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LAW OF THE AZERBAIJAN REPUBLIC

of July 6, 2023 No. 947-VIQD

About introduction of amendments to the Law of the Azerbaijan Republic "About the security market"

Millie Majlis of the Azerbaijan Republic, being guided by Items 10, of 11, 15 and 27 parts I of article 94 of the Constitution of the Azerbaijan Republic, decides:

Article 1. Make the following changes to the Law of the Azerbaijan Republic "About the security market" (Collection of the Legislation of the Azerbaijan Republic, 2015, No. 7, Article 813; 2016, No. 3, Article 411, No. 11, Article 1756)., No. 12, Article 2003; 2017, No. 2, Article 159, No. 5, article 712, No. 12 (book I), Article 2222; 2018, No. 5, article 893, No. 7 (book I), Article 1395, 2019, No. 1, Articles 33, 50, No. 2, Article 189, No. 5, Articles 807, 815, No. 6, Article 999, No. 7, Article 1184, 2021, No. 2. 12, Article 1298, 2023, No. 1, Article 41, No. 2, Article 168, No. 4, Article 450, the Law of the Azerbaijan Republic No. 855-VIQD of April 4, 2023):

1.1. Under Article 1:

1.1.1. State Article 1.0.3 in the following edition:

"1.0.3. the beneficial owner - physical person (physical persons) which finally controls the client or which is the real owner of the client who is the legal entity or the foreign legal entity and (or) for the benefit of whom transactions are performed and (or) bargains are concluded, and also finally exercises effective control over the legal entity or the foreign legal entity;";

1.1.2. In the first offer of Article 1.0.5 after the word "person" to add the word "including international organization", semicolon at the end of the second offer of this Article to replace with point, and to add the third offer of the following content:

"The issuer acts as the owner of the securities redeemed by him taking into account restrictions, stipulated by the legislation;";

1.1.3. In the first case to exclude the words "on security transactions" from Article 1.0.12, and in the second case of the word "with securities" shall be replaced with words "performed with securities and derivative financial instruments";

1.1.4. After words "stock exchange" in Article 1.0.18 to add the word" (the body (organization) determined by relevant organ of the executive authority in cases, the stipulated in Article 30.5-2 presents of the Law)";

1.1.5. Repeal Article 1.0.22;

1.1.6. In Article 1.0.25 of the word "purchase sale" shall be replaced with words "purchase and sale";

1.1.7. In Article 1.0.26 of the word "control facility of the financial markets" shall be replaced with words "Central Bank of the Azerbaijan Republic (further - the Central bank)";

1.1.8. State Article 1.0.27 in the following edition:

"1.0.27. the requirement of civil conscientiousness - the owner of considerable share, the head of its executive body if he is legal entity, for beneficial owners - lack of criminal record for intentionally the committed crime, lack of the prohibition imposed by the judgment of the fact of occupation of the corresponding position or occupation professional activity; for members of the supervisory board and executive body of investment company, stock exchange, clearing organization and central depositary, the liquidator and the other persons necessary for the presents the Law for civil innocence, - lack of criminal record, lack of the fact of criminal prosecution for heavy or especially serious crimes against property or economic activity lack of prohibition the judgment of the fact of occupation of the corresponding position or occupation professional activity, and also absence at persons from whom civil faultlessness of collusion with persons with whom there is general interest which is not meeting the requirements listed in this Article is required;"

1.1.9. At the end of Article 1.0.29 to replace point with semicolon and to add with Articles 1.0.30 and 1.0.31 of the following content:

"1.0.30. other trade system - the system determined by the Central bank and organized for the securities trading and derivative financial instruments out of stock exchange;

1.0.31. admissible and necessary qualities - the civil conscientiousness, honesty and reliability caused by social standing and also the professionalism, experience and goodwill allowing to acquire the rights, provided by this Law.";

1.2. In Articles 2. 1, 9.1 - 9.3, 9.4 (in both cases), 9.5, 9.6, in the first offer of Article 9. 7, in Articles 10. 2, 10.4, secondly offers of Articles 12 and 22. 6, in the second offer of Article to Article 22. 7, in Articles 23. 2, 27.6, 31.3, 31.5, 31.6, in the name of Article 34, in Articles 34.1 - 34.4, 37.3, 38.13 39.5, 40.3, 40.4, 41.3, 41.4, 42.1, 43.1, 45. 3, in the first and second offers of Article 46. 2, in the first offer of Article 46. 3, in Article 48. 3, in the first and second offers of Article 48. 5, to Article 49. 4, first offer of Article 49. 5, Articles 49. 7, 49.8, 50.8, 53.2, 53.2.2, 54.2, in the first offer of Article 55. 2, in Articles 65. 0, 68.1, 69.1, in the first offer of Article 69. 2, in the first and second offers of Article 69. 3, Articles 69. 4, 69.5, 69.5.4, 70.1, 70.2, in the second offer of Article 71. 1, Articles 71. 2, 71.7, 73.1, 73.2, in the second offer of Article 77. 3, in Article 77. 4, in the second offer of Article 77. 5, in Article 77. 8, in the first and second offers of Article 80. 6, in Articles 80.8 (in both cases), 81.3, 81.6, in the first and second offers of Article 82. 1, to Article 82.3 (in both cases), in the name and the text of Article 87 - the words "control facility of the financial markets" in the corresponding cases of noun shall be replaced with words Central bank in the corresponding cases of noun;

1.3. Under Article 3:

1.3.1. In Articles 3.5. 3, 3.7 and 3.8 words "control facility of the financial markets" in the corresponding cases of noun shall be replaced with words Central bank in the corresponding cases of noun;

1.3.2. In Article 3.5.6 of the word of "control facility of the financial markets" shall be replaced with words Central bank and to add this Article with words "(except for publicly placed bonds)" after the word of "its papers";

1.3.3. In Article 3.5.7 of the word "investment securities" to replace with the word "shares";

1.3.4. Add with Article 3.6-1 of the following content:

"3.6-1. Release, public placement and the circulation of investment securities of the international organizations which member is the Azerbaijan Republic are performed according to the rules established by the Central bank without application of provisions of Chapter 2 of this Law.";

1.4. Under Article 4:

1.4.1. In Article 4.3 after the word "in the decision" to add the word "at least";

1.4.2. In Item 4.3.8 after the word "rule" to add with words "(if the subscription is provided)";

1.4.3. Add with Articles 4.3.8-1, 4.3.8-2 and 4.4 of the following content:

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