedure for Classification of Assets And Forming of Reserves of Banks And Credit Organizations

Beginning from 1 July 2021, a joint resolution of the Minister of Finance and the Board of the Central Bank of the Republic of Armenia entered into force, which establishes a new procedure for classification of assets of banks and credit organizations conducting business activity in the territory of the Republic of Armenia, as well as for forming of reserves of those banks and credit organizations. You can find the new procedure here.