PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of March 5, 2009 No. 70

About approval of the Regulations on the State committee on securities of the Azerbaijan Republic and structure of committee

List of amending documents

For the purpose of enhancement of the normative legal basis of activities of the State committee on securities of the Azerbaijan Republic I decide:

1. No. 1032 is cancelled according to the Presidential decree of the Azerbaijan Republic of 07.09.2016 

2. No. 1032 is cancelled according to the Presidential decree of the Azerbaijan Republic of 07.09.2016 

3. Charge to the Cabinet of Ministers of the Azerbaijan Republic in a month:

3.1. prepare and provide to the President of the Azerbaijan Republic offers on reduction of the existing regulatory legal acts to compliance with this Decree;

3.2. provide reduction of regulatory legal acts of the Cabinet of Ministers of the Azerbaijan Republic and the relevant central executive bodies in compliance with this Decree and inform on it the President of the Azerbaijan Republic;

3.3. set limit of number of workers of the office of the State committee on securities of the Azerbaijan Republic and Management of Committee in the Nakhchivan Autonomous Republic.

3.4. resolve other issues following from this Decree.

4. Consider invalid Item 1 of the Presidential decree of the Azerbaijan Republic "About ensuring activities of the State committee on securities in case of the President of the Azerbaijan Republic" of July 26, 1999, No. 161 (Collection of the legislation of the Azerbaijan Republic, 1999, No. 7, Article 423; 2003, No. 10, Article 585; 2004, No. 8, Article 617, No. 9, Article 678; 2005, No. 10, Article 910; The Presidential decree of the Azerbaijan Republic of November 11, 2008, No. 14).

5. This Decree becomes effective from the date of publication.

Approved by the Presidential decree of the Azerbaijan Republic of March 5, 2009 No. 70

Regulations on the State committee on securities of the Azerbaijan Republic

I. General provisions

1. The state committee on securities of the Azerbaijan Republic (further - Committee) is created according to the Order of the President of the Azerbaijan Republic "About creation of the State committee on securities of the Azerbaijan Republic" of November 19, 2008 No. 52.

Committee - the body of the central executive authority performing state policy in the security market and regulation of the security market.

2. In the activities the Committee is guided by the Constitution of the Azerbaijan Republic, the laws of the Azerbaijan Republic, decrees and orders of the President of the Azerbaijan Republic, resolutions and orders of the Cabinet of Ministers of the Azerbaijan Republic, international treaties which the Azerbaijan Republic, and this Provision joined.

3. In case of accomplishment of the obligations and implementation of the rights the Committee performs activities in interaction with other executive bodies, the Central Bank of the Azerbaijan Republic, local government bodies, non-governmental organizations, legal entities and physical persons which are members of the security market.

4. The committee has separate balance, the state-owned property which is at its disposal according to the legislation, treasurer and bank accounts, seal with the image of the State Emblem of the Azerbaijan Republic and the name, the corresponding stamps and forms.

5. Maintenance costs of Committee and its activities are financed by the government budget of the Azerbaijan Republic and other stipulated by the legislation sources.

6. The committee is in the city of Baku.

II. Activities of Committee

7. Activities of Committee are:

7.1. participation in forming of single state policy in the security market and ensuring implementation of this policy;

7.2. provides market development of securities and its infrastructure;

7.3. performs activities in other directions established by the legislation.

III. Tasks of Committee

8. According to the activities established by this Provision the Committee carries out the following tasks:

8.1. performs within the powers normative regulation in the security market;

8.1.1. establishes rules of issue of securities and the requirement, concerning prospectuses of the issue of securities;

8.1.2. establishes obligatory details of certificates of securities and the rule of production of their forms;

8.1.3. establishes rules of consolidation, crushing (division) and converting of securities;

8.1.4. establishes rules of security circulation;

8.1.5. establishes rules of withdrawal of securities from the address and their liquidation;

8.1.6. establishes requirements to members of the security market and the rule of their activities;

8.1.7. establishes rules of certification of professional participants of the security market;

8.1.8. establishes rules of release into the stream of commerce of securities of foreign issuers in the Azerbaijan Republic;

8.1.9. establishes rules of placement of securities of issuers of the Azerbaijan Republic outside the territory of the Azerbaijan Republic;

8.1.10. establishes rules of registration and repayment of debt obligations of legal entities and physical persons securities;

8.1.11. establishes standards on risks insurance, subject to insurance in the security market;

8.1.12. establishes rules of submission of reports and information connected with securities within the powers;

8.1.13. establishes storage precautions and provisions of office information in the security market;

8.1.14. establishes rules of prevention of manipulation with the prices in the security market;

8.1.15. establishes rules on disclosure of information in the security market;

8.1.16. adopts other regulations connected with regulation of the security market within the powers.

