Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since  July 15, 2015 according to article 91.8 of the Law of the Azerbaijan Republic of May 15, 2015 No. 1284-IVQ "About the security market"

LAW OF THE AZERBAIJAN REPUBLIC

of June 16, 2000 No. 899-IG

About protection of the rights of investors in the security market

(as of October 9, 2007)

This Law governs the relations of the legal entities and physical persons (further - investors) which are owners of securities in the Azerbaijan Republic in the field of the state and public protection of their rights in the security market.

Article 1. Scope of the Law

1.1. This Law extends to the relations by all types of securities.

1.2. Are established by the law:

1.2.1. additional terms of rendering the security market by professional participants (further - professional participants) services to investors, additional requirements to issuers and professional participants;

1.2.2. measures for protection of the rights and legitimate interests of investors in the security market, and also responsibility for violation of these rights and interests.

Article 2. The requirements connected with release and security circulation

2.1. Placement, advertizing and the offer is forbidden to investors in this or that form in the security market of the issuers who did not announce the data which are subject to the announcement in the amount and procedure established by the legislation for open placement of issue of securities, and also securities which release did not undergo state registration and the conclusion of transactions with them.

2.2. The provisions limiting the rights and legitimate interests of investors cannot be provided in the agreements signed between members of the security market.

2.3. In case of non-presentation for state registration of the transactions connected with securities which carrying out state registration is stipulated by the legislation persons who shall fulfill this duty bear responsibility in the procedure established by the legislation.

Article 3. Provision to the investor of information connected with security circulation

3.1. The issuer shall provide according to the written requirement of the investor to it information established by the legislation of the Azerbaijan Republic.

3.2. The professional participant offering to the investor of service shall according to the written requirement of the investor submit to it the following documents and data:

3.2.1. the copy of the special permission got for implementation of professional activity in the security market;

3.2.2. copy of the document on state registration;

3.2.3. rules of activities of the professional participant,

3.2.4. data on state registration of issue of securities, the corresponding transactions provided for the conclusion, and the state registration number of this release;

3.2.5. the data which are available in the decision on release of these securities and in their issued prospectus;

3.2.6. if these securities are included in the list (listing) of release into the stream of commerce of organizers of trade in the security market, - data on the cost (quotations) of these securities in the security market within 1 month before date of promotion by the investor of the requirement about submission of information, or data on absence in the list (listing) of release into the stream of commerce of organizers of trade in the security market of these securities;

3.2.7. data on purchase prices and sales of these securities by the this professional participant within 1 month before date of promotion by the investor of the requirement about submission of information or data on not carrying out such transactions.

3.3. Because the professional participant represents to the investor the data specified in Item 3.2 of this Article in writing, he can require payment from it. The sum of this payment is determined with the consent of the parties.

3.4. In case of violation of the requirements specified in this Article, including provision of the doubtful and (or) distorted data, the agreement signed between the investor and the issuer or the professional participant can be changed or liquidated upon the demand of the investor according to the procedure, established by the legislation of the Azerbaijan Republic.

3.5. If the investor in case of the conclusion of security transactions will not demand from the professional participant or the issuer of provision to it in writing data according to this Law, and also the relevant legislation, he cannot show to the professional participant or the issuer the requirement about compensation of damage, referring to failure to provide to it these data.

Article 4. Consideration of claims and statements of investors

The relevant organ of the executive authority considers claims and applications of investors according to the legislation.

Article 5. Provision of data to investors

5.1. For the purpose of provision to investors of information and prevention them about offenses in the security market the relevant organ of the executive authority publishes data in the official publication:

5.1.1. about liquidation or cancellation of the special permissions issued for implementation of professional activity in the security market;

5.1.2. about the self-regulating organizations of professional participants (further - the self-regulating organizations);

5.1.3. about the measures of the administrative responsibility applied by relevant organ of the executive authority;

5.1.4. about the judgments passed in claims of relevant organ of the executive authority;

5.1.5. about the regulatory legal acts adopted by relevant organ of the executive authority.

5.2. The relevant organ of the executive authority shall create the database consisting of data on the sanctions, open for each interested person, applied to persons which allowed offenses in the security market, persons who made data of offenses, the registered issues of securities, illegal issues of securities and issues of securities which placement is stopped, the special permissions and special permissions all issued, liquidated, which are terminated (except for the data containing the state and official secret, trade secret of issuers or professional participants).

5.3. Rules of creation and use of the database are established by relevant organ of the executive authority.

Article 6. Suppression of violation of the rights and legitimate interests of investors

6.1. For the purpose of prevention and suppression of offenses in the security market, recoveries of the violated rights of investors the relevant organ of the executive authority exercises control of the questions carried by this Law and the legislation of the Azerbaijan Republic to its powers, gives to issuers, professional participants and their officials of specifying, obligatory for execution in the territory of the Azerbaijan Republic.

6.2. Rules of control are established by relevant organ of the executive authority.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.