Azerbaijan, Baku, January 16 / Trend , N.Ismayilova /
In 2009, the State Committee for Securities (SCS) of Azerbaijan conducted a number of activities to restructure the regulatory framework, improve legislation in the securities market, filling gaps and bring it into conformity with international standards, said the report of the State Committee.
Prepared by SCS, the draft law on amendments to the Civil Code in order to enhance implementation of standards of corporate governance in joint stock companies was submitted for examination by international experts.
Also, a new version of the Law on Investment Funds was submitted to the government in order to improve legislation in this regard and bring the regulatory mechanisms of their activities into conformity with international experience.
Last year, a draft law was prepared on amendments and additions to the Code of Administrative Violations. This project envisages improving legal norms of the securities market in accordance with international experience, and increase the number of sanctions in accordance with national legislation.
The draft law on amendments to the Civil Code's section on mortgage bonds also was aimed at improving the legal framework for refinancing mortgage loans. The project was prepared jointly with the Central Bank, Azerbaijan Mortgage Fund and the International Finance Corporation.
During the reported period, was completed examination and diagnosis of the regulatory framework to regulate the securities market, and therefore, was prepared an action plan and its execution started. The rules for certification of professional securities market participants were prepared and approved. In order to improve the regulatory framework for issuance of securities, amendments and changes to the Civil Code began to be prepared.
According to government regulation, to ensure the organization of totalizators and state control over their activities, the rules for their management were improved and submitted to the Cabinet of Ministers.