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Financial institutions and capital markets

Financial sector is one of the most developed sectors in Armenian economy; however Banks take the major part of it. Capital markets and investment funds are still underdeveloped, though since 2013 they have been engaged in active changes (inaugural public offering of benchmark Eurobonds by Armenia, and establishment of compulsory pension funds). Armenian entities are similarly not very active in foreign capital markets.


The participants of the financial sector, such as banks, credit organizations, insurance companies, investment companies, investment funds etc., are supervised by the Central Bank of Armenia. The latter also issues relevant regulations of the CBA. The legislation and regulations are promptly responding to the progress of market and have been adjusted thereby in accordance with the best international practice, thus changing promptly along with the changes on the market.


Investment companies and investment Funds, including pension funds are actively developing participants of financial market, especially connected to pension fund reform and establishment of compulsory pension funds. Already several transactions (mergers, IPO, major bond issuing, Eurobond public offering by a bank) with participation of Banks are completed or are in process.


Concern-Dialog law firm provides the following services in the field of Financial and capital markets:

  • Legal support in participation in capital markets, including, but not limited to:

-         Legal support during the process of issuance of bonds and shares (IPO)

-         Support on drafting and/or analyzing prospectuses and other legal documents,

-         Due diligence, study of corporate documents and proving legal opinion thereof,

-         Legal support on drafting and/or examination of contracts.

  • Legal consultation on issues related to local legal acts and practices connected to financial sector and capital markets, including taxation elimination treaties and others;
  • Legal services during M&A, share purchase, or other forms of investment in the Financial sector;
  • Due diligence of the Finance sector and capital markets participants and transactions in the market,
  • Drafting and review of financial sector contracts, including loan, swap, options, securitization, agency agreements, pledge etc. to ensure their compliance to legislation and regulations in force, existing anti-money laundering regulations and other requirements of compliance.
  • Legal support on debt portfolio control, including big quantity bad debt [legal] collection service, and control of major bad debtors.