AZ Capital Markets Modernization |
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| Bu alıcı belirtilen kurumun bir üyesidir: Dünya Bankası(WB). | ||||
| AZ Capital Markets Modernization uygulanacağı yer: Azerbaycan. | ||||
| The objective of the Capital Markets Modernization Project for Azerbaijan is to increase the use of equity and corporate debt as financing and/or investment instruments through the adoption of an effective capital markets regulatory framework and infrastructure. There are four components to the project. The first component of the project is streamlining and automating market infrastructure. This component will address the outdated capital market infrastructure constraints by focusing on: (i) increasing automation of the market through establishing one depository center and consolidating clearance and settlement; (ii) opening the infrastructure's membership and access; (iii) minimizing off-market trades and improving price discovery; and (iv) facilitating the operational introduction of investment fund. The second component of the project is updating and strengthening the legal and regulatory framework. This component is to maximize the benefits of adopting an adequate legal and regulatory framework, this component will focus on: (i) reviewing the draft capital market legislation, ensuring that the existing gaps are addressed through the forthcoming new Capital Market Act and identifying key implementing regulations needed to make the law effective; (ii) enhancing market confidence and safety by introducing minimum capital requirements for market participants; and (iii) allowing pooled investments by insurance companies. The third component of the project is stimulating supply. This component will promote greater use of capital markets as a financing alternative by focusing on: (i) creating a more appropriate environment to encourage equity listings and the corporate bond market; (ii) actively reaching out to corporations to promote benefits of financial market as a funding alternative and working proactively with prospective issuers to assist them in coming to the market; and (iii) promoting development of reliable benchmarks in the government bond market. The fourth component of the project is capacity building. This component, will aim to: (i) strengthen the State Committee for Securities (SCS') knowledge management, its policy formation processes and transparency of operations; and (ii) strengthen the institutional capacity of the SCS' surveillance, reporting and enforcement systems. | ||||
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