State Committee drafts new demands for securities
By Aynur Jafarova
Azerbaijan's State Committee for Securities prepares new demands for issuance and placement of securities, Head of the State Committee's department of issue and registration of securities of Elnur Allahverdiyev told media.
"The state committee is preparing a number of laws and regulations, including new requirements for the prospectus, allocation of securities and their issuance at a time of the reorganization of open stock ventures," Allahverdiyev said.
He said the main work in this direction is related with the development of the new draft law on the securities, which is under the consideration of the government and the development of regulations in this regard.
Also, he said, the work is carried out to upgrade the normative-legislative base in the framework of the World Bank project on the modernization of capital market and twinning-project of the European Union (partner country-Poland).
Allahverdiyev went on saying that State Committee for Securities will create a single database of all state emitters.
"The committee regularly publishes information about the release of securities, however we will create a single database of them, an access to which will be on the website of the committee. The database will contain information on the emitters, release of securities, nominal value of securities and etc. Currently appropriate work is being implemented within the committee," Allahverdiyev mentioned.
He said the Committee is working over the informing the population about its e-services. It is expected to implement appropriate measures in Guba.
Currently 2,000 emitters are acting in Azerbaijan.
Established on November 19, 2008, Azerbaijan's State Committee for Securities' main functions are regulating activities in the securities market, organization and development markets, creating favorable investment conditions, creating and maintaining an environment for healthy and fair competition in the securities market, protecting rights of participants, investors and shareholders and preparation of licensing rules for professional activities in the securities market.