Two brokerages cease to exist in Azerbaijan

The State Securities Committee (SSC) has suspended the license of the brokerage Guarant Invest on September 16. According to the list of brokers and dealers SSC, the company Standard Capital is no longer in the securities market either.

LLC Guarant Invest was established in September 2011 with a registered capital of 10 000 manat and in November, it acquired a brokerage license. The company has not yet been eliminated, and is a member of Guarant Holding, which belongs to the family of the Minister of Transport Ziya Mammadov. In March 2013 Turan News Agency reported that the head of the company Guarant Invest left her, and from that time it is almost idle.

A surprise is the refusal by LLC Standard Capital (share capital - 200,000 manat) of its broker-dealer license. These activities of the company started in 2004. The other day there would be a deadline for its five-year license, but its parent company,  Holding JSC AB Standard refused of the renewal. This holding company is controlled by the family of Heydar Babayev, the former minister of economic development, and another family that is not yet known to the public.

According to the SSC, in Azerbaijan there are 13 licenses for brokerage activity, 13 - for dealer activity, 2 - asset management, 3 - depository activities, and so on. 

Recall that in July of this year, the SSC changed the requirements for brokerage firms, which have to work under the new rules from 2015 on. --08B—