Azerbaijan, Baku / corr Trend I.Khalilova / The Baku Stock Exchange (BSEX) again deferred adopting the rules on new standards of listing at the exchange and they will be presented to the Observation Board in 2008, Khayal Abdinov, the chairman of BSEX said.
Initially holdbacks were explained by the necessity of finishing the expertise of rules by the International Finance Corporation (IFC), whereas time is required for their study.
The document is large and absolutely new. It has many rules on standards of corporate governance and much work should be done by shareholders, particularly by the Observation Board.
The only similarity with the previous rules is preservation of a principle of two level of listing (upper and lower). The upper level of listing differs for its structure and other requirements. The document took into consideration the observation of transparency of organization, their internal structure and structure of issuing securities. In the lower level the companies will pass listing through the same order applied presently.
Earlier, shareholders were expected to get familiar with new rules and they can be adopted by the end of 2007.