BSE Continues to Ignore the Rule of SSC

In September of this year on the OTC platform were concluded sale and purchase of 54,541 shares for a total of 81,354 manat.

The Baku Stock Exchange (BSE), which since August 2011 is responsible for disclosure of operational information on OTC transactions, continues to ignore the State Securities Committee (SSC) and provides information only on a monthly range.

BSE does not fulfill the requirement of public bailiffs to release information on OTC securities transactions. Recently, the Nasimi District Court of Baku upheld an investor claiming to entrust BSE with the performance of the regulatory act to publicize the OTC transactions, as appropriate.

Information on the volume of OTC transactions for buying and selling securities, according to the rules of the State Committee for Securities of August 2011, is published by BSE to ensure transparency and formation of market prices for securities. For unknown reasons, the spread of this information began in January of this year. This information reflects almost all the data on OTC transactions except the names of parties to the transactions.

Since early March BSE has suspended the publication of this information. The release of this information to the public resumed in June, but by the own rules of the exchange, despite the fact that the old rules are still valid. According to the rules of the BSE, analytical information on OTC transactions is provided in a mandatory way. - 08B-