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Security Market


The Armenian securities market consists of entities which issue securities and invest in securities in the territory of the Republic of Armenia, investment services providers (investment companies, foreign branches of a foreign investment company​, investment fund managers, branches of foreign investment fund manager, banks), the Central Depositary of Armenia, the regulated securities market operator and the unregulated securities trade market.
The securities market regulation and oversight is exercised by the Central Bank. The main objectives of securities regulation and supervision are:
  • protecting investor rights and legitimate interests,
  • maintaining transparency and sustainable and efficient development of the securities market,
  • making sure a reliable and fair security pricing mechanism is in place,
  • reducing systemic risks in the securities market.
According to the Republic of Armenia Law on Securities Market, an issuer is the party which issues or has issued a security or makes an offer on their behalf to issue a security. A reporting issuer is the party which has issued any class of securities admitted to trading on the regulated market.
The Armenian securities market is regularized by the Constitution of the Republic of Armenia, international treaties of the Republic of Armenia, the Civil Code of the Republic of Armenia, the Law on Protection of Economic Competition, the Law on Administration and Administrative Procedure, the Law on Securities Market, the Law on Investment Funds, the law on Funded Pensions, as well as regulations and normative acts adopted pursuant to the aforementioned laws.
As of December 31, 2019, 17 banks providing investment services, 13 investment companies, 7 insurance companies, 43 credit organizations, 25 reporting issuers and 5 managers of investment funds operated in the RA securities market.
The Central Depository, and the Armenian Stock Exchange, which organizes auctions for sale and purchase of foreign exchange and securities also operate in the Armenian securities market.
  • As of December 31, 2019, securities of 25 reporting issuers are allowed to be traded in the regulated market of the Armenian Stock Exchange.
Securities market of the Republic of Armenia includes the issuers of securities in the territory of the Republic of Armenia, entities investing in securities, entities providing investment services, the Central Depository, operator of the regulated securities market and the sphere of unregulated trade of securities.
The Central Bank of the Republic of Armenia performs the function of regulating and controlling securities market of the Republic of Armenia in accordance with the procedure established by laws and other legal acts. The main goals of securities market regulation and control are:
  • protection of investors' rights and legal interests;
  • ensuring transparency, sustainable and effective development of the securities market;
  • ensuring the integrity of the securities pricing system;
  • mitigating systemic risks in the securities market.
The RA securities market is regulated by the republic of Armenia Constitution, international agreements, Civil Code, Laws On Protection of Economic Competition, On Fundamentals of Administration and Administrative Proceedings, On Securities Market, On Investment Funds, On Funded Pensions, normative legal acts adopted on the basis of them, other laws and statutes


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ACRA Credit Reporting

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