"Open house" for the media held in SCS

On April 18, the State Committee on Securities (SCS) held "open house" for the media, which was provided extensive information about the process and progress of the securities registration in Azerbaijan. The event was held as part of a long-term project "Open Government - National Action Plan in 2012-2015", approved by the President on September 5, 2012.

The Chief of Staff of SCS Bakhtiyar Azizov explained the structure and functional responsibilities of the department, as well as market conditions. According to him, over the past 5 years, the amount of the securities market in Azerbaijan increased by 70%. The share of the securities market in 2012 reached 17.5% of GDP. He said that this year is scheduled to meet with the media on other aspects of the development of the securities market.

The Head of the SCS Department of Issuance and Registration of Securities Elnur Allahverdiyev made a presentation on the topic of the registration of various types of securities, accounting and registration of securities and receiving and analyzing reports of issuers. According to him, only in 2012 the Committee had registered the issue of shares for a total of 2 billion manat, corporate bonds - AZN 176 million and $ 510 million is being established open public register of the securities issue.

Since 2012, SCS began providing electronic services which are enjoyed only by professional market participants. Issuers of securities until that provide reports on paper, which is associated with problems to obtain an electronic signature.

According to Allahverdiyev, shares in Azerbaijan are not a popular form of collateral, as banks do not consider them as liquid instrument. Most banks take the security of housing certificates.

The representative of the SSC noted that there is a campaign to improve awareness of corporate governance and capital market development of joint stock companies. The next meeting is scheduled for May of this year in the city of Guba, which will be attended by representatives of JSC operating in five northern districts of the country. - 08C-


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