Azerbaijan, Baku, Feb. 28 / Trend A.Taghiyeva /
Capital Markets Board and Banking Regulation and Supervision Agency of Turkey are ready to assist the State Securities Committee (SSC) of Azerbaijan in the modernization of technical and legal infrastructure of capital markets, the Council told Trend on Tuesday.
Capital Markets Board of Turkey participates in the tender for the provision of consulting services under the capital markets modernization project (CMMP) of Azerbaijan, which is implemented jointly with the World Bank and the Swiss State Secretariat for Economic Affairs.
"We propose to establish a Turkish model of technical and legal basis of the Azerbaijani capital market", the Council said.
It is planned primarily to modernize and radically change the law regulating the stock market in the country.
"If the Turkish Capital Markets Board wins the tender, we plan to conduct some work related to the organization of IPO, exchange and storage of securities in order to increase the number of companies participating in the stock market of Azerbaijan," the Council said.
The organization also stressed that experience of modernization of Turkish stock market will be used when modernizing the securities market in Azerbaijan.
As for the cost of work proposed by the Council, according to information, "the most advantageous option for this kind of initiative has been proposed".
Four companies compete to provide consultancy services to SSC under capital markets modernization project.
In addition to the Capital Markets Board of Turkey, Corporate solutions, Deloitte & Touche LLC, NASDAQ OMX submitted their proposals for participation in the tender.
To finance the project the World Bank approved in March 2011the allocation of a loan to Azerbaijan worth $12 million. Swiss State Secretariat for Economic Affairs (SECO) provided technical assistance at $1.6 million.
The task of the consultant includes fulfillment of work on the four components of the project to be implemented during 2012-2015. CMMP is a continuation of World Bank support to strengthen and diversify the financial sector of Azerbaijan.