Azerbaijan, Baku, Oct.5 / Trend, A.Akhundov /
The new law on the securities market in Azerbaijan will make some basic innovations, State Securities Committee Chairman Rufat Aslanli told reporters on Friday.
"The bill has already been submitted for discussion to the appropriate government agencies.
This project will make a few basic innovations. In the bill, securities are indicated as a contract reflecting economic relations. This defines more extensive rights and obligations for the issuer of securities and investors," Aslanli said.
He said the bill envisages completely new market architecture of trading processes in the securities market and post-trade settlement.
"Major innovations regarding the status and functions of professional participants of the securities market are planned. Today there is a regulatory framework for the activities of brokers, dealers and companies managing assets.
"The bill also envisages the institution of investment companies which will be divided into categories based on the transactions and procedures depending on risks. Various capital and prudential requirements will be identified for them," Aslanli said.