Legislative framework of investment funds in Azerbaijan to be reconsidered adjusted to world prices
Azerbaijan, Baku, Jan. 15 / Trend , I.Khalilova, N.Ismayilova /
"The Law on Investment funds will be improved adjusted to the situation on the world financial markets," Chairman of the State Committee on Securities Rufat Aslanli said.
The draft was worked out in early 2008, when the crisis on the world financial markets was intensifying. According to local and foreign specialists, the draft would be improved adjusted to new challenges.
In November, 2008 the policy preventing the global financial crisis was specified at the meeting of the G20 in the U.S. Regulation of financial markets were among the discussed issues. Investment funds are more active on financial markets; therefore changes will be also introduced into their regulated framework.
According to Aslanli, recommendation in this the sphere are being developed by a working group. The group unites attracted experts from the G20 stated and other states. The recommendations will be made public in London in April.
"Taking into account the lessons extracted from the situation on the world financial markets, we intend to re-consider the draft law, which regulates the activity of investment funds. I hope that the document will be worked out in the next two or three months".
Experts within the First Initiative technical assistance program were attracted for international expertise of the Law o International funds.
Experts proposed the possibilities of acquiring investments by investment fund, whereas the law draft allowed free acquisition on closed shares on the demand of shareholder. Experts consider this inadmissible, since this can lead to collapse.
The draft law allows maximum liberalization of the functioning investment funds mechanism. There are different funds - investment, mutual, share, venture, and State Committee proposed to create multifunctional general fund in Azerbaijan.
Have any feedback? Contact our journalist at: [email protected]