President of Azerbaijan Ilham Aliyev has signed the law on securities market approved by the Parliament.
The Cabinet of Ministers should bring its acts into conformance with the law, define the rules of issue and turnover of the state and municipal securities and prepare the list of offshore areas, abc.az reports.
The law provides for cardinal restructure of the stock market. Only investment companies, established and operating as joint-stock companies, can now become its professional participants and all securities should be uncertificated. The law on securities market will come into force in full scale only on January 1, 2016.
