19.04.2011 11:24

Director of the Department for Securities of the Finance Ministry of Belarus Alexander Halperin has stated that the problems of the foreign exchange market does not affect the condition of the securities market. According to a representative of the Treasury, the main market participants are residents of Belarus, the calculations are carried out in the national currency of Belarus.

The larger volume of corporate bonds is also nominated in the Belarusian rubles, which is why, according to Alexander Halperin, fluctuations in the currency market are not reflected in the securities market, BelTA informs.

Head of Securities Department of the Treasury has also said that legislators are planning to develop a new version of the law on securities and stock exchanges by September 2011. In addition, a draft law on investment funds, scheduled for submission to the government in 2012, is currently being actively developed. Alexander Halperin believes that the Belarusian authorities will take additional measures to encourage «institutional investors with the bulk resources to help effectively and efficiently deploy the securities of Belarusian companies.»

World Bank provides technical assistance in developing this legislation in Belarus. While working out the documents, Belarusian lawmakers will take into account the principles of securities market regulation and regulation of collective investment in the European Union, as well as the recommendations of an international organization on securities.

Belarus Plans to Introduce Wide-Range Insuring Securities

In addition, a draft law on securitization is currently being prepared under the development program of the securities market in Belarus for 2011-2015. Alexander Halperin has explained that wide-range insuring securities will be implemented in Belarus in accordance with this document, which means that financial assets, financial flows will be transformed into securities.

Head of Securities Department of the Treasury has also reported that, according to the program of development of securities market, it is planned to exempt from personal income taxation on the sale of shares, having been in personal possession for 3 years. According to a representative of the Treasury, it would stimulate citizens to acquire shares and thus to invest in shares of the Belarusian companies.

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