Azerbaijan State Securities Committee (SSC) has practically completed the works over the bill On investment funds. In addition, we will continue to upgrade it in order to bring it into a good condition because we are also dissatisfied with it, the Chairman of SSC Gunduz Mammadov told Trend.
The law has already been adopted for more than 5 years, but practically it doesn't work and no investment fund has been created in Azerbaijan. Moreover, within the new bill, it is intended to create institutions of collective investment.
The State Committee intends to expand the sphere of the directions of these investments to ensure their allocation not only for securities, but also real estate. SSC hasn't officially appealed to the government yet because it is implied to establish a single base model.
Moreover, it is implied to maximally liberalize the acting mechanism. There are different funds in the world investment, mutual, share, venture, but the State Committee offers to create a multi-functional public fund in Azerbaijan. Touching on the management of the fund, Mammadov stressed that he doesn't consider expedient to give the fund to any managing company, but is needs to ensure that the fund itself manages all packs. Discussions are still held in this direction.
A special working group has been created from the representatives of SSC and professional participants of the stock exchange to work on the bill.