New law to boost Azerbaijan’s securities market
A new draft law has been developed to boost Azerbaijan’s securities
market. The bill On Investment Funds has already been submitted to
the Milli Majlis (parliament) for consideration, Rufat Aslanly,
chairman of the State Securities Committee, said Thursday.
Aslanly said the law under the same title, adopted in 1999, has not been working, and the new law has been brought into compliance with the present-day realities.
According to him, in the eleven years that the current law has been in effect, not a single investment fund has been established in the country. He noted that adopting the new law will facilitate introducing "new tools" to the domestic securities market.
Aslanly said, further, that new legislation allows foreign nationals to set up investment funds in Azerbaijan. More precisely, it permits such financial institutions operating abroad to open representations in the country and provide services to citizens. Moreover, investment funds being opened in Azerbaijan will be able to access overseas markets.*
Aslanly said the law under the same title, adopted in 1999, has not been working, and the new law has been brought into compliance with the present-day realities.
According to him, in the eleven years that the current law has been in effect, not a single investment fund has been established in the country. He noted that adopting the new law will facilitate introducing "new tools" to the domestic securities market.
Aslanly said, further, that new legislation allows foreign nationals to set up investment funds in Azerbaijan. More precisely, it permits such financial institutions operating abroad to open representations in the country and provide services to citizens. Moreover, investment funds being opened in Azerbaijan will be able to access overseas markets.*
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