With the second reading, in the second reading the National Assembly voted and adopted a package of draft amendments to the “Code of the Republic of Armenia about the Subsoil”, Law on the “State Registration of Legal Entities, Separate Divisions of Legal Entities, State Registration of Companies and Individual Entrepreneurs” and Law on the “Public Service”, by which the whole process of disclosure of beneficial owners of metal mining companies shall be regulated.
According to the draft law on making amendments to the RA Law on “State Registration of Legal Entities, Separate Divisions of Legal Entities, State Registration of Companies and Individual Entrepreneurs”, the definition of beneficial owners and politically exposed persons has been given. In order to make the verification process more effective, by the draft law on “Public Service” the scope of those, who have political exposure, has been identified to the scope of those who have the obligation to submit a declaration of interests, as well as their family members. The laws outline the scope of the information to be published in the Unified Registry of Legal Entities. The procedure of submission of beneficial owners’ declaration, time frames of registering a beneficial owner and making changes in the registration has also been regulated.
“The Code of the Republic of Armenia about Subsoil” was amended by requirement to submit a certificate of disclosure of information on beneficial owners and on changes in beneficial ownership to the authorized body. Also provisions for suspension and termination of subsoil usage rights were established. Provisions for disclosure of beneficial owners are applicable also for legal entities undertaking geological studies in Armenia.
13:18 April 25, 2019