The presentation of the project to improve the legislation and support for SSC

On December 2 at the Four Season Baku presented will be the twinning project "Harmonization of the law on the securities market of Azerbaijan to the European Union legislation and institutional development of the State Committee on Securities."

The press service of the State Committee for Securities told Turan that the project selected by the Polish Financial Supervision Agency. To implement it, the EU has provided technical assistance in the amount of EUR 1 million.

Note that in the framework of the project of improvement of legislation on the securities market in Azerbaijan, a bill on amendments to the Civil Code, relating to taking control of the Company. The directive on the issue from the European Parliament is aimed at ensuring the free flow of capital in the European area and protecting the rights of minority shareholders in the case of domination of one person in the shareholder structure. In Azerbaijan, the bill was received by the holders of minority interests as a regressive, aimed at the violation of their rights.

The bill provides for the compulsory purchase of shares by the holder of a 95% stake, while in Europe, the rule applies only to new persons in JSC, who increased their shares in the company to 95% of the share capital. - 08D-