Azerbaijan, Baku, 27 August / Trend corr. I.Khalilova / The Baku Stock Exchange (BSE) expects to get from the International Finance Cooperation a final version of project on new standard rules of listing at the exchange to submit to consideration of the BSE Supervisory Council, Khayal Abdinov, Head of the BSE, said.
"We developed rules jointly with the IFC experts and a final version of the document will be submitted to examination of the IFC," Abdinov said.
Rules may be presented to discussions of the Supervisory Council by the end of August and the beginning of September. In accordance with legislation, consideration of this document will take three months. Therefore, the rules may come to power no earlier than 2009.
The document is too capacious and absolutely new. It has numerous regulations on corporate governance standards, which took enough time for its preparation, and there is much work on this matter with the Supervisory Council.
The only likeness with previous rules is maintenance of two levels of principle of the listing (highest and lowest). The highest level of the listing differs with its structure and other requirements. The document covers observation of transparency of organizations, their interior structure and structure of issuing securities. At the lowest level, companies will pass the listing on the order, which currently is being used.
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