OREANDA-NEWS. June 07, 2010. A draft law on investment funds is in the pipeline in Belarus, Director of the Securities Department of the Finance Ministry of Belarus Alexander Galperin told a press conference on 4 June.

The law is being drafted under the aegis of the Economy Ministry. The document will spell out procedures of setting up and operating investment funds and the requirements for these funds.

“It is obvious that Belarus needs to establish collective investment vehicles. It is stipulated in the draft concept of Belarus’ financial market development for 2011-2015,” the expert said.

The draft project deals with the banking sector, securities market, insurance, leasing, just to name a few. It is aimed to help financial market players raise the level of capitalization and improve customer service, Alexander Galperin said.

At present, the financial market of Belarus is dominated by the banking sector. Other segments need to catch up on it, the expert underlined.

The draft concept is being studied by the government. “The document is expected to dovetail with the social and economic development program for the next five-year period,” Alexander Galperin added.