OREANDA-NEWS. December 27, 2012. By Order #19 State Securities Committee’s chairman Rufat Aslanli has established the Rules to prevent abuses in the securities market.

Under the order, general supervision over the implementation of the rules was assigned to SSC deputy chairman Jomard Aliyev.

The Rules do not cover cash, government debt and monetary policy of regulation of the Central Bank and other state bodies of Azerbaijan and aim to prevent abuses with use of insider information and manipulations at the securities market. At the same time the Rules determines the list of potential insiders: members of the board of directors/supervisory board or the management board of the issuer; the person overseeing the issuer; persons possessing insider information, information about the transactions of the issuer or other information that can be used for the insiders; the holders of at least 10% equity stake in the capital of the issuer; persons occupying positions above the last six months.

Under the rules, the stock exchange is the only body authorized to disclose the information provided by the issuer.

Also, a list of insiders of the issuer is compiled and be stored for at least 5 years.