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Azerbaijan completes formation of normative-legal framework for investment funds

23 August 2011 08:18 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The State Securities Committee of Azerbaijan adopted a number of regulations related to the application of law on â€œInvestment Fundsâ€.
Committee told APA-Economics that, SCS, in particular the decision of the chairman of the SSC approved and submitted to the state register of legal acts of the rules â€œAbout the requirements for the formation of capital investment fund, the composition of its assets, structure and governanceâ€, â€œOn the reporting requirements of investment funds and managers, including their presentation and publicationâ€, â€œOn requirements for external auditors of investment fundsâ€, â€œOn certification of members of the executive management and shareholders of the investment fundâ€.
This legal framework was created basing on the best international practices for institutional development of securities market of Azerbaijan. It creates the possibility of using advanced standards and principles in the activities of investment funds, including their capital, asset structure, management.
With the establishment of these legal documents the formation of all necessary regulatory and legal framework for investment funds were completed in the country.