Discussed Progress of Execution of Action Plan for Development of Securities Market

The State Securities Committee held a board meeting in expanded format in order to assess the current performance of the Action Plan under the State Program "Development of Securities Market in the Republic of Azerbaijan in 2011-2020 ". Despite the fact that the situation in the market has not moved off the ground, the head of the SSC believes that all objectives for 2011-2013 have been successfully completed.

In a press release, the sector of public relations SSC noted that after the adoption of the State Program on the securities market has undergone fundamental changes. Chairman of the State Securities Committee Rufat Aslanli instructed to prepare a plan of action in 2014-2015 and increase the efficiency of the Coordination Group for the implementation of the State Program.

The message contains no information on the specific work to implement the action plan. However, it is known that during this period they modernized trade registration and the depository infrastructure market and updated regulatory framework. A multimillion-dollar loan was received from the World Bank to modernize the capital market. However, neither the SSC nor the professional market participants were able to achieve qualitative growth of the securities market.

Still there is no offer for new financial instruments and the regional branch of professional participants, and issuers do not go to the market to raise capital and the existing laws are outdated. - 08D-