EU to assist Azerbaijan in improving skills for managing securities market

Business Materials 22 November 2012 18:25 (UTC +04:00)

Azerbaijan, Baku, Nov. 22 / Trend A. Akhundov /

The European Union (EU) will assist Azerbaijan in improving the skills for managing and supervising the field of securities.

This was announced today by representative of the Polish Agency for Financial Supervision Ilona Pieczynska-Czerny at a presentation of the twinning project 'Bringing Azerbaijani legislation in the field of securities in accordance with European Union legislation and institutional development'.

"The aim of the project is to bring the legislation in the field of regulating the securities market and the organizations, rendering financial services, in line with the EU legislation, as well as to improve the regulatory and institutional capacity," she said.

The project's budget is 999,950 euros. The project implementation started in October 2012 and will continue until May 31, 2014. The state Securities Committee is a partner of the beneficiary and the Polish Agency for Financial Supervision from EU member state's side.
"The experts from both sides will work closely while executing the project," she said. "The project will be implemented in the form of short-term expert missions on various subjects."

She said that the twinning project will consist of three components: support and consultations while developing the cooperation, improving regulation and supervision skills, awareness of participants of the securities market.

The main directions of national legislation which will be brought into line with EU legislation: the requirements for transparency and informing the companies registered at the stock exchange, securitization, purchasing a controlling stake in companies, reorganizing joint stock companies and observing the rights of shareholders, selling the shares in the stock market, dividing the powers between the relevant regulatory bodies.