The State Securities Committee revised the expansion of the investment portfolio and mitigation requirements to the assets of collective investment institutions , which still do not exist in Azerbaijan .
Under the changes, open-end mutual funds may include in their investment portfolio securities of issuers of listed exchanges of the Organization for Economic Cooperation and Development (OECD) and having a credit rating high. If before this rating level was assumed as Baa3, now it is lowered to Aa3.
Investment funds are now allowed in addition to various securities and derivative securities, cash and bank deposits , etc. , to invest in the equity participation of legal entities. The requirements of the assets of investment funds have been excluded the provisions on the maximum level of securities of the same issuer (not more than 10% ), share in the authorized capital of the issuer (not more than 10%) and not listed on the stock exchange (no more than 50%). The fund's assets may also be invested in any state and municipal securities . Prior to this, this opportunity was defined only for the Republic of Azerbaijan Central Bank and similar structures of the OECD.
AR Law "On Investment Funds " operates from the end of 2010. Bylaws to regulate the activities of investment funds were adopted in August 2011 . In December 2013 the SSC stated that received a complaint about the creation of the first investment fund.
In brokerage company Tekhnika Capital Management they told Turan, one of the real reasons for the lack of collective investment schemes business is the low offer of securities in the country. According to the " Regulation on the requirements for the formation of capital investment fund , the composition and structure of its assets and control " at least 25 % of the fund should be placed on the territory of Azerbaijan .
Recall that for the investment fund is sufficient to have 500 thousand manats. Investment fund management company must have a registered capital of not less than 125 thousand manats . - 08B-
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