Baku, Azerbaijan, Jan. 9
By Emin Aliyev - Trend:
The Azerbaijani State Securities Committee increased the requirements for the quality of assets of investment funds. The State Committee's relevant decision on amendments to the rules of capital formation, composition, structure and asset management of the investment funds was published in the register of legal acts of the Ministry of Justice.
This means the requirement for a minimum credit rating of securities issuers listed on the stock exchanges of Azerbaijan and OECD countries, in which investment funds money can be capitalised, was upgraded from 'Baa3' to 'Aa3', according to the amendments.
Moreover, the equity in the authorised capital of legal entities may be included in the structure of assets of main and joint stock investment funds.
Another change restricts the venture routes for closed investment funds. The state and municipal securities of OECD member states were excluded from a list of similar routes.
The first investment fund can get a licence in Azerbaijan in 2014. The Azerbaijani State Securities Committee issued one for 'İnvest Az Asset Management' for its activity in the field of asset management in late August 2013. Permission was granted for five years.
Currently, the committee considers one formal and several informal requests for obtaining licences for investment funds.
Translated by NH
Edited by SM
