The Armenian Parliament has adopted at second hearing the government-authored bill on amending the Code of Subsoil. It proposes that persons who are members of collegial or individual governance bodies of a company operating in the sector should also be considered as owners when filing ownership declarations.
The bill in particular envisages to consider as owners the members of collegial or individual governance bodies of a company (shareholder assembly, board and executive body) when filing ownership declarations in the case of legal entities that have an obligation to submit an abstract concerning the changes in the information regarding the real owners or the declaration of the real owners.
A part of the amendments are mostly procedural and implies certain administrative clarifications, but it also improves the process of issuing permissions. The deadline for submitting declarations is extended until January 30.
