License Company International Transaction System for brokerage and dealer activities in the securities market suspended. This decision took the state oversight body for the securities market.
The communication sector of public relations of the State Securities Committee noted that the decision of the company was made in connection with the systematic violation of the rules of the SSC reporting requirements of the provision and disclosure.
The license Ltd. International Transaction System for brokerage activity was due to expire in April 2016, dealing activities - April 2017.
The company entered the stock market in 2006. It is in one form or another belonged to the group of companies General Construction.
Ltd. International Transaction System serves mostly clients of the "International Bank of Azerbaijan" and was the underwriter for the release of his shares. In May this year, ranking fell to the Baku Stock Exchange (BSE) from 1st to 9th place with a turnover of 41.1 thousand manats.
It is expected that soon will be suspended activities and Company Corporate Trust Agency, depositary, dealing exclusively service OJSC International Bank of Azerbaijan. According to the law "On the Securities Market" (passed on May 15, but not yet in force) depositary services on investment securities will be provided by the Central Depository - State JSC National Depository Center (NDC).
It is noteworthy that the reason for the suspension, the virtual elimination of the license of International Transaction System is a chronic phenomenon among professional participants of the securities market. The fact is that most of the professional securities market participants regularly violate the rules on reporting requirements and delivery and publication. Even NDC and BSE are not placed in their corporate websites annual financial statements for 4-5 years. According to these rules, the annual reports of these companies be made public no later than the first six months of the end of the fiscal year.
Currently, there are 12 licenses for brokerage and 13 for dealer activities in the securities market. ---- 08B
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