(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 9. The new system of
issuing securities in Azerbaijan allows carrying out state
registration of the securities' issuance, issue securities within
the country and abroad, confirm emission prospectuses and
information memoranda, and approve the report on the results of the
issue online, Head of State Registration of Securities Division of
the Central Bank of Azerbaijan (CBA) Asaf Mammadov said during the
"Issuer's Day" event, trend reports.
According to him, previously the issuers applied for all the
above-mentioned transactions separately, and the requested
documents were submitted on paper.
"Now there is no need for this - all information can be uploaded
to the website [the new issuance system]. In general, registration
of securities is a multi-stage process. In accordance with this
process, the issuing company must decide on the issue of these
securities, apply to the CBA, then the security must be registered
with the National Depository Center, and after these processes,
apply to the Baku Stock Exchange," he said.
According to Mammadov, the digitalization of the process allows
issuers to save several weeks and certain costs.
“For example, previously representatives of a company had to
come from a region, present documents, certify them with a notary,
and sometimes stay at a hotel. Doing this process by mail was also
an extra waste of time and additional expense, and now, as a result
of the launch of the new system, the whole process is completed in
just 10-15 minutes," he added.
The CBA commissioned the new system of issuing securities on
December 2, 2022.
Through this system, the services provided to issuers by the
CBA, the National Depository Center and the Baku Stock Exchange in
connection with state registration and placement of investment
securities (shares and bonds) have been digitalized.
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