Azerbaijan develops instruction on state registration of securities
BAKU, Azerbaijan, Feb. 23
The Central Bank of Azerbaijan (CBA) is carrying out the state registration of securities and the state register of issue of securities and issue prospectuses within the regulation and control in the capital market, Trend reports on Feb. 23 with reference to the CBA.
According to the bank, since the requirements for registering securities cover various legislative acts, documents submitted by issuers to the Central Bank for state registration of shares and corporate bonds in many cases aren’t drawn up in full compliance with the legislative requirements, thus slowing down the registration process when considering applications and a decrease in the operational flexibility of issuers wishing to receive financing from the capital market.
In order to eliminate the above shortcomings and improve the efficiency of the securities registration process, the CBA has prepared instructions for the issuers. The instructions set out the procedures for issuing shares and bonds in a single document describe in detail the documents necessary for state registration and withdrawal of securities from circulation, as well as the requirements established by law during their preparation.
Earlier the CBA’s Chairman Elman Rustamov also emphasized the need to admit the local banks to investment markets, bypassing the services of investment companies.