Azerbaijan studies Poland's experience in securities market
Azerbaijan, Baku, Jan. 24 / Trend, A. Akhundov /
The State Securities Committee (SSC) of Azerbaijan is conducting consultations with the Polish Agency for Financial Supervision from January 21-25 in Baku.
This is stated in a Committee report released on Thursday.
Consultations take place within the dual project "Bringing Azeri securities legislation to compliance with the laws of the European Union and institutional development" and will help the SSC study Poland's experience in application of the EU directives on transparency in the securities market and assess the applicability of these directives in the Azerbaijani legislation.
The budget of the EU dual project is estimated at 999,950 euros. The project started in October 2012 and will continue until May 31, 2014. The partner from the beneficiary's side is the SSC, and from the member state's side - the Polish Agency for Financial Supervision.
The project will consist of three components: support and advice on the development of cooperation, improvement of regulation and supervision skills and awareness of market participants.
The main areas of the legislation which are in line with EU norms are: requirements for transparency and provision on information to companies registered at the stock exchange, prospectuses of companies which are equity and debt instruments, securitization, merger and acquisition of companies, purchase of a controlling stake in companies, reorganization of corporations and respect for the rights of shareholders, the sale of shares on the stock market, the division of powers between relevant regulatory authorities.