Azerbaijan simplifies conditions for issuing securities by int'l organizations

The Central Bank of Azerbaijan (CBA) has made changes to the rules for issuing and circulating securities by international organizations, approved by the CBA Board on October 18, 2023, Report informs.

These changes are aimed at simplifying the process of securities issuance by international organizations. According to the changes, now when issuing securities, only the maximum size of the emission is specified, whereas previously the emission volume, nominal value of securities, number of issued securities, and their circulation period were indicated. A requirement has also been added to specify the buyback calculation method if its price differs from the initially set price.

Furthermore, the requirement for the issuer to provide information about the temporary current account and clearing company data has been eliminated.

The restriction on the number of securities to be placed has also been removed, whereas previously their number could not exceed the established volume. Another change concerns settlements - now securities can be paid for exclusively in monetary form, and funds contributed by investors will be directly transferred to the international organization's bank account in Azerbaijan.