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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, 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, 2018, a total of 17 commercial banks as investment service providers, 9 investment funds, 7 insurance companies, 39 credit organizations,  22 reporting issuers and 3 investment fund managers operated in the Armenian securities market. 2 investment fund managers are licensed to carry out mandatory pension funds’ management. Each of the investment fund managers has control over 3 mandatory pension funds.
As of December 31, 2018, investment companies had:
  •  total assets amounting to AMD 56.6 billion
  •  total liabilities amounting to AMD 45.9 billion
  •  total capital amounting to AMD 10.7 billion.
The Armenian securities market also incorporates the Central Depositary of Armenia and the NASDAQ OMX Armenia, an organizer of foreign currency trade and securities trade auctions.
As of December 31, 2018, there have been securities of 22 reporting issuers admitted to trading on a regulated market (NASDAQ OMX Armenia).

Electronic Government of the Republic of Armenia

Financial System Mediator

Armenian Deposit Guarantee Fund

Armenian Card

Armenian Motorinsurers’ Bureau

National Mortgage Company

ACRA Credit Reporting

German-Armenian Fund

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