Successfully completed twinning project of EU and State Securities Committee

Wednesday, May 21 the Hotel Four Seasons Baku hosted the final conference dedicated to the implementation of twinning projects "Institutional Development of the State Committee for Securities and bringing legislation on the securities market of Azerbaijan in line with EU legislation."

Twining project worth 1 million euros funded by the European Union. His 4th quarter of 2012, implemented the Financial Supervision Agency of Poland. As part of this project was the development of bills ( "On Amendments to the Civil Code ," "On the Securities Market" ) and a number of legal acts that are aimed at a qualitative change in the architecture of the securities market , as well as improving corporate governance in the companies in including regulation of takeover in corporations.

Polish experts held in Baku and abroad numerous seminars for SSC employees and professional participants of the securities market (National Depository Center and BSE).

Today's event is pursued goal of informing the public about the results of the project, and therefore, we can say that so far none of the prepared legislation was adopted.

Turan cannot provide more information as its correspondent Hafiz Babali was not allowed to participate.

Note that the information about the conference was announced on May 19 the SSC website. Turan officially informed Sector PR SCS of its intention to participate in it. Today, however, the state committee representatives did not allow Turan’s reporter into the hall, stating that his name was not on the guest list. This is not the first time that the SSC artificially and illegally violates collection of information from their official actions.

In this regard, the agency intends to take actions envisaged by the legislation. Information for the General Prosecutor's Office - SCS has violated Article 50 (Freedom of Information) of the Constitution, which sets out the right of each to look for, acquire, transfer, prepare and distribute information. In addition, a violation of Article 163 of the Criminal Code (obstruction of lawful professional activities of journalists), Article 8 of the Law of AR "On the Media " (right of media for information), section 181-3.2 (failure of an organization to provide information from the owner) and Article 186 (violation of journalists’ rights) of the Code of Administrative Offences, AR.

   It seems that the EU did not do all for the institutional development of the SSC, if this structure behaves in such a manner. Turan tries to publicize the issues associated with the securities market and often on the basis of the facts is critical of the actions and inaction of the SSC that may irritate his leadership. This may explain their last action. - 08C-