Securities committee prepares over 50 draft documents

The State Committee on Securities (SCS) has prepared and forwarded to the government drafts of over 50 legal acts pertaining to activity types and development of securities market, according to the chairman of the committee Heydar Babayev.

The committee, established in August 1999, has licensed 20 legal entities as professional participants in the securities market, while some 150 entities have undergone attestation to engage in various activities in the market.

Mr. Babayev said the committee had prepared a program on “Development of securities market in the Azerbaijan Republic”. With the aid of the committee, British rating agency Fitch IBKA has awarded Azerbaijan the B+ credit rating, which facilitates attraction of short- and long-term investment.

He added that EBRD had provided the committee Euro335,570 in technical assistance. Besides, the EU Tacis program has included the “Assistance to the SCS in policy preparation” project into the European expert service program.*