Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

118 DOING BUSINESS IN AZERBAIJAN
Azerbaijani capital in this figure is 88% the rest is foreign capital.
Currently there are 28 insurers, 6 of them are joint ventures, 6 of
them are with foreign investment.
Capital market
The securities market in Azerbaijan is regulated by provisions of the
Civil Code and a number of presidential decrees, resolutions of the
Cabinet of Ministers, and acts of the State Committee for Securities.
The State Committee for Securities, created at the end of
1998, is authorized to regulate activities on the securities market.
Under the Civil Code, securities may be issued as registered or
bearer securities or order papers. In addition, depending on the
methods of placement, securities are of two types:
• investment securities, which are placed through separate
emissions and, regardless of the time of their acquisition, have
equal rights there under within the respective emission, such as
shares and bonds;
• non-emissive securities are placed otherwise and have different
rights, such as options, warrants, privatization checks, futures,
mortgage certificates, bills of lading, etc.
There are two forms of securities:
• documentary, in which the rights of securities holders to the
securities are established by a paper document or, in the case of
depositing securities, by entries in a deposit account. the specific
requirements for the certificates are determined by the state
committee for securities; and
• non-documentary, where the rights of the securities holders to
the securities are evidenced by the entries made in the shareholder
register or by the entries made in a deposit account.