Azerbaijan, Baku, July 14 /Trend, I.Khalilova, A.Badalova/
Capital Markets Board, or SPK, Chairman Vedat Akgiray and Azerbaijan Securities State Commission Head Rıfat Aslanlı have signed a memorandum to foster information exchange and technological cooperation between the two institutions, the State Committee reported on July 14.
The ongoing relationship between the SPK and the Azerbaijan Securities State Commission has been carried to a judicial platform with this agreement, Akgiray said during a signing ceremony on Tuesday.
The agreement has paved the way for operational cooperation between the two institutions, Akgiray said.
"All of the countries in the world, from the United States to China, Turkey to Azerbaijan, should cooperate. We need these kinds of agreements to build cooperation." Akgiray said. "After the agreement, we will be able to say we want to operate with Azerbaijan in all issues."
The number of cooperation agreements between the SPK and other countries has reached 26, including Azerbaijan, Akgiray said.
SCS said that this memorandum will provide the basis for effective cooperation between the securities markets of the two states, and will promote the integration of regulated markets and enhance investor protection. The memorandum will ensure cooperation between the parties in carrying out regulatory responsibilities and determine the procedure for the exchange in respect of violations of legislation regulating the securities market. Thus, it is the fourth cooperation agreement regulating the securities market, which Azerbaijan has signed with other countries. Along with Turkey, currently agreement on cooperation is effective with Belarus, Kazakhstan and Ukraine.
During the ceremony, Akgiray also said activities of the SPK in the International Organization of Securities Commissions, or IOSCO, have accelerated.
The SPK was selected for the presidency of the Developing Countries Commission, in which 83 countries are represented, at its annual meeting in Canada, he said.
The next annual meeting of the commission will be held in Turkey in October of this year.