CAS economics class teaches key life lessons From BU Today By Leslie Friday June 14,
Law on Banks and Banking of 1996
(amended through 2007)
The Law on Banks and Banking governs banks and banking activities in Armenia. It defines the following:
- Procedure and provisions for registration;
- Licensing, regulation and suspension of activities; and
- Supervision of banks registered in Armenia, branches of foreign banks, and representative and operational offices of banks.
The main objectives of this law are to:
- Develop the banking system;
- Promote reliability and orderly operation of banks; and
- Establish equal conditions for free economic competition between banks.
The articles of the law deal with:
- Organization, structure and governance of banks;
- Procedure of licensing banks;
- Regulation of banking activities;
- Prudential and other economic standards of banking;
- Registration, statements and control;
- Infringement of legislation and applicable sanctions; and
- The final articles of the law deal with restructuring and liquidation of banks.