Azerbaijan, Baku /corr. Trend A.Badalova / The Chairman of State Committee for Securities under the auspice of Azerbaijan President, Gunduz Mammadov, said on 1 November that devising law draft on investment funds is complete.
The new draft law envisages several innovations. "If the existing law on investment funds envisages investment funds as open joint-stock company, the new law envisages other organizational-legal forms," he said.
Other important innovation is the legislative legal marking of share investment funds, liberalization of investing conditions and investment sphere.
"If the previous law implied only internal securities, the new law provides an opportunity of investing in the world markets," Mammadov said.
According to him, the project of the new law has been submitted to the Presidential Administration for consideration.