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LAW OF THE REPUBLIC OF ARMENIA

of June 30, 1996 No. ZR-69

About the Central bank of the Republic of Armenia

(The last edition from 30-03-2018)

Accepted by National Assembly of the Republic of Armenia on June 30, 1996

Chapter 1. General provisions

Article 1. Central Bank of the Republic of Armenia

1. National Bank of the Republic of Armenia is the Central bank of the Republic of Armenia. Central Bank of the Republic of Armenia (further - the Central bank) is the legal entity given with the state functions whose single founder is the Republic of Armenia.

2. Central Bank - the single centralized system including the main office and territorial subdivisions of Bank. Locations of the main office of the Central bank - the city of Yerevan.

3. Territorial subdivisions of the Central bank are its branches and representations. Central Bank and its territorial subdivisions have seal with the image of the Coat of arms of the Republic of Armenia and the name.

4. Central Bank for the purpose of realization of the purposes on its own behalf can:

- sign contracts, acquire the rights, assume obligations, including take the credits;

- act as the claimant and the defendant;

- in the cases provided by this Law to acquire, own, use and alienate property, the property and personal non-property rights.

5. Central Bank when implementing the purposes and functions assigned to it by the Constitution and the law of the Republic of Armenia is independent of state bodies of the Republic of Armenia.

6. Central Bank and the Government do not bear responsibility according to obligations of each other if those were not accepted.

Article 2. Functions of the Central bank

1. Central Bank in case of realization of the purposes performs the functions assigned to it by the law.

2. Central Bank keeps the magazine of registration of the acts.

3. Central Bank within the competence adopts legal acts of sublegislative normative, internal and individual nature.

Council of the Central bank makes sublegislative normative, individual decisions, and in case of performance of the Central bank as bank – internal legal acts – decisions.

The chairman of the Central bank accepts individual, and in case of performance of the Central bank as bank – internal legal acts – decisions and orders.

4. The acts of sublegislative normative nature adopted by the Central bank strengthening the regulation mode establishing additional or more strict liability have no retroactive force.

Article 3.

Voided

Article 3.1. Regulatory legal acts of the Central bank

1. Central Bank adopts sublegislative regulatory legal acts only if it is authorized by the law, and within, established by the law, observing the principles of legality and definiteness. These acts are adopted and published according to the procedure, established by the law.

2. Central Bank can adopt sublegislative regulatory legal acts in the following cases:

a) the regulatory legal acts concerning establishment and calculation of economic standard rates of the financial organizations;

b) regulatory legal acts on currency control;

c) regulatory legal acts in the sphere of protection of consumer interests;

d) the regulatory legal acts governing the relations connected with anti-money laundering and financing of terrorism;

e) regulatory legal acts about licensing, registration, reorganization, liquidation, bankruptcy, insolvency, the termination of activities of the financial organizations;

e) the regulatory legal acts establishing requirements to participants and heads of the financial organizations;

g) the regulatory legal acts establishing requirements to the bargains concluded by the financial organizations or their participants;

h) the regulatory legal acts regulating the security market and investment services;

i) regulatory legal acts about processing of data, personal data in financial system;

j) regulatory legal acts on regulation of compulsory insurance of the funded pension system and responsibility following from use of vehicles;

k) regulatory legal acts about control of the financial organizations;

l) the regulatory legal acts regulating system of guaranteeing deposits;

m) regulatory legal acts on regulation of payment and settlement systems;

o) in the cases provided by the law – the joint regulatory legal acts concluded with other state bodies relating to financial system;

o) regulatory legal acts about protection of the economic competition in financial system;

p) in the other spheres and cases provided by the law.

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