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Expanded the list of additional requirements for professional participants of the securities market
Resolution of the Cabinet of Ministers for the number 34 of February 28, 2013 in order to "improve the licensing terms" extended list of additional requirements for applicants who wish to engage in professional activities in the securities market in Azerbaijan.
If in November 2002, these requirements were individualized for certain activities, and the list of requirements was to no more than 3-4 terms, now the list includes 15 requirements to obtain a license to implement the broker, dealer, depository, registry keeper, clearing activities as well as the stock exchange. It is noteworthy that in the decision referred to on this type of professional activity in the securities market, as the organization of trade on the securities market, which is not in the list of licensed activities.
As before, for the implementation of professional activities on the securities market, applicants should provide a financial report for the period (this requirement does not apply to newly established companies), evidence of qualifications of at least three staff members and information on the telecommunications system and electronic accounting program with the office.
Among others, applicants must submit notary certified copies of documents of the founders, an extract from the register of commercial legal entities, information about persons who have directly or indirectly, 10 percent or more in the share capital of the company. In addition, there is a need to provide information on the direct or indirect ownership by the applicants of 20 percent or more in other legal entities. The same information must represent the founders of applicants for a license, though this time it's about 10 percent participation.
Foreign individuals must present a positive recommendation from at least two financial institutions and bank accounts.
Those wishing to obtain a license for professional activity in the securities market should make a three-year business plan to develop its own organizational structure, internal control, risk management procedures. The company officials must have an impeccable reputation. - 08D-
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- Economics
- 5 March 2013 10:59
Economics
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