Central Bank Of Azerbaijan Talks Advantages Of New System Of Securities Issuance

(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.


Trend News Agency

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