LAW OF THE AZERBAIJAN REPUBLIC

of November 11, 2016 No. 389-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:

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; 2016, No. 3, Article 412, No. 4, Article 642) to make the following changes:

1. In Articles 1.1. 2, 1.1.10, 1.1.11 and 24.1 of the word "special permission (license)" to replace with the word "license".

2. In Article 1.1.20 after the word "received" to add with the word "physical".

3. In the second offer of Article 4.1 of the words "register" shall be replaced with words "the state register".

4. Under Article 7:

4.1. in Article 7.1 of the word "required by the legislation" shall be replaced with words "specified in article 6.3 of the Law of the Azerbaijan Republic "About the security market";

4.2. in Article 7.2 to the words "are not provided" to add with the words "in full" and in this Article of the word "the submitted documents reflect the provisions contradicting the legislation" shall be replaced with words "in the cases specified in article 6.6 of the Law of the Azerbaijan Republic "About the security market".

5. In Article 7.4 of the word of "special permission (license)" to replace with the word "licenses".

6. Exclude Article 8.4.

7. Under Article 9:

7.1. the second offer of Article 9.4 to state in the following edition:

"In this case within 10 working days from the moment of receipt of the statement reasoned decision is made on refusal in state registration of amendments and (or) changes in the investment declaration of joint-stock investment fund, and this decision within 2 working days goes to joint-stock investment fund.";

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