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THE LAW OF THE REPUBLIC OF ARMENIA ON INVESTMENT FUNDS

The mutual fund data come from the 1998 CRSP Survivor Bias FreeMutual Fund Database. Our initial sample contains 2,609 domestic equity mutual funds. We exclude multiple share classes for the same fund as well as funds with only a year or less of available returns. The initial sample is used to obtain the values of the prior parameters in the empirical Bayes pro- cedure mentioned previously. To form the investment universe, we reduce the initial sample of 2,609 funds to the 503 funds that (i) charge no load fee, (ii) exist at the end of 1998, (iii) have at least 36 months of return history under. | UNOFFICIAL TRANSLATION Adopted on 22.12. 2010 THE LAW OF THE REPUBLIC OF ARMENIA ON INVESTMENT FUNDS The purpose of this Law is to protect the interests of investors and ensure that a proper collective investment scheme is developed uniform rules for organization and operation of investment funds and investment fund managers are established as well as the level of financial intermediation is increased and the general public is involved in the securities market in the Republic of Armenia RA . SECTION 1 GENERAL PROVISIONS CHAPTER 1 GENERAL PROVISIONS Article 1. Scope of the Law 1. This Law shall regulate relationships pertaining to collective investments and shall define the following 1 The types of the investment funds operating in the territory of the Republic of Armenia and the legal status thereof as well as the managers of investment funds operating in the Republic of Armenia managers of foreign investment funds branches thereof established in the Republic of Armenia and investment fund custodians. 2 Relationships pertaining to organization operation management and termination of activities of investment funds established within the territory of the Republic of Armenia investment fund managers foreign investment fund managers as well as branches of Translator note For the purpose of this Law investment fund manager hereafter Manager identifies with an investment management fund USAID FROM THE AMERICAN reORlE The translation of this document is made possible by the support of the American People through the U.S. Agency for International Development USAID . UNOFFICIAL TRANSLATION investment funds established in the territory of the Republic of Armenia. 3 Requirements for investment policy of investment funds operating within the territory of the Republic of Armenia. 4 Trading in securities of foreign investment funds within the territory of the Republic of Armenia. 5 Relationships pertaining to the supervision by the Central Bank of the Republic of Armenia .