Regulatory Alerts2025-10-31 | 9089Official Clarification on Fiduciary Management of Securities
The Board of the Central Bank of the Republic of Armenia issued this clarification to resolve ambiguity regarding whether fiduciary managers without securities portfolio management licenses can vote at shareholder meetings. The regulator determined that such actions do not constitute securities portfolio management when the manager is solely authorized to appear and vote on behalf of the shareholder. Consequently, these specific fiduciary arrangements are exempt from licensing requirements as they involve private legal relations without public interest risks.
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