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Azerbaijan

Legal market overview Printer-friendly version

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Overview of the current legal environment in the capital markets of Azerbaijan

Sabina Gulmaliyeva and Ismail Askerov
MGB Law Offices
Baku

Sabina Gulmaliyeva (Bio)
Ismail Askerov (Bio)

The capital market of Azerbaijan is relatively young. In 1992, the Milli Majlis adopted the Law on Securities and Stock Exchanges which was one of the first securities related legislation adopted in the countries of the former Soviet Union. Although the Government of Azerbaijan has always attempted to keep domestic legislation in line with international standards in the field of securities, the development of the securities market in Azerbaijan has been slow and the capital markets is still in the process of development and reform. Specifically, the Azerbaijani capital markets for short-term debt instruments (treasury bills), repo agreements and other local debt instruments are not well developed. It should also be noted that the process of issuance of sovereign bonds by the Government on the international market in order to create benchmarks for Azerbaijani securities is not active to an adequate level.

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Financial and corporate

After facing something of a slowdown with regards to finance activity over the past couple of years, it would appear that the Azerbaijani market is continuing its steady comeback. Although nowhere near as strong as the pre-crisis peak of 2007, lending is starting to become more prevalent again, as one partner says: "We are seeing the big finance transactions coming back now....

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See also

Azerbaijan
Central and Eastern Europe

Legislation guide

Overview of the current legal environment in the capital markets of Azerbaijan

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