Approved by the Ministry of Finance of the Azerbaijan Republic on May 6, 1996

Regulations on rules of licensing of professional activity with securities and employee assessments of professional participants of the security market

This Provision is prepared according to the Law of the Azerbaijan Republic "About the security exchange and stock exchange".

I. General provisions

1. The provision establishes rules of licensing of activities of professional participants of the security market and certification of their employees as specialists of investment institutes, stock exchanges and share departments of the exchanges.

2. Main objective of licensing of professional participants of the security market and certification of their employees - non-admission on the security market of unskilled specialists and persons who are forbidden to be engaged in such activities.

3. Licensing of professional participants of the security market (further - "companies") and certification of their employees are carried out by the Ministry of Finance of the Azerbaijan Republic.

4. Effective period of the granted licenses - two years.

Staff of the companies of times a year undergoes recertification.

Staff of the companies with length of service with securities at least one year, with the higher education and economic length of service three years is allowed to certification.

5. The state fee for licensing of the companies and employee assessment keeps in the following sizes:

- for licensing of the company - the amount in manats, to equivalent 50 US dollars (at the rate of manat to US dollar at the time of payment);

- for repeated licensing of the company - the amount in manats, to equivalent 25 US dollars;

- for certification of one employee - the amount in manats, to equivalent 20 US dollars;

- for recertification of the employee - the amount in manats, to equivalent 10 US dollars.

6. The duty is transferred into the corresponding income account of the budget.

7. In cases of refusal of receipt of the license and not passing of certification the state fee does not return.

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