The State Securities Committee (SSC) has updated reporting rules of professional participants of the securities market. The old rules have acted in October 2007 and did not provide their publication in the media.
According to the rules entered into force on the 20th of February this year, brokers, dealers, registrars, depositories, as well as Exchange and Clearing Company must submit to the State Securities Committee quarterly and annual reports. Previously, professional participants of the securities market represented only annual financial results and report on their use. This year they will present the CMA whole package of financial statements (balance sheet, profit and loss, changes in equity, cash flow statement), a report on liquidity, on the professional activities, information on changes in the organizational and management structures. Depository and registrar will also provide a list of issuers that they serve. They also exchange and clearing company, a quarterly report on the list of professional market participants who have access to their systems. Clearing Company shall prepare a report on the management of the fund. The Exchange, in turn, is the parity of its members, as well as information on the listed on its listed companies. These reports are to be submitted to the SSC for 10 days.
Annual reports are due in SSC for five months after the end of the year. Previously, these reports were presented by 15 April. Annual financial reports accompanied by an auditor's report are to be published in print for 30 days after their presentation in SSC.
Publication of the report on the activities of professional participants of the securities market provided for in Article 1078-42 of the Civil Code. However, almost none of the professional participant of the securities market fulfills this requirement. Even on the sites of many companies can not find this information.
Note that the new rules also govern the reporting rules of professional participants of the securities market.
Azerbaijan has 18 participants of the securities market for six types of professional activities. - 08B -
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