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Gabriel Montenegro
Gabriel Montenegro

Azərbaycan Respublikasının Qiymətli Kağızlar üzrə Dövlət Komitəsinin fəaliyyəti, səlahiyyətləri və strukturu


State Committee for Securities: Regulating the Securities Market in Azerbaijan




The State Committee for Securities (SCS) is a central executive authority that regulates and supervises the securities market in Azerbaijan. The SCS is responsible for implementing the state policy on securities market development, ensuring investor protection, promoting fair competition, and enhancing market transparency and efficiency. The SCS also issues licenses to market participants, registers securities issuers and offerings, monitors market activities and compliance, and imposes sanctions for violations of securities laws and regulations.




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History of the State Committee for Securities




The establishment of a securities market in Azerbaijan dates back to the beginning of the 20th century, when banks and companies issued promissory notes and shares to raise funds. However, the securities market was not well-developed or regulated until the late 1990s, when Azerbaijan embarked on a transition to a market economy after gaining independence from the Soviet Union. In 1998, by a presidential decree, the State Committee for Securities was created as an agency under the President of Azerbaijan to oversee and coordinate the securities market regulation. The SCS adopted several laws and regulations to harmonize the legal framework with international standards and best practices. The SCS also facilitated the establishment of market infrastructure institutions, such as the Baku Stock Exchange, the National Depository Center, and the Investor Protection Fund. The SCS also joined international organizations, such as IOSCO, to enhance cooperation and information exchange with other regulators.


Current Situation of the State Committee for Securities




Today, the SCS continues to play a vital role in developing and regulating the securities market in Azerbaijan. The SCS aims to foster a sound and robust capital market that can support economic growth, diversify funding sources, attract foreign investment, and increase financial inclusion. The SCS regulates various types of securities, such as government bonds, corporate bonds, equities, mutual funds, derivatives, and mortgage-backed securities. The SCS also oversees various types of market participants, such as issuers, intermediaries, investors, rating agencies, auditors, and self-regulatory organizations. The SCS conducts regular inspections, investigations, enforcement actions, and awareness campaigns to ensure compliance with securities laws and regulations.


The securities market in Azerbaijan faces both opportunities and challenges in its development. On one hand, there is potential for growth and innovation due to factors such as macroeconomic stability, fiscal discipline, oil revenues, infrastructure development, digitalization, and integration with regional and global markets. On the other hand, there are also risks and obstacles that need to be addressed, such as low market liquidity and depth, high concentration and dominance of government securities, limited availability and diversity of financial instruments and services, weak corporate governance and disclosure standards , low investor awareness and confidence, and limited regulatory capacity and coordination. The SCS is working to address these challenges by implementing various reforms and initiatives, such as developing a new securities market strategy, improving the legal and regulatory framework, enhancing the market infrastructure and supervision, promoting financial literacy and education, and strengthening regional and international cooperation.


Conclusion




The State Committee for Securities is the main regulator of the securities market in Azerbaijan. The SCS has played a significant role in establishing and developing the securities market since its inception in 1998. The SCS strives to create a conducive environment for the securities market to grow and contribute to the economic development and diversification of Azerbaijan. The SCS faces various challenges and opportunities in its mission, as the securities market is still evolving and facing external and internal shocks. The SCS needs to continue its efforts to improve the regulatory framework, enhance the market infrastructure, protect the investors, foster the competition, and increase the transparency and efficiency of the securities market in Azerbaijan.


FAQs




What are securities?




Securities are financial instruments that represent a claim on the assets or income of an issuer. Securities can be classified into different types, such as debt securities (e.g., bonds), equity securities (e.g., shares), or hybrid securities (e.g., convertible bonds). Securities can be traded on primary or secondary markets, depending on whether they are issued for the first time or resold by existing holders.


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What are the benefits of investing in securities?




Investing in securities can provide various benefits for investors, such as diversifying their portfolio, earning income from dividends or interest payments, gaining capital appreciation from price changes, hedging against risks, or supporting social or environmental causes. However, investing in securities also involves risks, such as market volatility, liquidity constraints, credit default, fraud, or regulatory changes. Therefore, investors need to conduct due diligence, assess their risk appetite and return expectations, and seek professional advice before investing in securities.


What are the main types of securities market participants in Azerbaijan?




The main types of securities market participants in Azerbaijan are issuers, intermediaries, investors, rating agencies, auditors, and self-regulatory organizations. Issuers are entities that issue securities to raise funds from investors. Intermediaries are entities that facilitate the issuance and trading of securities, such as brokers, dealers, underwriters, or investment advisers. Investors are entities that buy and sell securities for their own account or on behalf of others. Rating agencies are entities that provide opinions on the creditworthiness of issuers or securities. Auditors are entities that verify the financial statements of issuers or intermediaries. Self-regulatory organizations are entities that establish and enforce rules and standards for their members.


How does the State Committee for Securities regulate and supervise the securities market in Azerbaijan?




The State Committee for Securities regulates and supervises the securities market in Azerbaijan by implementing the state policy on securities market development, issuing licenses to market participants, registering securities issuers and offerings, monitoring market activities and compliance, imposing sanctions for violations of securities laws and regulations, conducting inspections, investigations, enforcement actions, and awareness campaigns.


How can I contact the State Committee for Securities?




You can contact the State Committee for Securities by visiting its website (www.scs.gov.az), calling its phone number (+994 12 493 11 22), sending an email (info@scs.gov.az), or visiting its office (Baku city, Nasimi district, Jafar


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