The first piece of legislation targeting the securities market was the Law of the Republic of Armenia “On Securities Circulation” adopted on July 20, 1993, which remained in force for seven years. In July 2000, a new, more comprehensive Law of the Republic of Armenia “On Securities Market Regulation” (LSMR) was adopted. Following the adoption of the Law, the Securities Commission of Armenia was created and assumed the functions of the independent securities market regulator; the Armenian Stock Exchange and the Central Depository of Armenia commenced activities as self-regulatory organizations.

On January 2, 2006 the Law of the Republic of Armenia "On Implementation of Unified system of financial regulation and surveillance" was adopted, according to which regulation and surveillance of the whole financial system, including securities market was passed to the Central Bank of the Republic of Armenia (CBA). Thus, comprehensive regulation of different sectors of RA securities market is conducted in accordance with the CBA legal acts.    

On October 11, 2007, the new Law of the Republic of Armenia “On Securities Market” was passed, which currently covers all aspects of activity in the Armenian securities market. Issuer companies are also governed by the provisions of the Law of the Republic of Armenia “On Joint Stock Companies” first adopted in 2001, which has been constantly updated so as to be brought in line with the best international corporate governance standards.

The list of main laws and legal acts regulating activities of Central Depository 

- The Civil Code of the Republic of Armenia

- RA Law "On Securities market"

- RA Law "On Joint-Stock Companies"

- RA Law "On Funded Pension System"

- RA Law "On Investment Funds"

- Regulation 5/10 "The procedure of centralized registry maintenance and custody of securities"

- Regulation 5/09 on "Types of additional services for Central Depository, terms and procedures thereof"

- Regulation 33 on Custodial Activities of Securities

- Regulation 5/04 on Reporting by Central Depository to the Central Bank, Procedure, Forms and Terms

- Regulation 8/03 on Information Publication by Banks, Credit Organizations, Insurance Companies, Insurance Brokers, Investment Companies, Central Depository and Payment and Settlement Organizations Implementing Money Remittances

- Regulation 10/09 “Requirements to Procedure on Issuing Shares of Compulsory Pension Funds, Rules for Acquisition of Shares in Compulsory Pension Fund by the Manager of Compulsory Pension Fund

- Regulation 10/07 "Application forms for mandatory pension fund and fund manager selection, pension fund units exchange, receiving information on pension account for choosing pension program, choosing pension program, receiving participant’s funds before pension age, transferring participant’s funds to foreign pension system, pension fund units inheritance and their submission procedure"

- Regulation 10/15 "Procedures and Conditions for Submitting Reports by the Registrar of Mandatory Pension Fund Participants to the Guarantee Fund Manager"

- Regulation 5/08 "Reports to be submitted to the Central Bank by the registrar of participants of the funded pillar: reporting procedure, contents and periodicity thereof"

- RA Government decision 629-N, dated May 17, 2012 "On Establishing the Form, Content and Procedure for Free Annual Provision of Information to the Pension Fund Participants on Previous Calendar Year’s Data, Reflected in the Participant’s Pension Account, by the Registrar of Participants, and the Procedure, Form and Content of Opting the Type of Receiving Information by Participants, Termination of Receiving the Information, and Retrieving of Receiving the Information Following the First Year of Receiving that Information"

- RA Government decision 810-N, dated June 28, 2012 "On Procedure for informing the Ministry of Finance of the Republic of Armenia and  the Guarantee Fund on the compensation case, documents and information to be submitted, the Procedure on exchange of information between the Ministry of Finance of the Republic of Armenia and the Guarantee Fund, the procedure on transfer of the total amount to be reimbursed by the guarantee fund to the registrar of the participants and and the procedure for transferring money to the guarantee fund by the Ministry of Finance of the Republic of Armenia in case of insufficient funds in the Guarantee fund"


All the above mentioned laws and legal acts are available on and

Please note that the English versions of laws and legal acts linked from this page can represent unofficial translations and the Armenian versions will always prevail.

Updated as of: 01.03.2018