of May 25, 1994 No. 803
About commodity exchange
This Law governs the relations on creation and activities in the territory of the Azerbaijan Republic of commodity exchanges, exchange trade, on legal guarantees of activities at commodity exchanges.
The relations connected with activities of commodity exchanges and stock exchange trading are regulated by this Law and other legal acts of the Azerbaijan Republic, and also constituent documents of the exchanges accepted according to the legislation, rules of stock exchange trading and other internal exchange documents.
The relations connected with activities of the stock and currency exchanges, and also employment exchanges it is equal as share and currency departments of commodity exchanges, are not regulated by this Law.
The basic concepts used in this Law have the following value:
"Commodity exchange" is the organization with the status of the legal entity created on the basis of voluntary merging of legal and (or) physical persons for the purpose of the organization of the wholesale market of goods in the form of the public public biddings in in advance determined place in certain time by the established exchange rules.
"Exchange goods" - the goods which are not withdrawn from circulation allowed by the exchange in accordance with the established procedure to exchange trade including standard contracts on these goods. Any real estate or intellectual property item cannot be exchange goods.
"Stock exchange transaction" - the agreement (agreement) signed during the exchange biddings on exchange goods between participants of stock exchange trading (on its own behalf or at the request of the third parties) and registered in accordance with the established procedure.
"Quotation" - identification and registration of goods prices taking into account the demand and supply for certain term or date as reference point for sellers and buyers in case of transactions.
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