YEREVAN /ARKA/. Approaches to Armenia’s capital market development model and increasing issuer transpar- ency will certainly be reflected in relevant policy documents, Hasmik Zakaryan, Head of the Financial Infra- structure Development Department at the RA Ministry of Economy, stated in an interview with ARKA news agency. “At the moment, it is still unclear whether these issues will be addressed in a separate strategic document or in- cluded in the ‘Economic Transforma- tion and Sustainable Development’ strategy,” she noted. According to Zakaryan, the min- istry plans to simultaneously conduct a comprehensive assessment of the sector, assessing the legal framework, and, on this basis, develop the neces- sary legislative changes in collabora- tion with partner government agencies. The Head of the Financial Infra- structure Development Department thinks that, on the one hand, it is im- portant that market entry be reasonable and predictable, while, on the other, investor trust and protection are among the foundations of sustainable market development. In this context, Zakaryan empha- sized the importance of avoiding both overly restrictive requirements, which could reduce company participation, and overly lenient approaches, which could negatively impact market confi- dence. “From the ministry’s perspective, it is advisable to create an environ- ment in which market entry conditions are proportionate and predictable, and requirements are sufficient to ensure investors make informed and justified decisions,” she emphasized. Previously, Central Bank of Arme- nia Governor Martin Galstyan stated that there are two development mod- els: the Anglo-Saxon model and the continental European model. Accord- ing to him, under the former, primary responsibility lies with the investor, while continental Europe has opted for greater consumer protection, meaning a more regulated market. In this case, the banking system has become domi- nant.