Azerbaijan, Baku, May 30 / Trend , N.Ismayilova/
In August, the U.S. Agency for International Development (USAID) will finish the project of development of Azerbaijan's capital and securities markets, carried out from August 2007 as part of the program of support to trade and investment, the agency said.
The project was implemented as part of an intergovernmental agreement of Azerbaijan and the United States for joint financing of assistance projects to promote co-financing of projects in Azerbaijan, under which USAID was allocated $7.2 million in 2007.
The main objectives of this program are to support in enhancing public participation in the capital market of Azerbaijan, enlist the cooperation of international experts in the field of securities market, increase demand for the securities market countries, as well as remove of inhibiting factors.
With this purpose, the agency has developed a series of legislative and regulatory reforms.
The agency proposes to reform the articles of the Civil Code concerning the activities of joint-stock company and public companies, articles of the Code of Administrative Offenses of the penalty and the credentials of Tax Code, article about financial products, including but not limited to investment funds, and the Law on Investment Funds.
Institutional reforms include restructuring the State Committee for Securities
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