FRAME RULES ON FUNCTIONING OF CENTRAL DEPOSITARIES IN EURASIA OFFERED
A meeting of the Association of Central Depositaries of Eurasian countries will be held in Moscow in October, the Director of the National Depositary Center of Azerbaijan, Nijat Mammadov, told Trend. The gathering will focus on frame rules on functioning of central depositaries in Eurasian countries.
"The draft rules were presented to members of the Association and are currently under consideration. The initial analysis demonstrates that document corresponds to the Azerbaijani legislation.
The same time the draft rules on registration of securities, placed at the organized market, only the central depositary is unavailable for Azerbaijan. In any case the frame rules will be of recommendation character,вЂќ Mammadov said.
The project is partially directed at overcoming some nuances in the Russian legislature, for instance the ban on opening of depo-accounts on securities for non-resident organizations of Russia, the Association also includes central depositories on securities of CIS, while the South Korea is ready register the membership in one of the nearest meetings.