8.2. exercises the state control in the security market;

8.2.1. controls issue and security circulation;

8.2.2. exercises control over withdrawal of securities from the address and their liquidation;

8.2.3. exercises within the powers the state control over activities of members of the security market;

8.2.4. exercises control over risk management and observance of standards of insurance in the security market;

8.2.5. controls activities of investment funds;

8.2.6. exercises control over release into the stream of commerce of securities of foreign issuers in the Azerbaijan Republic;

8.2.7. exercises control over placement of securities of issuers of the Azerbaijan Republic outside the territory of the Azerbaijan Republic;

8.2.8. exercises regulation and control of the debt market, drawn up by securities;

8.2.9. controls storage and provision of office information in the security market;

8.2.10. takes measures for the purpose of non-admission of manipulation with the prices in the security market;

8.2.10-1. in the procedure provided by the law and cases performs concerning brokers as the professional participants of the security market, persons performing activities for asset management, organizers of lotteries and investment funds of function of monitoring body over legalization of money or other property received in the criminal way, and terrorism financing;

8.2.10-2. exercises control of the organization and carrying out sports totalizators;

8.2.11. performs other measures for supervision of regulation of the security market within the powers;

8.3. performs in cases and procedure, stipulated by the legislation, licensing of the corresponding types of activity also provides documents of title;

8.4. establishes rules of the order, sale and accounting of excise stamps and exercises control of observance of these rules;

8.5. exercises control of the address of excise stamps;

8.6. performs state regulation of the relations in the field of the organization and carrying out lotteries and accepts in this regard, within the powers, the corresponding normative legal acts;

8.7. controls the organization and holding the games "hippodrome chance" (totalizator) in the territory of the Azerbaijan Republic;

8.8. represents offers on the directions of market development of securities;

8.9. performs state registration of securities and their release;

8.10. provides protection and prevention of violation of the rights of investors in the security market and members of the security market;

8.11. provides maintaining the state register in connection with securities;

8.12. conducts state registration of pledge by securities;

8.13. keeps registration and account of encumbrance of securities by obligations and mortgages of the real estate which is drawn up by securities;

8.14. performs regulation of activities for printing of forms of securities (certificates), to their import and export from the country;

8.15. prepares and performs measures for integration of the security market of the Azerbaijan Republic on the world financial markets;

8.16. creates environment for fair competition in the security market;

8.17. provides transparency of activities of members of the security market;

8.18. creates the funds used for the purpose of market development of securities and its infrastructure in the procedure established by the legislation and performs regulation of their activities;

8.19. provides implementation of state programs and concepts of development within the powers;

8.20. performs activities in the field of the security market, interacting with other executive bodies of the Azerbaijan Republic, the Central Bank of the Azerbaijan Republic;

8.21. provides accomplishment of international treaties which the Azerbaijan Republic joined within the powers, performs international backgrounds and cooperation in the procedure established by the legislation, participates in project development of international treaties (agreements) connected with activities of Committee will organize the international conferences, seminars and other international actions or participates in their work;

8.22. provides development of infrastructure of the market by means of application of the best international practices and technologies in the security market;

8.23. provides rational proper use of budgetary funds, the credits, grants and other financial resources allocated for the security market;

8.24. performs according to the legislation necessary measures for protection of the state secret and the mode of privacy, the security measures corresponding to activities;

8.25. provides informing, creation of the website, placement on this website to the available and subject publicity of public information which list is established by the legislation, and permanent updating of this information of the population on activities of Committee;

8.25-1. provide training in the field of the security market, and also take measures for preparation and additional education of specialists;

8.26. provides promotion of the security market and tools of the security market, education of the population in the field of the security market and investments;

8.27. takes adequate measures on increase in skill level of members of the security market;

8.28. performs measures for enhancement of structure and activities of Committee within the powers;

8.29. considers the applications arriving concerning activities of Committee and the claim and takes necessary measures in the procedure established by the legislation;

8.30. carries out stipulated by the legislation other tasks according to activities.

