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 Armenia Securities Exchange

The Civil Code of the Republic of Armenia

RA Law "On Securities market"

RA Law "On Joint-Stock Companies"

Regulation 4/04 on Prospectus and Reports of The Reporting Issuers

Regulation 4/10 on Composition of Securities Tender Offer Statement, Procedure of Publication of Tender Offer and Amendments of Conditions of Tender Offer, Procedure of Calculation of Tender Offer Market Price, Procedure of Mandatory Tender Offer in Case of Revocation of Permission of Securities to Trade in The Regulated Market, Procedure of Execution of Any Public Tender Offer or Advice on Acceptance or Refusal of Securities Tender Offer

Regulation 4/17 on Criteria of price manipulation cases, circumstances for recording price manipulation and events and acts that are not considered as price manipulation

Regulation 5/01 on Registration and Licensing of the Regulated Market Operator, the Rules for Obtaining a Preliminary Consent to Acquire Significant Participation in Statutory Capital of the Regulated Market Operator, the Rules, Forms and Terms for Submitting the Business Plan

Regulation 5/03 on Reports of Regulated Market Operator to be Submitted to the Central Bank, Submission Procedure, Forms and Terms

Regulation 5/05 on Procedure of Reporting by Regulated Market Operator to The Central Bank of Violations Committed by Regulated Market Participants and Reporting Issuers

Regulation 5/06 on Volume and Publication Procedure of Information on the Website by Regulated Market Operator

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: 05.12.2019