LAW OF THE AZERBAIJAN REPUBLIC

of March 4, 2016 No. 146-VQD

About introduction of amendments to the Law of the Azerbaijan Republic "About investment funds"

Being guided by Item 10 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

Article 1

In the Law of the Azerbaijan Republic "About investment funds" (Collection of the legislation of the Azerbaijan Republic, 2010, No. 11, Article 950; 2014, No. 10, Article 1161; 2015, No. 11, Article 1261) to make the following changes:

1.1. In the text of the word "state regulation and control" in the corresponding cases shall be replaced with words "regulation and control" in the corresponding cases;

1.2. In Articles 1.1. 7, 26. 5, 34. 43.1.6 and 53.3 after words "normative legal" to add 2, with the words "and normative nature";

1.3. Except for Articles 24. 4, 25. 3, 36.1.9 and 38.2.1, in the text of the word "management of assets" in the corresponding cases shall be replaced with words "management of investment funds";

1.4. In Article 1.1.9 of the word "professional … in the security market" to replace with the word "licensed";

1.5. State Article 1.1.11 in the following edition:

"1.1.11. depositary of investment fund (further - depositary) - person having the special permission (license) for implementation of activities of depositary of investment fund;";

1.6. State Article 1.1.14 in the following edition:

"1.1.14. supervision body behind the financial markets - the structure created by relevant organ of the executive authority for the purpose of implementation of regulation and control in the financial markets;";

1.7. In the text of the word "supervision body" in the corresponding cases shall be replaced with words "supervision body behind the financial markets" in the corresponding cases;

1.8. In Article 2.1 after the word "acts" to add with words "acts of normative nature of supervision body behind the financial markets,";

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