Azerbaijan, Baku, Aug.5 / Trend N.Ismayilova /
The International Finance Cooperation under the program on technical assistance to application of cotemporary standards of the Azerbaijan Corporate Governance Project (ACGP) submitted draft changes to the Azerbaijani State Committee on Securities (SCS) to the Azerbaijani Civil Code, IFC project head Caroline Bright said.
These changes directed to corporate sector and will assist to successfully survive from the financial crisis. Legislation improvement will enable to draw more investments to Azerbaijan, Bright added.
The SCS Council on Consultations, which includes employees of the governmental agencies and individuals, considers these proposals. In addition, these changes will be submitted to consideration of interested people outside the commission, Bright said.
It is expected to complete this process in the next few months and perhaps the draft document will be submitted to the parliament by late 2009, Bright said.
The Council developed four bills, including amendments to the Civil Code on contracts with interested party, which the Azerbaijani government adopted.
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