Baku. Nijat Mustafayev – APA-Economics. Today, a presentation of the twinning project on Approximation of the legal and regulatory framework for the securities market of Azerbaijan according to the European Union acquis and capacity building for the State Committee for Securities was held in Baku.
The European Union will allocate a total of one mln euro for financing twinning project to be implemented in Baku by the Polish Financial Supervision Authority (PFSA).
Delivering a speech at the event Chairman of the State Committee on Securities Rufat Aslanli said that recent ongoing difficult processes in world economy arrange the formation of optimal behaviour model in new social-economic atmosphere of the society.
‘Need for formation of new paradigm of activity and regulation of financial markets in this atmosphere, which is called ‘next standard’ by the economic circles, shows itself very distinctly. Though it is difficult to say that the discussions, joined by leading economies, international financial organizations and academic circles, have achieved comprehensive consensus, the general preliminary results of these debates will be formed anyhow. The last processes showed that, effective cooperation, information and practice exchange assume a critical importance among financial institutions, as well as regulators inside rapid development of technology, wide application of financial innovations and global integration of capital markets. These summons are not out of Azerbaijani economy, which targets absolute coordination with the international standards in financial sector’, noted Aslanli.
‘On 17 May 2011, President Aliyev approved the State Program on Development of the. Securities Market of the Azerbaijan Republic for 2011-2020. This program considers deep reform of Azerbaijan’s capital market in the next 10 years. As a result of these reforms, country’s securities market will become easy, reliable and long-term investment source of economic entities, especially non-oil sector’, added Committee Chairman.
Aslanli noted that during the past period, Azerbaijan widely used the EU’s technical assistance: ‘And now, we continue to use EU’s practice and support in preparation of new draft law on Securities market. Of course, in line with the main legislation, strengthening of normative base can not be ignored. From this viewpoint, practice exchange with Poland, which has perfect legislation base reflecting the main theses of EU’s legislation, assumes great importance for us’.
Baku and Warsaw Stock Exchanges signed a Memorandum of understanding on information exchange and cooperation in May 2007 and the National Deposit Center and Polish National Depository for Securities - in October 2012.
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