IV. Rights of Committee

9. For accomplishment of the tasks the Committee has the following rights:

9.1. develops and participates in development of the legal acts relating to the security market;

9.2. takes the initiative of accession of the Azerbaijan Republic to international treaties of the security market;

9.3. requests within the powers from state bodies, local government bodies, members of the security market, physical persons and legal entities information (documents) and requires from them this information (documents)

9.4. in the procedure established by the legislation performs cooperation and experience exchange with the international organizations, the relevant state bodies (structures) of foreign states;

9.5. does the conclusions, analyses and generalization, develops analytical materials, conducts researches, represents offers on activities;

9.6. addresses within the powers to the relevant law enforcement agencies and submits claims to courts;

9.7. brings within the powers to the administrative responsibility persons who violated the law takes concerning them measures of administrative punishment;

9.8. excluded

9.9. involves according to the procedure, established by the legislation, independent experts and specialists;

9.10. in the procedure established by the legislation issues special bulletins and other publication;

9.11. performs other stipulated by the legislation rights according to activities.

V. Organization of activities of Committee

10. The committee administration and departments and other organizations which are under supervision entering into its structure (legal entities and physical persons and so forth) form single system of Committee. The committee performs the activities directly or through these structures.

11. The structure of Committee is established by the President of the Azerbaijan Republic. The list of subordinated organizations (the legal entities, the organizations, etc.) which are not entering into its structure, and also limit of number of employees of committee administration and the organizations entering into its structure affirms the Cabinet of Ministers of the Azerbaijan Republic.

12. The committee is headed by the Chairman appointed to position and dismissed by the President of the Azerbaijan Republic. The chairman of Committee bears the personal responsibility for accomplishment of the powers assigned to Committee and realization of the rights.

13. The chairman of Committee has the one first deputies and two deputies appointed to position and dismissed by the President of the Azerbaijan Republic. Vice-chairmen carry out the obligations charged to them by the chairman and bear the personal responsibility for accomplishment of these obligations.

14. Chairman of Committee:

14.1. will organize activities of Committee and directs it;

14.2. Approves provisions of structural divisions of the device and subordinated structures of Committee, and in accordance with the established procedure submits charters of subordinated legal entities for approval;

14.3. within the established salary fund and number of workers approves structure, the staff list of local and other organizations of Committee of the device, and within the allocated budgetary appropriations their expense budget;

14.4. appoints to position and dismisses employees of committee administration, the organizations entering into its structure and other organizations which are under its supervision (legal entities, the organizations, etc.) and takes concerning them incentive or disciplinary measures;

14.5. according to the legislation issues orders and orders, obligatory for accomplishment, claims (signs) normative legal acts, will organize their execution and exercises control;

14.6. cancels the solutions of authorized faces of Committee contradicting the legislation;

14.7. represents Committee.

14.8. performs other powers according to the legislation.

15. In Committee the board as a part of the chairman of Committee (the chairman of board), his deputies, the head of department of the Nakhchivan Autonomous Republic and other leading employees of Committee is formed. The structure of board can include also other specialists and scientists.

16. The structure and number of board of Committee affirms the Cabinet of Ministers of the Azerbaijan Republic.

17. The board of Committee discusses at meetings questions, work-related Committee, and passes relevant decisions.

18. Meetings of Board are considered authorized if at meeting more than a half of his members participates. Decisions of board are made by a simple majority vote his members. In case of equality of votes the voice of the chairman of board prevails.

19. Decisions of board of Committee are drawn up by the protocol and affirm the chairman of Committee.

20. In case of disagreements between members of board the final decision is made by the chairman, reporting on the arisen disagreements in the Cabinet of Ministers of the Azerbaijan Republic. Members of board can report the opinion in the Cabinet of Ministers of the Azerbaijan Republic

21. If necessary representatives of non-governmental organizations can be invited to meetings of board of Committee executive bodies and the organizations, and also.

22. For studying and use of the best practices in the security market the scientific and methodological council operating on a voluntary basis can be created. The regulations on scientific and methodological council affirm the chairman of Committee.

Approved by the Presidential decree of the Azerbaijan Republic of March 5, 2009 No. 70

Structure of the State committee on securities of the Azerbaijan Republic

1. Office (departments and sectors) of the State committee on securities of the Azerbaijan Republic

2. Management of the State committee on securities of the Azerbaijan Republic in the Nakhchivan Autonomous Republic.

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