Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

Disclosure Requirements
The Civil Code imposes different reporting and disclosure
requirements depending on the nature of the placement, with more
extensive requirements being imposed on an open JSC.
Regardless of the type of securities placement, the issuer must
present a report to the State Committee for Securities on the
results of the issuance and placement of the emissive securities
not later than 30 days after completing the placement.
An issuer who has announced a public placement must publish the
balance sheet and the report on the results of its business in the
mass media annually. The acquisition of a certain percentage of the
shares of the issuer by affiliated persons may be regulated by
anti-monopoly legislation.
Stock Exchanges
A stock exchange may only be formed as a closed JSC, and must
obtain a license from the State Committee for Securities to operate.
The Baku Stock Exchange was established by the State Committee
for Securities at the end of December 1999. Shareholders of the
exchange include banks and investment companies. Baku Stock
Exchange (BSE) entered 2009 with new opportunities to develop
domestic capital market together with shareholders and partners.
At present, it is engaged in trade, depository, clearing, information
and consulting activities. Stocks, corporate bonds, T-bills, notes
and repo financial instruments are traded at Baku Stock Exchange.
Trading floor has 30 broker workstations equipped by computers
and communication means. Trading session is executed in real time
regime by the means of Electronic Trading System. Baku Stock
Exchange holds the license to execute depository activity.
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