Azerbaijan will tighten sanctions for law infringement in the securities market, as the Parliamentary Committee on Legal Policy and State Building recommended a bill on amendments to the Code of Administrative Volations to the consideration of the parliament in the plenary meeting on October 22.
Under the amendments, the fines for officials for violation or illegal limitation of investors' rights will be increased from 400 to 800 manat, while for legal entities the fines for these law infringements will be increased from 4,000 to 6,000 manat. For the violation of rules for emission of securities, individuals will have to pay fines in the amount of 400 manat (now 200 manat), officials 800 manat (now 600 manat) and legal entities 5,000 manat (now 3,000 manat).
Fines for violation of rules for concluding of deals with securities will be increased from 500 to 600 manat for individuals and from 3,000 to 4,000 manat for legal entities.
The bill envisages the change of sums of several other fines.