Officials in commercial organizations can transfer participation in their statutory capital to specialized fiduciary management organizations, but according to the existing formulations, the provisions regarding this imperative requirement are not clear and may lead to misinterpretation. There are cases where a natural person has been appointed as a trustee. The specifics of fiduciary management of shares as a type of notified activity are not fully regulated by the legislation. The Laws on Activity Implementation Notification and on State Duties only mention limited liability companies (LLC).
The legislative package proposes to stipulate that the fiduciary management of shares is a notifiable activity, individual entrepreneurs and commercial organizations can be trustees.
The RA Deputy Minister of Justice Karen Karapetyan presented the legislative package providing for addenda and amendments to the Laws on Public Service, on Activity Implementation Notification and on State Duty at the sitting of the NA Standing Committee on State and Legal Affairs.
In her related report, Lilit Minasyan suggested voting for it.
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The issue was endorsed by the Committee.
National Assembly of the Republic of Armenia
