Baku/05.08.14/Turan Association of Securities Market Participants Azerbaijan (AUFRA) after a seven-year hiatus, trying to mobilize efforts to develop the securities market in the country. Last Friday, the Public Association elected a new board.
President of the Association Jeyhun Ibrahimov (Deputy Director of LLC Invest-AZ) told Turan that the priorities of the organization is involved in the legislative process in the securities market, improve control over the implementation of operations on purchase and sale of securities and the level of actual transactions, as well as attracting new investors . "Many brokers are at commercial banks and therefore do not have the financial independence," he said.
One of the first steps could be united brokers tariff revision for the execution of transactions on purchase and sale of corporate securities, while in the direction of their increase. According to Chairman of the Board AUFRA, it will improve the financial position of brokers and will not affect the dynamics of stock market activity.
These and other aspects of the revitalization of the association and the stock market will be discussed at the next meeting already brokers.
The ranks of AUFRA consist of 10 brokerages. Total brokerage activity is provided by 15 companies.
AUFRA was established in May 2007 and since then there have been no meetings. Under the Civil Code, a self-regulating association of professional participants of the securities market in the press publishes an annual report. The organization must also have the financial resources to compensate for the damage suffered by investors in the securities market. - 08B-
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