A new law supports the development of the securities market of Azerbaijan. It aims to better protect investors’ rights, providing access to financial resources and expansion of financial services.
On 15 May the Parliament of Azerbaijan passed the draft law on Azerbaijan’s securities market in the second and third reading.
The draft law has been worked out within the state programme on develop the securities market by 2020, approved in 2011.
The main provisions of the Law are the following:
• All certificated securities should be transferred into non-certificated by the end of 2015 and will be available only for e-trading;
• Only licensed participants will be able to conduct professional activities on the financial market.
• Timelines for reporting to investment companies and issuers are clarified;
• A dedicated internet portal to place reports of listed issuers will be created;
• The Central Depository of Azerbaijan and the Central Clearing Chamber will be established on the basis of the National Depository Centre as well as Clearing banks under the Clearing Chamber;
• The Central Bank of Azerbaijan will have the right to make investments in the securities market.
Relationship Manager, Global Securities Services Russia