YEREVAN, OCTOBER 11, NOYAN TAPAN. The RA National Assembly on October 11 completed the work of the special session that began the day before. A dozen bills and legislative packages on economic and financial spheres, which envisaged amendments and additions to the current laws, were adopted at the last sitting. The NA passed in the final reading the bill on putting organizations and natural persons on the tax register and taking them off the tax register, the package of amendments and additions to the RA Law on Profit Tax and the RA Law on Provision of the Earth's Interior for Exploration and Mining with the Aim of Using Minerals (on Concession), and the package of amendments and additions to the RA Law on Added Value and several other laws. The National Assembly passed in the third reading and fully the government's legislative package, which includes the draft law on securities market and, based on it, some amendments and additions to a number of laws. Armenia envisages to transfer from the U.S. model of this sector's regulation to the European one, bringing the domestic legislation into line with EU legigislation and the IOSCO standards and principles. According to the chairman of the Central Bank of Armenia (CBA) Tigran Sargsian, a number of principles considered as acceptable in principle but not included in the draft law will be taken into consideration in the legislative package on formation of the financial control system to be presented to the NA for discussion in 2008.

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