NASDAQ OMX Armenia Partners with Financial System Mediators Office to Raise Awareness About Consumer Protection in the Capital Market

Friday, 4 September 2009

On September 3, 2009, NASDAQ OMX Armenia jointly with the Office of the Armenian Financial System Mediator organized a workshop on a range of topics related to the Financial System Mediator’s activities in respect of the delivery of investment services in Armenia. The workshop was attended by more than 30 participants representing exchange member investment companies and banks, the Central Bank of Armenia, as well as media.

The workshop opened with welcome addresses from Mr. Karen Zakaryan, Deputy Chief Executive Officer, NASDAQ OMX Armenia, and Ms. Piruz Sargsyan, Financial System Mediator. Both speakers pointed out the important role that this independent institution, established by the Central Bank of Armenia has to play in protecting consumer rights in the capital market and enhancing the confidence of individual investors towards the Armenian financial system in general.

Presentations delivered during the workshop comprised a general overview of the activities of the Armenian financial system mediator’s Office, including procedures for filing, reviewing, and resolving claims from individuals, as well as an insight in the international practices of resolving disputes between investment service providers and their customers. Case studies pinpointing common problem areas related to investment and brokerage activities worldwide (such as investment companies failing to act in the best interests of the client, violating of fiduciary obligations, failing to exercise duty of care, etc.) were presented and analyzed. The workshop concluded with a questions and answers session.

The materials of the event are posted on NASDAQ OMX Armenia official website