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Reforming Azerbaijani Securities Market to Offer Sound Investment Opportunities
Source: en.trend.az
Source Date: Thursday, November 22, 2012
Focus: Institution and HR Management
Country: Azerbaijan
Created: Nov 27, 2012

Azerbaijan has widely used EU experience and support while preparing a bill on the securities market which is currently being discussed at government level.

This statement was made today by chairman of the State Securities Committee Rufat Aslanli at the presentation of the twinning project 'Bringing Azerbaijani legislation in the field of securities in accordance with European Union law and institutional development'.

"The measures envisaged by a state programme for the development of the securities market in 2011-2020, are aimed at deep reforms of the capital markets in Azerbaijan on the basis of new rules and principles," Aslanli said.

As a result of these reforms, the country's securities market will become a simple, reliable, long term source of investing economic entities, particularly in the non-oil sector.

"Of course, the reforms in terms of a market economy must be accompanied by changes in the system of legal relations," he said. "From this point of view, the state programme also aims to improve the regulatory framework of the securities market and increase professional training in its use."

He said that this twinning project provides an opportunity for the state committee to use professional international expertise in these two important areas of the state programme.

"In general, the Azerbaijani government has been closely cooperating with the European Union to develop a market economy in the country, support sustainable economic growth and improve economic legislation," he said. "The securities market is one of the very intensive areas of cooperation."

The project's budget is 999,950 euros. The project implementation started October 2012 and will continue until May 31, 2014. The state Securities Committee is a partner of the beneficiary and the Polish Agency for Financial Supervision from EU member state's side.
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