Armenian law to penalize companies for advertising unlicensed financial services
19.04.2019,
15:38
By a vote of 86 to 0 and 2 abstentions Armenia’s National Assembly passed today in the first reading a bill on making a set of amendments to the Law on Administrative Offenses, which provide for introduction of fines for advertising of organizations which provide unlicensed financial services.
YEREVAN, April 19. /ARKA/. By a vote of 86 to 0 and 2 abstentions Armenia’s National Assembly passed today in the first reading a bill on making a set of amendments to the Law on Administrative Offenses, which provide for introduction of fines for advertising of organizations which provide unlicensed financial services.
"A license is required for offering intermediary activity, but such regulation does not solve the problem, since such activity is concealed under the guise of consulting services, and often it is provided by unregistered individuals ," Maneh Tandilyan, a lawmaker from the Bright Armenia faction, who authored the bill, said .
The bill calls for imposing a fine in the amount of 2,000 minimum wages. If the violation is repeated within next four years, the second fine will increase to the amount of 4,000 minimum wages.
Tandilyan noted that the proposed bill does not completely solve the problem, since for the most part advertising of unlicensed services is carried out in social networks, but it will help significantly reduce its volume.
"For example, Facebook has the ability to limit advertising if there is appropriate legislative regulation in the country," she said. -0-
"A license is required for offering intermediary activity, but such regulation does not solve the problem, since such activity is concealed under the guise of consulting services, and often it is provided by unregistered individuals ," Maneh Tandilyan, a lawmaker from the Bright Armenia faction, who authored the bill, said .
The bill calls for imposing a fine in the amount of 2,000 minimum wages. If the violation is repeated within next four years, the second fine will increase to the amount of 4,000 minimum wages.
Tandilyan noted that the proposed bill does not completely solve the problem, since for the most part advertising of unlicensed services is carried out in social networks, but it will help significantly reduce its volume.
"For example, Facebook has the ability to limit advertising if there is appropriate legislative regulation in the country," she said. -0-
