Azerbaijan improving securities legislation
Azerbaijan, Baku, May 27 / Trend , I.Khalilova, N.Ismayilova/
To improve Azerbaijan's stock market the State Securities Committee is designing proposals to the Civil Code.
Rufat Aslanli, head of the Committee, said the changes will touch two articles introducing standards of corporative governance, as well as given global processes and consensus as for the meeting of G-20 regulators.
A new article, which is being designing through assistance of the IFC and the Central Bank of Azerbaijan, will be included to the Code.
"Changes will be made to the legislation to reduce risks on tools and provide more exact market position," Aslanli said.
There are over 70 normative and legal acts in Azerbaijan regulating securities market. The expertise of the documents is being completed.
Consultations are held with the Tax Ministry to coordinate the registration of joint stock companies and issue of securities. Certain changes will be made in this direction, Aslanli said