Baku, Azerbaijan, Nov. 28
By Emin Aliyev - Trend:
The first investment fund will be licensed in Azerbaijan in 2014, head of the Azerbaijani State Securities Committee administration Bakhtiyar Azizov told media today.
"This is a very complex and multi-stage process," Azizov said. "Its implementation requires a lot of time."
Head of the licensing and control department under the Azerbaijani State Committee for Securities Farid Rahimli stressed that currently, the licensing process of the future investment fund is underway.
The Azerbaijani State Securities Committee has issued a licence to the İnvest Az Asset Management Company for activity in the asset management in late August. Permission was granted for five years.
"Earlier, the State Committee issued the appropriate licence to the management company," Rahimli said. "Moreover, we have one formal and several informal requests for getting licenses for investment funds."
According to Rahimli, the interest in the collective investment schemes is growing on the market.
"The investment funds are a radical innovation for the Azerbaijani market, as well as in preparation of management companies and investors," he said. "Time has passed. The market is now ready for such institutions in Azerbaijan."