Azerbaijan adopts rules on prevention of misuse in securities market

Azerbaijan adopts rules on prevention of misuse in securities market
# 26 December 2012 14:50 (UTC +04:00)

These rules define saving, usage, submission and releasing of serviceable information, releasing of information on transactions consumed with securities by insiders and measures on prevention of misuse in securities market. Along with this, these rules do not concern the operations conducted by Central Bank or other state agencies for realization of monetary, debt and currency policy.

New rules cover issues related with misuse in securities markets – closing of deals by using serviceable information and realization of manipulations with the prices in securities market and treatment of insiders.

The document covers rules on submission and releasing of serviceable information, list of insiders, releasing of information on insider deals, as well as prevention of misuse in securities market.

According to rules, in case if doubt appears on misuses during securities transactions, professional participants of securities market must immediately inform the Committee by showing the reasons that create doubt. That information isn’t available for the third persons.

According to the document, in case of reveal of misuses in securities market, the Committee suspends the transaction or execution, annuls the license for professional activity. The person, who suffered from misuse, can demand repayment of financial loss from the person that realized the misuse.

With the entry of these rules into force, Rules for prevention of manipulation with prices in securities market and Rules for maintenance, use and presentation of information in securities market became invalid.

#
#

THE OPERATION IS BEING PERFORMED