LAW OF THE REPUBLIC OF ARMENIA

of December 30, 2010 No. ZR-271

About modification and amendments in the Law of the Republic of Armenia "About the security market"

Accepted by National Assembly of the Republic of Armenia on December 22, 2010

Article 1. In article 3 of the Law of the Republic of Armenia "About the security market" of October 11, 2007, ZR-195-N (further – the Law):

1) the words "other similar documents confirming shares in funds or participation in them" of the subitem "g" of Item 1 shall be replaced with words "shares of funds, shares and other equity securities";

The words "funds and their managing companies" of the subitem "an" of Item 23 shall be replaced with words 2) "funds and managing directors of investment funds, and also those legal entities registered in foreign state who, according to the legislation of this state, have the right to perform activities of any person determined by this subitem";

3) Item 27 after the words "branch of foreign investment company" to add with the words "managing director of investment fund, branch of foreign managing investment fund",

Article 2. To add article 4 of the Law with Item 9 of the following content:

"9) on the securities issued by open-end investment funds.".

Article 3. To add article 23 of the Law with part 6 of the following content:

"6. The procedure and sales terms in the Republic of Armenia of securities of foreign investment funds are established by the Law of the Republic of Armenia "About investment funds".

Article 4. To add part 2 of article 25 of the Law with the new offer of the following content: "The activities of investment funds which are also established by the Law of the Republic of Armenia "About investment funds" are not considered provision of investment services." and to add Article 30 with Item 5 of the following content:

"5) on the management of means of the Guarantee fund provided by the Law of the Republic of Armenia "About funded pensions" from person which is not considered as person providing investment services."

Article 5. In article 35 of the Law:

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