BAKU, Azerbaijan, April 23. The legislation on investment funds will be revised, Trend reports, via the implementation status of the "2024-2026 Financial Sector Development Strategy" by the Central Bank of Azerbaijan.
The next steps to be taken in the capital markets include revising the standards for data disclosure, promoting transparency and equal treatment for investors, ensuring the availability of high-quality and comprehensive information for market participants, and encouraging bond and stock trading in the secondary market.
Last year, 69.4 percent of the work related to capital markets under the strategy was completed. The formation of a sustainable market infrastructure was carried out as planned, the level of attracting individuals to the capital market was significantly increased, and the first ICT process was successfully implemented in the capital market.
The preparation of the draft law on credit rating agencies, the establishment of a legislative framework to ensure financing opportunities through venture capital, crowdfunding platforms, and similar mechanisms, are among the delayed activities.
The strategy for high-potential capital markets aims to increase the role of capital markets in the country's financial system and contribute to economic development. The main strategic objectives of the capital markets include developing market infrastructure, strengthening and sustaining market trust, expanding access to markets, and increasing the variety of investment instruments. Additionally, the strategy aims to increase the potential share of capital markets in non-oil GDP from the current 10 percent to 14 percent, raise the volume of investments from the public in capital markets from the current 150 million manat ($88 million) to potentially one billion manat ($590 million), and establish an effective supervisory framework.
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