Azerbaijan, Baku, Sept. 15 / Trend A. Akhundov /
The Azerbaijani State Securities Committee has submitted a new version of the bill on "Securities market" to the government, the committee chairman Rufat Aslanli said at the signing ceremony of the technical assistance of the Azerbaijani capital market modernization project on Thursday.
"One of the state priorities is to bring the capital market to a new level," he said. "A state program was adopted to develop the Azerbaijani securities market in 2011-2020. The program gives its first results."
According to the state program, a new law is expected to be adopted in 2012 to regulate the capital market that meets international best practice. It is planned to create an optimal system of issuing and registering the securities and introducing an International Securities Identification Number (ISIN code) in 2013.
Aslanli said that it is important to have international support and assistance while implementing such a large program. From this point of view, it is important to have the Azerbaijani capital market modernization project.
"An operator has been chosen to execute the project," he added. "We will begin implementing the project more widely in late September."
He added that after the crisis of 2009, the global economy is showing a positive growth. Over the last three years the average annual population growth hit one percent with economic growth of 1.6 percent per year. In this case, the capitalization of capital markets was 11.3 percent.