At May 20 sitting of the NA Standing Committee on State and Legal Affairs, the draft law with enclosed package on Making Amendments and Addenda to the Law on State Registration of Legal Entities, Separated Divisions of Legal Entities, Enterprises and Individual Entrepreneurs authored by the Government was debated in the first reading.
The RA Deputy Minister of Justice Vahe Danielyan, presenting the proposed amendments, has noted that there are two institutes of real beneficiaries and proprietors which pursue the same goal. So, it is proposed to make a change and to invest one joint institute.
An opportunity has been envisaged to dissolve the legal entity, if the latter does not present a declaration of real beneficiaries for three years in a row or grossly violate the rules of disclosure for real beneficiaries in a different way.
As a result of the adoption of the bill, it is expected to create open and public registry which will be based on the new legislative system for the disclosure of real beneficiaries. In the co-report, the NA deputy Artur Davtyan urged the colleagues to vote for the package of draft laws.
The committee endorsed the legislative package which was revised with the proposals presented by the author.