Developing Azerbaijan’s Capital Market: An Assessment .

An assessment of the priority constraints and recommendations, by area of concern, within Azerbaijan’s securities market. This document also reviews the legal and regulatory environment and the institutional infrastructure entailed in establishing that securities market.

While considerable progress has been made in establishing a legal and regulatory environment and the institutional infrastructure to support development of a securities market in Azerbaijan, the market remains underdeveloped and slowly developing. Notable constraints to market development include those associated with the market’s organizational and operational infrastructure, corporate governance, the protection of investors’ rights, and the supply of financial products in the marketplace. This paper addresses the priority constraints and recommendations by area of concern.