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"

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

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: 02.05.2017