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Azerbaijan drafts a law on securities

05 October 2012 10:50 (UTC +04:00)

According to him, the draft law has already been submitted to the relevant structures.

â€œThis draft law will bring sufficient news to the securities market. Firstly, security conception was extended and in the draft law, the securities have also been considered as a contract reflecting economic relations. This includes more rights and duties for both issuers and investors. Firstly, itâ€™s considered trading of securities and completely new market architecture of accounting. A legal base is created here for depositary storage system. Significance new are planned in the status, functions and essence of participantsâ€.

He also stressed that, according to existing legislation, there was regulation base for activity of companies managing broker, dealer and assets. New draft law also includes investment companiesâ€™ institution. As well as, they will be required different capital.