Azerbaijan, Baku, July 14 / Trend , N.Ismayilova/
The Azerbaijani baking education centre launched training on the International Financial Reporting Standards (IFRS) for the staff of the State Committee for Securities (SCS), Baku Stock Exchange (BSE) and National Depository Center (NDC) on July13, the SCS reported.
Training is conducted as part of the project "Support to the export and investment climate in Azerbaijan", implemented on the European Union's technical assistance to CIS program (TACIS) and they will last by Aug. 7.
The training aims to strengthen a staff potential of the SCS, the BSE, the NDC in the international financial standards, methods of their introduction and analytical analysis.
Under the TACIS project, by late 2010 it is planned to hold a series of training covering topics, such as a control mechanism on the securities market, prevention of manipulation on the market, reporting and clearing activities in the market, the organization of the exchange business and risk management. It is also planned to organize study tours to the developed countries to draw their experience in regulating the securities market.
The main beneficiaries of the project "Support to the export and investment climate in Azerbaijan", realized through the TACIS program on individual components are the SCS, the Baku Stock Exchange, Azerbaijan Investment Company and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).
The project includes the implementation of activities to develop the securities market in different directions, in particular, such as the development of legislative and regulatory framework, institutional capacity expansion of SCS, the National Depository Center and the Baku Stock Exchange, the organization of the curriculum and the strengthening of public education
Consultancy services on the project will be rendered by a consortium of SOFRECO (FR) - IVEX (ES), Belgian Bankers Academy (BE), selected from eight applicants "short list" in the tender.
The project cost is estimated at three million euros and it covers two or three years. As part of the project, assisting in improving the investment climate in the country will be a continuation of the Tacis's work with AZPROMO.
This project is included in the Action Program for 2006 approved by the European Commission on June 15 2006, but the financial memorandum on this was signed in 2007.
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