LAW OF THE REPUBLIC OF ARMENIA

of June 11, 2020 No. ZR-292

About entering of amendments and changes into the Law "About the Conciliator of Financial System"

Accepted by National Assembly of the Republic of Armenia on June 3, 2020

Article 1. The preface of the Law of June 17, 2008 No. ZR-123 "About the conciliator of financial system" (further - the Law) after the word of "consumers" to add with the words "and clients", and after the word "increase" - words ", creation of system of consumer protection and clients in the financial sphere in which the organizations provided by this Law surely participate".

Article 2. Regarding 1 article 2 of the Law:

Item 3 to state 1) in the following edition:

"3) the Organization - person having the license granted by the Central bank of the Republic of Armenia (further - the Central bank) (except for persons who obtained the license for the biddings on purchase and sale of foreign currency and the license for processing and clearing of payment instruments and payment and settlement documents, the insurance brokers rendering services to exclusively insurance companies, the refinancing credit institutions established by regulatory legal acts of the Central bank), and also the Bureau provided by the Law of the Republic of Armenia "About compulsory liability insurance following from use of vehicles" (further - Bureau);";

2) in Item 5:

and. the first offer to state in the following edition:

"5) the client - physical person or the individual entrepreneur or the legal entity, including person which provided to the financial organization measure of providing obligations which provided the requirement connected with the services rendered by the Organization, or providing measure.";

. the second offer after the word of "victim" to add with words ", and also indemnification and (or) the return requirement of it (subrogation)";

Item 10 to state 3) in the following edition:

"10) competent court:

and. court of law at the place of residence of the client;

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